Statement from the Treasurer

The Queensland State Accounts are published quarterly by Queensland Treasury and are contained on the Queensland Government Statistics Office website here:

http://www.qgso.qld.gov.au/products/tables/qld-state-accounts-tables/index.php

There are six main sources of information that feed into the preparation of the Queensland State Accounts:
• ABS National Accounts, State details (SFD)
• ABS estimates of overseas trade
• ABS estimates of industry sales and wages by State
• Tourism Research Australia (TRA) estimates of overseas and interstate tourism
• Queensland Treasury estimates of overseas services and selected interstate services
• Queensland Treasury fiscal estimates

Queensland State Accounts and the Gross State Product figures contained within have been published and utilised by all Governments over the last 30 years as a central measure of the State’s economic growth.

In a Media Statement issued on 6 March 2013 the former Treasurer Mr Tim Nicholls made an explicit ruling in relation to Queensland’s economic figures.

Mr Nicholls said: “Recession is defined as two consecutive quarters of negative growth of Gross State Product (GSP).”

On Mr Nicholls own preferred measure, Queensland’s Gross State Product contracted by 0.2% in the September Quarter 2014 and contracted by a further 0.6% in the December Quarter 2014.

Media contact: Martin Philip 0427 919 548