Spending growth improving after slump under Tim Nicholls

Treasurer Curtis Pitt says Tim Nicholls should explain why domestic spending slumped on his watch yet he criticises figures showing a second consecutive quarter of improvement. 

“This is yet again part of the LNP’s deliberate campaign to talk down Queensland regardless of the facts,” Mr Pitt said. 

“Once again it shows Mr Nicholls always takes the lazy way out and starts to criticise without checking his own track record. 

"I've previously said that State Final Demand is a key measure of the domestic economy - particularly as it excludes exports - and what this measure shows is domestic spending was down -0.1 per cent in the March quarter than in the December quarter 2015. 

“This compares with the slump of -0.9 per cent in the September quarter 2014 under the LNP. 

“Under Tim Nicholls quarterly changes in State Final Demand fell from 1.1 per cent in March 2012 to -0.9 per cent in September 2014.  

“The change in Queensland’s domestic spending is finally moving back towards positive territory after confidence collapsed under the LNP. 

“Yet in typical LNP style, Mr Nicholls sees this positive change as a negative, even though it is nowhere near as bad as the situation he presided over as Treasurer. 

"This has the potential to damage Queensland's economy if the Leader of the Opposition doesn't start acting responsibly." 

Mr Pitt said domestic spending figures were a significant component of economic growth and would impact on the State’s growth forecast in the 14 June State Budget.

"This is why I've been saying for some time that the domestic economy - particularly in regional Queensland - will require a special focus in the Budget that I hand down in less than two weeks," he said. 

“There is still much work to be done, but with business confidence still the highest of any mainland state and consumer sentiment continuing to improve there is good reason to be positive. 

“But we are seeing a steady recovery of confidence and other economic indicators remain positive. 

“Overseas exports of goods and services from Queensland rose 4.3% in March quarter 2016, part of a 15.3% growth over the last 12 months. 

“This week’s building approval figures from the ABS showed Queensland’s approvals had risen by 2.9 per cent - more than double the national average for approvals. 

“Queensland is the only State, along with South Australia, where building approvals have risen over the year.” 

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