Deloitte report confirms growth has returned to Queensland after LNP mismanagement

Queensland’s nation-leading growth forecast for 2015-16 has been confirmed by one of Australia’s most respected economic forecasters.

Treasurer Curtis Pitt said the Deloitte Access Economics Queensland Business Outlook for December 2015 showed Queensland’s economy would outpace other States this financial year.

“Deloitte’s forecast of 3.7 per cent economic growth in Queensland over the next five years is still forecast to outperform other stats with Queensland scoring a larger share of the national economy as a result,” Mr Pitt said.

“The report specifically compliments the Palaszczuk Government for embracing innovation and new technologies, saying ‘it is an important step to building Queensland’s digital economy of the future’.

“Supporting today’s Deloitte release was yesterday’s National Australia Bank Business Confidence Survey which showed Queensland has had the highest level of business confidence in Australia for the past nine months, which follows nine months of consecutive job creation.

"These reports dispel the myth that the Palaszczuk Government lacks an economic plan, in fact it highlights what a success our first Budget has been.

“The Deloitte report notes that a number of significant projects in Queensland’s liquefied natural gas industry are only months away from fully transitioning to production.

“The LNG export industry was conceived and developed under the previous Labor Government and is now paying dividends.

“Deloitte also points out that the tourism, construction and retail sectors are being buoyed by low interest rates and a lower Australian dollar.

“The fiscal settings of our first Budget were designed to pay down debt and deliver operating surpluses each and every year over the forward estimates and already our economic plan is working with nation-leading business confidence and 43,800 new jobs created since the election.

“After just ten months of a Labor Government in Queensland, our state is now in a better place on almost every measure than at any time under the LNP Government.”

The report comes just one day after the National Australia Bank’s monthly business survey revealed Queensland’s business confidence was the highest of any mainland State for the fifth month in a row since the State Budget.

Mr Pitt said there was also a positive outlook for jobs in Queensland, with the latest ABS Labour Force data for October revealing Queensland has added 43,800 jobs since the State Election.

“The business community has reacted enthusiastically to the State Government’s new economic initiatives,” Mr Pitt said.

“We have put in place pro-business policies to support economic development and investment throughout Queensland. 

“That’s why we’ve kept our election promise of not introducing new fees, taxes or charges and delivered the payroll tax rebate scheme which has seen almost 2000 Queensland businesses claim more than $2.4 million in rebates in the first three months alone.”

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