With the much-vaunted Olympic Dam “economic transformation” axed in 2012 and yesterday’s announcement of a staged exit for Holden, South Australia’s economy is in reverse.

Official figures show economic activity in SA has been negative in four of the last six quarters.

The trend in our unemployment rate remains the worst on the mainland.

Almost every estimate of revenue and economic growth in last week’s Mid Year Budget Review is out of whack after yesterday’s decision by Holden to stop making cars in Australia.

The BHP decision on Olympic Dam came in response to global trends in mineral prices; the Holden decision came in response to global currency trends.

So, what’s our plan to build an economy that isn’t so easily buffeted by global winds of economic change?

When the political blame-game of fear and retribution fades, will someone step forward with an industry policy?

Local economist Darryl Gobbett said it was now time for State and Federal political leaders to develop comprehensive industry policies for SA.

“We need to know what our industry policy is going to be; it can’t be based on government assistance to major companies that get washed away by changes in global strategies,” the Prescott Securities analyst and noted futurist said.

“Getting into bed with multinationals exposes you when those corporations have a change of corporate strategy.

“We’ve been exposed to the car industry for some time and in recent years Ford and Holden have gone close to bankruptcy; the economy can’t be reliant on them.”

Gobbett said South Australia will need to focus on its local strengths.

“Look at some of the names that have established here and done well away from home – Jurlique, Haighs and Coopers to name a few.”

Little, however, has emerged in the last 24 hours to indicate either side of politics has a plan.

Prime Minister Tony Abbott said late yesterday a series of immediate measures will be announced in the coming days.

Federal Industry minister Ian Mcfarlane is still in shock at the Holden decision, having convinced himself the car maker could be convinced to stay at least six years.

Premier Jay Weatherill said he would be demanding “retribution” money from the Federal Government to build roads and railways.

The Federal Liberal Government had been “complicit in the exit of Holden”, Weatherill told ABC radio this morning after arriving in Canberra for talks with the PM.

“We’ll be asking the Prime Minister to give some tangible indication of his sincerity.

“We’ll be demanding a response to proposals for a series of infrastructure projects that have been stalled.

“We want access to jobs on those projects for workers affected by the Holden decision.”

Weatherill listed the Gawler rail project and South Road upgrades as two projects on his wish-list.

State Liberal Leader Steven Marshall, also in Canberra, claimed the retribution payment approach didn’t amount to an economic plan.

“We do not have an economic plan under Jay Weatherill,” he said.

“We’ve got to start working with the Commonwealth, not bashing the Commonwealth.”

Macfarlane’s plan to keep Holden here evaporated yesterday – and he’s also looking for a plan.

“The issue here is no longer who did what,” Macfarlane told ABC Radio today.

“The issue is how those who’ve lost their jobs and how we ensure there are other opportunities.

“We shouldn’t frighten people.

“Our job is to minimise the pain of change and to ensure a long-term solution.”

Macfarlane said Adelaide has been transitioning away from light and medium manufacturing for a long time.

“There have been developments in resources, defence and global electronics.”

So what’s the plan?

Mcfarlane’s working on one; Weatherill’s Budget is shot and he’s left with a list of federal funded road and rail projects and Steven Marshall’s small-target” political strategy has left him stranded with no industry policy, no health policy and no transport policy.

The voters want a plan – the first person to work one up wins.

Ian Mcfarlane, the federal industry minister who believed he could keep Holden here for at least six years wants to move on.

“the issue is no longer who did what; the issue is how those people who have lost their jobs will be given other opportunities.