Outlook bright for strong Queensland economy

Another independent report has confirmed Queensland is set to be the fastest growing state economy in 2014-15, Treasurer Tim Nicholls said today. 

Mr Nicholls said the Deloitte Access Economics Business Outlook: December 2013 estimated Queensland’s economy will grow at 3.6 per cent this financial year and next. 

“That puts Queensland well ahead of the national economy which Deloitte estimates will grow at around 2.5 per cent,” he said. 

“The report paints an optimistic picture for some of our key business sectors. 

“The report forecasts Queensland will have the fastest growing retail turnover of all Australian states both this financial year and in 2014-15. 

“It’s also painting a bright future for the construction industry with strong growth predicted over the next four years.” 

Mr Nicholls said the Deloitte report came hard on the heels of other reports and economic data showing Queensland’s economy was surging ahead under the Newman Government. 

“Last week’s CommSec State of the States report also put Queensland at the top of the economic growth ladder,” he said. 

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

“We’ve seen ABS data showing that three-quarters of all the jobs created in Australia in the year to December were created in Queensland.” 

Mr Nicholls said the Government’s pro-growth approach was delivering results for state’s economy. 

“We’re making it easier for business to operate effectively by cutting red tape and streamlining our approvals processes,” he said. 

“As a result of our disciplined, methodical approach, businesses are growing and creating jobs. 

“But while the Newman Government’s sound economic policies are delivering growth for Queensland, the state’s finances are still being constrained by Labor’s $80 billion debt legacy. 

“Even with a strongly performing economy and the Government’s careful financial management, our ability to provide improved services and infrastructure is being hampered by our $4 billion a year interest bill to pay for Labor’s debt. 

“We are taking a careful and planned approach to dealing with that debt so that we can secure Queensland’s financial future.” 

[ENDS] 27 January 2014  

Media Contact: Treasurer's Office 3719 7200