Adelaide most competitive place to do business

Another day, another builder goes broke in Adelaide.

Artisan Construct is the latest builder to enter liquidation.

 

Artisan Directors are saying over 6 million dollars of orders were cancelled by customers due to bad economic conditions, resulting in the collapse of the company.

 

SA no longer has the country's highest jobless rate - InDaily

"According to this morning’s release from the ABS, Queensland (6.3 per cent), Tasmania (5.9 per cent) and Western Australia (5.8 per cent) each had a worse jobless rate than South Australia".

 

What was SA?

 

The SA rate fell to 5.7 per cent last month, down from 6.2 per

 

I don't know if it is just being new to Adelaide or this time or year. But most places we have looked at over the last 2 months have sold with best offers before the final date and/or before the auction date.
Seems very active.

 

This week's builder to go bust is.....

.... Custom Green Constructions

 

I would say with this builder, poor management was part of the problem.

The main concern I see here is the lending environment is still very tight.
We are seeing the fall out from ASIC and APRA's over regulation, plus the repercussions from the royal commission into finance. We can also add the new Comprehensive Credit Reporting, which I believe is having a negative impact on loan approvals. All of this means money is not flowing freely.

 

At the moment, SA is the hub of Australian Manufacturing:

 

Record high for Adelaide industrial property sales

"Property sales for industrial assets worth more than $5 million surged 73 per cent last year in Adelaide, with almost half the value coming from two transactions in particular.

A report from Knight Frank attributes the record $452.56 million figure to a record low cash rate coupled with the abolition of stamp duty on commercial property."

 

Adelaide flying car firm's Jetsons dream taking off - InDaily

"The Airspeeder is being touted as having a top speed of about 200km/h and a battery life of 10-15 minutes, depending on how hard it is pushed.

Pearson said he was in talks with potential locations for rounds of the Airspeeder league in Asia, the Middle East, Europe and the United States."

 

Thanks for the link Ollidrac. I found this on InDaily (not sure if you saw it) which is interesting (and probably sightly more on topic)

“A world of pain”: SA spiralling towards double-digit unemployment - InDaily

Deloitte Access Economics is predicting state final demand could fall 7 per cent due to COVID-19.

Deloitte expects South Australia to be the third hardest-hit economy.



This would make it worse than during the state bank collapse.

 

No I hadn't thanks for the link.
Some interesting points:

"The paper predicts unemployment to rise to 8.1 per cent this year, and peak at 10.8 per cent in 2020-21"

While this is a terrible figure, I was expecting worse (12-15%).

This was also of interest:

"but note “their swift action and big spending are big positives”.

Ironically, they suggest SA’s glaring structural issues – a burgeoning public sector and nation-leading jobless rate – could create advantages in maintaining living standards."

Completely agree with this point:

"Sydney Australia’s “largest, most crowded and most international city [with] more of its economy in hard-hit occupations and industries… its economy remains relatively more at risk than the average”."

 

Coronavirus Adelaide: One new case as SA vaccine trial launched in bid to fight COVID-19

No Cookies | The Advertiser

"The clinical trial, which has the backing of World Health Organisation Director-General, microbiologist, Dr Tedros Adhanom Ghebreyesus, involves more than 500 hospital staff."

 

Brabham Automotive delivers its first BT62 hypercar | CarAdvice

"Brabham plans to build 70 examples of their BT62 hypercar, in either road or competition variants.
Each car will be manufactured at its Edinburgh Parks facility located north of Adelaide, in South Australia."

 

Olympic Dam expansion on fast track - InDaily

"The expansion has been granted Major Development status by the state government and is expected to support up to 1800 jobs during construction and an additional 600 ongoing operational roles thereafter"

 

Renewables-dominated South Australia delivering cheaper power than Vic, NSW | RenewEconomy

 

Accenture picks Adelaide for new tech hub

"the facility will be used to develop Intelligent Operations capabilities for analytics and artificial intelligence."

"The consultancy has kicked off a recruiting drive as part of the project, listing a number of engineering and support positions at the new facility."

 

Great little vid from Rising sun pictures, showcasing the Adelaide lifestyle:



Rusing sun pictures located on Pultney street, have an impressive portfolio of Hollywood blockbusters they have worked on:

Projects - Rising Sun Pictures

About - Rising Sun Pictures

 

Shhh... if you keep telling everyone it will be ruined!