Mitsubishi boss urges SA to become Australia’s ‘unicorn’

Boosting population is a blunt instrument to push SA’s economy forward, Mitsubishi’s boss has warned, telling leaders there is a better way.

South Australia should aspire to become a “unicorn” state that fuels the country’s economic fortunes with highly-educated workers and advanced manufacturing, a leading business chief says.

Mitsubishi Motors Australia boss, Shaun Westcott, told The Advertiser’s Future SA forum that SA could “punch above its weight” and “significantly up our game” with hi-tech industries. Mr Westcott, a South African who has worked all over the globe but now lives in Adelaide, said seven states delivered almost half of the United States’ economic output.

He said San Francisco and San Jose in California were economic powerhouses while Seattle, further up the west coast – home to Microsoft and Amazon – contributes more than 60 per cent of Washington State’s GDP.

WATCH: Landmark Building a Bigger, Better SA 2023 Forum | Full replay

But he also warned migration was a “blunt instrument” and SA should instead investigate improved productivity.

He told a panel with fellow chief executives and Premier Peter Malinauskas as part of the Building a Bigger, Better SA campaign that viewing the US as a vast country of “innovation and great success” was not reality.

“The reality is there are seven (US) states that contribute in excess of 40 per cent of (its) GDP,” he said.

Mitsubishi Motors Australia boss Shaun Westcott at The Advertiser’s Building a Bigger, Better SA Forum. Picture: Image/Russell Millard Photography

“So what you have is you have unicorn states within the United States. And I think South Australia should aspire to become a unicorn state … if you agglomerate and you create the right conditions. We could become one of those states that punches way above our weight … which means attracting R & D and human capital intelligence.”

The wide-ranging panel discussion called “growing our great state” also heard:

WITH SA at virtually full employment, Mr Malinauskas said the challenge was not where to find a job but having enough people to work.

THE Premier said we “should be adverse to the notion of young people making a decision to travel the world. We just want to make sure that they have the option to choose to come home.”

ACTIVISM was the “number one problem” facing the state’s biggest company Santos, said chief executive officer, Kevin Gallagher.

“There’s no industry in the world better placed with the balance sheet, technology and people to drive the transition to cleaner fuels,” he said. “But if you demonise them and you shut them out, then of course they’re shut-out from to be able to do that.”

He also regretted describing Labor’s energy policy as “Soviet-style” although he didn’t expect it to be interpreted as such a political attack.

BOOSTING the state’s population to a “good target” of 2 million – up from a current 1.77 million – would “turbocharge” the economy, had positive tax implications – such as more GST – and was good for infrastructure spending, said RAA chief executive Nick Reade.

Mr Reade, who oversees the state’s biggest membership organisation, said his 800,000 members believed if infrastructure can be put in place such as roads and schools “they’ll come along the journey to a bigger population”.

THERE was a “step change” coming with electric vehicles, according to Mr Westcott but a short term solution is a hybrid models. In future, he said, cars would soak up solar energy and then return to “run your house”.

ADELAIDE’S most controversial building, Festival Tower, will be fully leased mid-year, according to developer Lang Walker while his housing development north of the city, Riverlea estate sold 1200 lots in two years.

JETTIES should be upgraded to help with tourism, according to Jobs Statewide managing director Wendy-Jayne Williams, who also urged an “aggressive marketing campaign” that highlighted wonderful beaches and “astounding” sunsets.

YOUNG people are, however, still “very disconnected”, very dependent on social media and “suffering” from the effects of the pandemic, she added.

IMPROVING digital services such as phone and internet coverage in country SA would boost agriculture and deliver SA a crucial “competitive advantage”, according to Elders boss Mark Allison.