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Labor has failed our start-up sector

Feb 12, 2016

 Vincent Tarzia MP
Member for Hartley
Parliamentary Secretary for Entrepreneurship, Innovation and Business Start-Up
Labor has failed our start-up sector

The Weatherill Labor Government has failed our start-up sector, as South Australia once again lags behind the rest of the world on business start-ups.
The Global Start-up Ecosystem Ranking for 2015 released by Compass, a key resource that measures and ranks business start-ups, does not even mention South Australia or Adelaide.
Furthermore, the 2014-15 Venture capital and Later Stage Private Equity figures released by the Australian Bureau of Statistics were not reported for South Australia. The number of venture capital deals were too small.
“Under the regressive policies of the current Labor Government, South Australia is the laughing stock of the start-up business community,” said Parliamentary Secretary for Entrepreneurship, Innovation and Business Start-Up Vincent Tarzia.
“South Australia’s reputation for fostering business start-ups is so low that we do not receive a ranking, or mention, in any part of the Global Start-up Ecosystem Ranking or venture capital figures.”
When speaking on 29 January 2016 to StartUp Daily, Premier Weatherill said:
“Innovation is key to transforming the state’s economy and our vision is to position South Australia globally as a startup destination.”
“The Premier’s words ring hollow. The Government has been talking much about start-up businesses but there hasn’t been any serious policy initiatives to kick-start the sector,” said Mr Tarzia.
“The Government have no answers on how to address our lagging productivity. However, across the border, the Global Start-up Ecosystem Ranking Report lists Sydney as one of the most attractive places to invest a start-up business, thanks to Mike Baird’s Liberal Government.
“Small business is South Australia’s largest economic sector and our largest source of employment. A successful start-up sector means more jobs for South Australians.
“Instead of stifling South Australia’s business sector with the highest taxes in Australia, the Government must allow a new, diverse sector of businesses to be established and fuel our future economic growth and create jobs.”



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