State of Markets – SA September 2012

SOUTH AUSTRALIA

Fast figures

• -2.46%: median quarterly growth for Adelaide units (RP Data)
• $30bn: estimated cost of Olympic Dam expansion (federal government)
• 6.4%: Seasonally adjusted unemployment rate (Australian Bureau of Statistics)

SA’s next mining frontier unlocked
The state government will commit $2 million to support an expansion of pre-competitive mineral exploration data, with much of this work occurring within the Woomera Prohibited Area (WPA), an area roughly the size of England.

With an estimated more than $35 billion worth of potential development, the WPA already hosts a number of mines, including the Challenger gold mine, Prominent Hill copper-gold mine and Peculiar Knob, high-grade iron ore mine.

Treasurer Jack Snelling said the funding would be included in the state Budget to further unlock the potential of the Gawler Craton in the north of the state.

“Billions of dollars of spending on exploring in this state have already been unleashed by the plan for accelerating exploration and pro-mining policies,” Mr Snelling said.

Adelaide to see massive planning reform
Adelaide will see its biggest overhaul of planning laws in decades, following a recent policy sign-off from the state government and the City of Adelaide.

Set to “unlock millions of dollars in investment potential” and transform the city, “This reflects a new constructive approach to solving the big issues South Australia faces and adds to the growing confidence in our state’s future,” Premier Jay Weatherill said.

The planning reforms include changes to allowable building heights, a blending of retail, commercial and residential uses, development on ‘catalyst sites’ and a 10-day decision process for lodgements.

These reforms are likely to bring more people and investment towards the city, as well as driving jobs growth, the Premier said.