Queensland growing as economic powerhouse

CommSec’s latest State of the States report shows Queensland has the fastest economic growth rate in the nation, cementing its position as the best place in Australia to invest, employ and grow your business.

Premier Campbell Newman said economic growth was up 4.2 per cent from this time last year, as the Government’s hard work in turning the state’s finances around begins to yield benefits.

“Our disciplined, methodical plan to secure Queensland’s future is now taking effect, with these results in line with budget forecasts that Queensland’s economy will be the fastest growing in the nation in 2014-15” Mr Newman said.

“Queensland is leading the way in business investment, with spending in the September quarter almost 27 per cent above decade-average levels.

“Meanwhile, improvements in the housing sector and increased retail and tourism spending mean more jobs are being created across the state.

“Last week's ABS data showed three-quarters of all the jobs created in Australia in the year to December were created in Queensland.

“Our Government has made it very clear that Queensland is once again open for business. These key indicators are further proof our four pillar economy is now the fastest growing in Australia.”

Acting Treasurer John McVeigh said strong business investment growth was underpinned by massive LNG projects now in development in Queensland, with $60 billion invested in the year to the September quarter 2013.

“We've cut red tape, streamlined approval processes and made it easier for business to interact with Government,” Mr McVeigh said.

“The CommSec report has found retail spending in Queensland is up 14.7 per cent on decade average levels as both consumers and businesses continue to show sustained optimism, while tourism is also improving.”

Mr McVeigh said while good economic policy was delivering growth for Queensland, the state’s finances were still being constrained by Labor’s $80 billion black cloud of debt.

“The Newman Government has worked in a disciplined and measured way to reduce debt, but the reality is the former Labor Government’s debt legacy is shackling our ability to fund new services and infrastructure,” he said.

“Our considered course of action will ensure the best value for Queensland taxpayers, securing financial independence into the future.”

[ENDS] 20 January 2014

Media Contact: Treasurer’s office 3719 7200