Queensland’s economy outperforming other states

Queensland’s growing economic strength has again been confirmed by two separate reports released today.

Treasurer Tim Nicholls said the CommSec State of the States report and the Deloitte Access Economics Business Outlook both confirm Queensland is one of Australia’s economic powerhouses.

“But we also know that there is more to do, and that not all Queenslanders are experiencing the full benefits of this growth,” Mr Nicholls said.

“The CommSec report shows Queensland is the second best performing state on a range of measures, including economic growth, retail spending and construction work.

“Queensland is also the leading state when it comes to equipment investment.”

Mr Nicholls said the State of the States report also indicated there was strengthening activity in the state’s property sector.

“Before the LNP’s election, Queensland was the worst performing state on dwelling construction starts and we’re now moving strongly up the rankings,” he said.

“Encouragingly, the report notes Queensland housing starts are 26.2% higher than a year ago.”

Mr Nicholls said the Deloitte Access Economics Business Outlook forecast that Queensland would have the fastest growing state economy over the next two years.

“Deloitte predicts Queensland’s economic growth will continue to outstrip the national average,” he said.

“In particular, they note the potential for growth in the retail and housing construction sectors.”

“These reports, together with the Budget papers, show Queensland is on the cusp of strong growth.

“But in order to secure this growth we have to pay down the accumulated $80 billion debt, which is currently constraining our ability to invest in the new infrastructure this growing state needs.”

Source: News Release Treasurer Tim Nicholls, 21 July 2014

http://statements.qld.gov.au/Statement/2014/7/21/queenslands-economy-outperforming-other-states