Queensland economic growth strongest in the nation

Queensland’s economic growth continues to outstrip the rest of Australia, with new figures showing the economy had the strongest growth in the nation over the year to the September quarter 2013.

Treasurer Tim Nicholls said it showed the Newman Government was delivering on its promise to supercharge the economy after 20 years of Labor’s failed economic management.

“The Queensland economy grew by 4.1 per cent during this period, compared to 1.9 per cent for the rest of Australia over the same time,” Mr Nicholls said.

“Looking at figures for the September quarter, Queensland Gross State Product increased by one per cent in trend terms, double the growth of 0.5 per cent recorded by the rest of Australia.

“Queensland has now outperformed the rest of Australia for the past 10 quarters straight, showing the state’s position as the economic powerhouse of the nation.”

Mr Nicholls said household consumption was driving growth, with Gross State Expenditure rising 0.3 per cent in the September 2013 quarter to be 1.3 per cent higher over the year.

“Export growth was also strong, with a 3.1 per cent increase in exports of goods and services overseas and interstate over the year to September 2013,” he said.

“What we’re seeing is business regaining confidence and committing to investing, employing and growing in Queensland.

“The Government’s pro-growth approach is delivering results for the state’s economy, with Queensland’s trend employment growth in the year to January 2014 more than three times greater than the national rate.

“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.

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

More information on the State Accounts is available at http://www.oesr.qld.gov.au/subjects/economy/state-accounts/briefs/qld-state-accounts/index.php

[ENDS] 27 February 2014

Media contact: Anna Hilton 0408 191 192