Reports highlight Queensland’s economic strength

Two separate economic reports out today again highlight the strength of the Queensland economy, Treasurer Tim Nicholls says.

“The CommSec State of the States report and the Deloitte Access Economics Business Outlook both confirm that Queensland is on the cusp of strong growth,” Mr Nicholls said.

Mr Nicholls said the CommSec State of the States report showed Queensland had the second strongest economic growth of any state in Australia, behind only Western Australia.

“Queensland’s growth is 18.6% higher than the decade-long average,” he said.

“We’re the leading state in equipment investment, which is 17.5% higher than the decade average.

“We’re also second only to Western Australia on retail spending and construction work.”

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

“Before the Newman Government’s election Queensland was the worst performing state on dwelling starts, which were down around 30% on our 10-year average.

“Dwelling starts have since moved up into positive territory and Queensland is climbing its way up the rankings.”

Mr Nicholls said the latest Deloitte Access Economic Business Outlook also highlighted growth in both housing and retail spending.

“The report notes that Queensland will outperform the rest of the nation on both of these important indicators,” he said.

“It also confirms that Queensland will have the fastest growing state economy by 2014-15 and that we are the only state where engineering construction spending is rising.

“While today’s reports are encouraging, we know there is more to do, and that not all Queenslanders are yet experiencing the full benefits of this growth.

News Release Treasurer Tim Nicholls, 28 April 2014

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