Accounting industry leaders have talked up the SA economy ahead of The Advertiser’s accounting industry survey

THE state’s accounting industry leaders are bullish about the state’s economic prospects, but argue population growth remains key to the state’s long-term future.

William Buck SA managing director Jamie McKeough. Picture: supplied

• Plan to boost population in country towns and smaller capitals
• The winners of this year’s BDO Fast Movers SA program
• Mid-tier accounting firm bolsters consulting practice

THE state’s accounting industry leaders are bullish about the state’s economic prospects, but argue population growth remains key to the state’s long-term future.

Tourism, agriculture, defence, advanced manufacturing and food and wine are seen as bright spots, with the recent uptick in business confidence resulting in improved levels of demand for professional services.

Speaking ahead of The Advertiser’s accounting industry survey results - to be released in Tuesday’s SA Business Journal - BDO Adelaide managing partner Rudy Pieck said his firm was experiencing organic growth of around 10 per cent year-on-year - a level not seen for “several years”.

“We’re benefiting from the growth that’s happening more broadly in the economy - it does feel like there are more opportunities out there,” he said. “Agri’s one area, tourism is doing pretty well, tech and emerging businesses.

“One thing that’s come out of our Fast Movers this year is that a large number of local businesses are looking to export rather than just supply the local market and that’s a good thing.”

William Buck SA managing director Jamie McKeough said the recent State Election had provided the business community with the certainty needed to invest and expand.

“A year ago when we had the Holden closure and no defence announcements, there was a lot of doom and gloom but a year on and I think the SME sector is performing pretty well,” he said.

“Business confidence is a huge thing and the fact that the Marshall Government was elected with a majority and can do things is a real plus for business confidence.

“If SMEs are employing one, two, five or 10 more people over time that can be significant, and with the payroll tax reduction for example, it will give the SME sector the ability to employ more people.

“I’m starting to hear businesses talk about skills shortages and the last time I used to hear that was before the financial crisis.”

Despite the renewed optimism, Mr Pieck and Mr McKeough said population growth remained the major challenge.

“Getting more people to live here will drive economic activity,” Mr Pieck said.

“It’s about promoting things we’re naturally good at - food, wine and lifestyle - and then creating new industries and opportunities around that.”

Mr McKeough said energy costs and restrictive trading hours were also holding back local business, and also called for more local content to be included in government contracts.

The results of The Advertiser’s inaugural accounting industry survey will be revealed in Tuesday’s SA Business Journal.