The South Australian Government will offer small and medium businesses financial guarantees worth up to $50 million to drive business growth and create more jobs.
As AAP reports, the assistance is part of a 10-point plan unveiled by Premier Jay Weatherill in Adelaide on Monday.
The South Australian economy is dealing with the decline of its manufacturing sector. For example, Holden plans to end its manufacturing operations in 2017 and the state’s ship building future is under a cloud, following the federal government’ refusal to guarantee that future naval contracts will be awarded to local manufacturers.
However, the plan outlined yesterday makes no specific reference to manufacturing.
Apart from the financial guarantees, the plan mentions development of the tourism; food and wine; and health sectors. In addition, it looks to developing a strong commercialised education sector and improving the state’s business confidence.
As the ABC reports, Opposition Leader Steven Marshall described the plan as a “missed opportunity”.
"Premier Jay Weatherill's great economic panacea is encouraging South Australians to stick up for our state against interstate critics," he said.
"[He] should instead focus on the reasons our interstate critics are laughing at us, like our high tax, high deficit model, our state's dangerous job crisis and flagging our economic growth.
"We need more than motherhood statements to dig us out of this economic malaise."