ABS figures show Queensland economy continues to surge

Published Wednesday, 07 September, 2016 at 02:26 PM

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

Treasurer Curtis Pitt says the latest ABS figures for State Final Demand show the Palaszczuk Government’s economic plan has lifted Queensland from the depths of the trough seen under Tim Nicholls as Treasurer. 

"The latest figures are more evidence that under our economic plan the Queensland economy continues to emerge from the cuts and gloom of the Newman-Nicholls LNP Government,” Mr Pitt said. 

Australian Bureau of Statistics data for the June Quarter 2016 show that Queensland’s State Final Demand rose by 0.3% in trend terms in the June quarter 2016. 

“They follow a 0.2% rise in the March quarter according to revised ABS figures. 

"In seasonally adjusted terms Queensland’s domestic economy is growing stronger than the national rate — State Final Demand rising 0.7% in the June quarter 2016 following a 0.1% increase in the March quarter (revised up from a published 0.0%) while the national rate was 0.6%. 

"State Final Demand, one of the best indicators of the health of the domestic economy, is not equivalent to Gross State Product, which takes net trade — exports and imports — into account," Mr Pitt said. 

"This is good news because I've said on numerous occasions that our strong growth is export-led and our clear focus needed to be on improving the domestic economy, particularly in regional Queensland. 

“Today’s figures vindicate that approach and show a stronger and growing domestic economy.” 

Mr Pitt said the ABS figures showed the Queensland Government’s spending on infrastructure was the largest contributor to growth in the SFD figures. 

He said public gross fixed capital formation was the largest contributor to growth at 6.2% trend and 6.8% seasonally adjusted. 

“On a trend basis that’s the strongest quarterly growth result since the December quarter 2009. 

“Infrastructure investment is a key part of our economic plan and the latest ABS figures show we are doing all that is reasonable and financially responsible to stimulate the domestic economy after the damage inflicted by the slash-and-burn approach seen in the Newman/Nicholls government,” he said. 

“The trend figures for the June quarter released today and revised March quarter figures are the first positive State Final Demand results since the December 2013 quarter under Tim Nicholls as Campbell Newman’s Treasurer. 

“They also compare with the worst State Final Demand results in recent years — for the September and December quarters 2014 — again under Tim Nicholls as Campbell Newman’s Treasurer of minus 0.9% and minus 0.8% respectively. 

“The LNP has repeatedly used State Final Demand outcomes to make false claims to fuel its relentless and destructive campaign of negativity about our state economy. 

“I have no doubt they will do the same with today’s figures, even though they expose the LNP as the merchants of doom and gloom who oversaw a dismal economic performance for our state, and who have no economic plan except asset sales.” 

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