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    Coat of ArmsMedia Release
    Premier and Minister for the Arts
    The Honourable Annastacia Palaszczuk

    Malcolm Turnbull is right – “Business confidence is highest in Queensland”

    Premier and Minister for the Arts
    The Honourable Annastacia Palaszczuk

    Tuesday, February 16, 2016

    Malcolm Turnbull is right – “Business confidence is highest in Queensland”

    Prime Minister Malcolm Turnbull’s praise for the health of the Queensland economy was welcomed, but the Palaszczuk Government was determined to drive more jobs and economic growth across the State.

    Premier Annastacia Palaszczuk said Prime Minister Turnbull had used the recent National Australia Bank business confidence survey to highlight Australia’s economic performance.

    Mr Turnbull told Federal Parliament last week prior to his visit to Queensland that:

    “The National Australia Bank business confidence index was unchanged in January. Given the volatility and uncertainty of which I just spoke, that is a remarkable result. Business confidence is highest in Queensland, followed by Tasmania and New South Wales, in trend terms.”

    “Since the 2015 election we’ve seen over 60,000 jobs created, business confidence is leading the nation, we have a $10 billion capital works program supporting 27,000 jobs and we are working closely with the private sector to facilitate more infrastructure investment,” Ms Palaszczuk said.

    “If the Liberal Prime Minister from Sydney can acknowledge how confident businesses are in Queensland, why can’t the Queensland LNP?

    “My Government will continue to work with Queenslanders to drive jobs growth and drive business confidence in this state.”

    Jobs

    • unemployment down from 6.6% in January 2015 in trend terms to a two-year low of 5.9% in December 2015

    • 60,400 jobs created in first 11 months

    • delivered payroll tax rebate scheme for new apprentices and trainees — 2,196 businesses have claimed $4.4 million in tax relief since the scheme began in July last year.

     

    Conditions for growth

    • growth in Queensland is forecast at 4% for 2015-16 — the highest since December 2011 and the highest in the nation

    • on track to a $1.2 billion surplus in 2015-16 with surpluses totalling $6.9 billion forecast over the forward estimates

    • kept our promise of not introducing new fees, taxes or charges

    • frozen mining royalties to help the industry weather tough times.

     

    Lowering debt without asset sales

    • Debt Action Plan with no “fire sale” of public assets favoured by the LNP.

    • General Government Sector debt will be $10.6 billion lower by 2017-18

     

    Investing in infrastructure

    • The State Budget outlined a massive $10.1 billion capital works program in 2015-16 to deliver job-creating projects in regions across the state.

    • Queensland Treasury estimates that the 2015-16 capital works program will directly support around 27,500 full-time equivalent

    • $4.8 billion of the overall infrastructure spending in 2015-16 has been earmarked for projects in rural and regional Queensland.

     

    Encouraging investment

    • Market Led Proposals — backing innovative business ideas that can deliver new infrastructure that benefits Queenslanders.

    • Social Benefit Bonds — a pilot program to focus on leveraging private investment to deliver innovative services in three areas: homelessness; prisoner re-offending rates; and indigenous disadvantage.

    • Business Development Fund — to help turn innovative ideas for new products or services into commercial reality.

     

    Confidence makes a comeback

    • ABS figures show Queensland’s merchandise exports rose by $5.6 billion in 2015 to reach $49.7 billion

    • This is the best result since 2011 and a 12.6 per cent improvement on 2014.

    • Building approvals up almost 27 per cent in 2015 to a total of 48,936 from 38,572 dwellings in 2014.

     

    ENDS