Queensland’s consumer confidence has risen to its highest level in almost two years, according to the Westpac-Melbourne Institute Consumer Sentiment Index (CSI).
The State’s consumer sentiment rose significantly by 12.2 per cent to 104.8 in August, the highest consumer sentiment of any mainland state.
It is also the highest level of confidence since November 2013 and above the national result of 99.5. A result over 100 shows the optimists outnumber the pessimists.
Treasurer Curtis Pitt said there had been a strong turnaround in consumer and business confidence since the election of the Palaszczuk Government.
“Queenslanders now feel more confident in the State’s economy than at any time since November 2013,” he said.
“The Westpac survey showed a monthly increase of 33.1 per cent in sentiment about family financial conditions versus a year ago.
“It also showed a 23.4 per cent monthly increase in whether consumers thought it was a good time to buy household items.
“This is welcome news, but we also recognise there’s more work to be done as the trend estimate for the CSI in August is around the neutral level.”
Mr Pitt said today’s survey comes just two weeks after the Westpac-CCIQ Survey of Business Conditions specifically cited the Palaszczuk Government’s first budget as lifting business confidence.
“This week the NAB business confidence index showed Queensland had the highest level of business confidence of any mainland state in July,” he said.
“These latest results reflect the positive reception the Budget has received from business and industry groups, along with consumers.”
Mr Pitt said consumers are more confident Queensland is on the right track, thanks to the Palaszczuk Government’s positive economic policy settings.
“The Budget’s $1.6 billion Working Queensland package to get Queenslanders back in jobs has sent the right message to business and consumers,” he said.
“Since the election, 20,400 new jobs have been created in Queensland and this is adding to that sense of confidence.
“Business, industry, unions and community groups have all welcomed the Budget and its positive plan to promote jobs, growth and investment in Queensland.”
The Westpac-Melbourne Institute Consumer Sentiment Index showed Queensland’s index was 5.9 per cent higher than 12 months ago.
Mr Pitt said with rising merchandise and LNG exports and a rebounding tourism sector, Queensland had all the right ingredients for growth.
“Queensland’s construction industry is also performing strongly and our $180 million Advance Queensland initiative is kickstarting growth and investment in our knowledge-based industries,” he said.
“There’s never been a better time to invest in Queensland and consumers should also be confident about our long-term economic prospects.”
Source: News Release, Queensland Government, 13 August, 2015