Record level of major developments in SA

Submitted 1/12/2010

www.southaustralia.biz

 

Premier Mike Rann has announced the value of major developments in South Australia has hit a record $80 billion, with almost half generated in the minerals and resources sector.

In releasing the South Australian Major Developments Directory today at the SA Investment Symposium, Mr Rann says the leap in projected investments in the past few years is a huge vote of confidence in the future of the State economy.

"Major developments are the engine room of our economy," Mr Rann said.

"We are seeing continued high levels of public and private spending on mining, urban development and defence.

"The record $80 billion figure is a significant increase on the $71.5 billion I announced 12 months ago, and almost double the $44.8 billion worth of projects that were underway in 2007.

"The steadily-rising investment figure reflects the emphasis this Government is placing on infrastructure expansion and renewal, as with all high levels of investor confidence in SA's future.

"Major projects have widespread economic spin-offs, particularly in job creation and skills development," Premier Rann says.

The South Australian Major Developments Directory 2010/11, which documents:

  • $36.3 billion in the minerals and energy sector,
  • $17 billion in urban development,
  • $8.6 billion in defence,
  • $5.2 billion in manufacturing and industrial development,
  • $4.8 billion in education and health,
  • $4.68 billion in infrastructure, and
  • $3.5 billion in water management.

Projects listed in this directory are all either under construction, approved and awaiting commencement, or at various stages of their planning or feasibility processes.

The new record total does not count the projects valued at a total of more than $1 billion that have been completed in the past year.

Projects in the pipeline include:

  • The $135 million expansion of the Prominent Hill mine
  • The duplication of the Southern Expressway, valued at $445 million
  • The redevelopment of the Adelaide Oval precinct, worth $535 million
  • The recently approved redevelopment of the Crown Hotel at Victor Harbor, valued at $80 million.

"As our Economic Development Board (EDB) points out, major developments in mining, defence and construction are delivering benefits now, with further strong growth in manufacturing, engineering and the provision of services expected over the next decade," Mr Rann said.