Retail trade shows encouraging growth

There is encouraging growth in Queensland’s retail sector with figures out today showing retail trade up 3.5 per cent seasonally adjusted in the year to July, Treasurer Tim Nicholls said. 

Mr Nicholls said the State’s economy is on the cusp of strong growth and the retail sector is an important part of Queensland’s growth story. 

“Today’s figures show, in particular, spending on personal items such as clothing and footwear have increased along with spending in restaurants, cafes and takeaways,” he said. 

“This supports our Budget forecast of growth in household expenditure contributing to annual economic growth of three per cent this year. 

“This week we’ve also seen State Final Demand figures showing growth in the domestic economy of 0.4 per cent seasonally adjusted in the June quarter. 

“These positive figures show the Government’s economic plan is working but we know there is still more to do.” 

Mr Nicholls said the Government’s plan to pay down debt and fund future infrastructure would underpin a strong Queensland economy. 

“While we have $80 billion in debt we are constrained in funding the job creating infrastructure our growing state needs,” he said. 

“In coming weeks we will finalise our plans for reducing debt and shaping the Strong Choices Investment Program. 

“Only the LNP has a strong plan to grow Queensland’s economy and provide for our State’s future needs.” 

[Ends] 4 September 2014

Media contact: Treasurer’s Office 3719 7200