Official State Accounts reveal stabilising Queensland economy

Economic growth in Queensland is stabilising following two quarters of negative growth in the second half of 2014, according to official State Accounts.

Treasurer Curtis Pitt told the Australian Conference of Economists in Brisbane this morning that Queensland’s real Gross State Product (GSP) recorded neutral growth in the March quarter 2015 in trend terms.

“In seasonally adjusted terms, Queensland GSP recorded 0.6 per cent growth,” Mr Pitt said.

“The negative trend has been reversed and the outlook for growth is positive.

“Yesterday we saw Queensland’s unemployment rate fall – the only State where this happened.

“According to the ABS, Queensland’s trend unemployment rate fell to 6.3 per cent from 6.4 per cent (revised down from 6.5 per cent in May).

“Since we took office in February, 23,100 full-time jobs have been created in Queensland.

“In the current economic climate, I am heartened by recent results.

“In next week’s State Budget, I’ll outline our positive economic plan to generate growth, jobs and investment in Queensland.

“It will be a measured, fiscally responsible budget that builds on the encouraging signs we’re seeing in the Queensland economy.”

Media contact: Martin Philip 0427 919 548