Queensland consumer confidence on the rise coming into Christmas

Published Wednesday, 09 December, 2015 at 02:12 PM

Treasurer, Minister for Aboriginal and Torres Strait Islander Partnerships and Minister for Sport
The Honourable Curtis Pitt

In yet another positive sign for the Queensland economy consumer confidence has risen to its highest level in four months, according to the Westpac-Melbourne Institute Consumer Sentiment Index.

The State’s consumer sentiment rose by 13.4 points in the latest report to 100.9 on the Westpac Index.

Treasurer Curtis Pitt said this is the highest level of consumer confidence since August when, following the State Budget, Queensland recorded its best consumer sentiment result in almost two years.

“This result shows growing confidence in the strength of the Queensland economy and is a terrific boost for the State’s retailers in the weeks before Christmas,” Mr Pitt said.

“An Index result of over 100 shows optimists outnumber the pessimists and while consumer sentiment fell in NSW, Victoria and Western Australia, Queensland has improved its position.

“This is the latest positive report card in a string of optimistic evaluations of our economy in just two days, disproving the Opposition’s claims that the Palaszczuk Government lacks an economic plan. To the contrary, these reports highlight what a success our first Budget has been.

“The Westpac survey showed a monthly increase of 29.6 per cent in the belief that family financial conditions are better now than a year ago and a 28.4 per cent increase in expectations that family financial conditions would improve over the next 12 months.

“Yesterday’s National Australia Bank’s monthly business survey again put Queensland at the front of the nation in terms of business confidence for the fifth consecutive month running.

“And today’s Deloitte Access Economics Queensland Business Outlook for December 2015 confirms Queensland’s growth will outpace other States this financial year.

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

“The Palaszczuk Government’s pro-business, pro-jobs economic plan is helping Queenslanders feel more confident about their jobs and the economy.

“The latest Australian Bureau of Statistics employment data for October showed Queensland has added 43,800 jobs since the State Election.

“Queensland’s trend unemployment rate in October remains steady at 6.3 per cent, down from 6.5 per cent at the election.

“Under the previous Government unemployment hit 6.7 per cent as the LNP slashed jobs and turned their back on Queensland businesses.

“With rising merchandise and LNG exports and a rebounding tourism sector, Queensland has all the right ingredients for growth.

“There’s never been a better time to invest in Queensland and both business and consumers are increasingly confident about our long-term economic prospects.”

 

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