New report underlines strength of Queensland economy

A new economic report showed Queensland well positioned for strong growth in the future, Treasurer Tim Nicholls said today.

“The Deloitte Queensland Index finds our state economy is effectively moving from a resources investment phase to a production phase without a substantial dip,” Mr Nicholls said.

“That’s because Queensland has a diverse economy, something the Government has recognised from the beginning with our four pillars policy.

“In fact, the Deloitte Index points to the importance of the four pillars of construction, tourism, agriculture and resources, along with education and wealth management, in growing our economy.”

Mr Nicholls said the report supported forecasts made in this year’s State Budget.

“Deloitte’s growth forecast is broadly in line with Treasury’s forecast of 3% this financial year increasing to 6% growth in 2015-16 when major gas projects come online,” he said.

“This year Queensland is expected to be the strongest growing state economy in the country.

“The positive tone of this report is further endorsement of the LNP Government’s economic strategy,

“We are on the cusp of strong growth but we are still held back by $80 billion of debt which we inherited from the previous Labor Government.

“The LNP Government has outlined its plan to sell or lease some assets to reduce the debt and fund the infrastructure a growing state needs.

“Our plan includes $8.6 billion for job-creating infrastructure projects that would support further economic growth.

“The Deloitte report points to the importance of maintaining a constant pipeline of projects to sustain the economy and says that Queensland is well-placed in this regard.

Source: News Release Trade Minister Tim Nicholls, 22 August 2014

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