Queensland business confidence the highest in Australia

Treasurer and Minister for Trade and Investment, Curtis Pitt, says it’s great to see business in Queensland continuing to have the highest level of confidence in the nation, according to the latest NAB monthly business survey released today. 

Mr Pitt said the February survey results saw business confidence in Queensland at plus-11 points on the survey’s scale – ahead of all other States. 

“Business confidence in Queensland in February was +11, which is much higher than the national average of +8 and in particular business confidence in NSW which sits at +5 points and Victoria at +8 points,” Mr Pitt said. 

“The NAB survey is yet another positive sign that Queensland businesses across the state had confidence in the Queensland economy which is forecast to have among the strongest growth rates in the nation this financial year.  

“The business community knows this government is open for business and has a strong focus on providing the right conditions to boost the state’s business sector to encourage more growth and create more jobs.” 

Mr Pitt said the latest NAB survey meant that Queensland businesses had the highest or second-highest confidence rating in 22 of the past 24 months. In nine of those months Queensland was the highest by itself. 

“These results underpin the strength of Queensland business operators,” he said. 

“As a government for all Queensland, we are supporting regional businesses through initiatives such as our $100 million Back to Work regional jobs program which will support up to 8,000 jobs for Queenslanders. 

“This has been further strengthened by the $20,000 Back to Work Youth Boost for employers engaging 15-24 year olds which was recently extended to 31 October 2017. 

“We’ve also doubled our payroll tax incentive for Queensland businesses that employ apprentices and trainees. That’s making it even more attractive for employers to hire and keep apprentices and trainees and grow their businesses.” 

Mr Pitt said other programs helping regional businesses grow and create jobs included: 

• the $375 million Building Our Regions initiative — targeted regional infrastructure program for local government projects, primarily for critical infrastructure in regional areas of the state. The $70 million 3^rd round of the program opened on January 30;
• the $200 million Works for Queensland program – supporting local councils to undertake job-creating, maintenance or minor infrastructure;
• the $180 million Significant Regional Infrastructure Projects Program is fast-tracking key economic/social infrastructure projects in regional centres including transport, health and education infrastructure;
• the $130 million Jobs and Regional Growth Fund – for projects that require direct and immediate assistance to help early stage development and to expedite or facilitate project implementation;
• the $40 million Advance Queensland Industry Attraction Program to encourage businesses to the state, either to relocate or establish new projects;
• the $20 million Made in Queensland initiative to support the manufacturing sector with grants supplementing industry contributions.

The NAB survey showed Queensland’s trend business conditions index was up slightly by one point in February to +5, below the national average of +12.

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