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    Media Statements

    Coat of ArmsMedia Release
    Acting Treasurer and Minister for Trade and Investment
    The Honourable Bill Byrne

    Business confidence remains nation-leading

    Acting Treasurer and Minister for Trade and Investment
    The Honourable Bill Byrne

    Wednesday, September 13, 2017

    Business confidence remains nation-leading

    Queensland businesses remain among the most confident in the country according to the latest National Australia Bank monthly business survey. 

    Acting Treasurer and Minister for Trade and Investment Bill Byrne said NAB’s August survey indicated trend business confidence in Queensland was the equal highest in the nation.

    “According to the NAB survey, trend business confidence – which measures business expectations for the coming month – was +11 in Queensland,” said Mr Byrne.

    “This placed Queensland businesses equal highest alongside New South Wales, and well ahead of the national average of +9.

    “That means Queensland businesses have had the highest or second-highest confidence rating in the NAB survey for 30 of the last 32 months.”

    Nationally the seasonally adjusted business confidence index fell 7 points in August, marking the first time since mid-2016 that the index had fallen below the long-run average.

    The Acting Treasurer said the NAB survey also showed that the seasonally adjusted national trend business conditions index was at the highest level since early 2008, and significantly above the long-term averages.

    The survey indicated a number of the industries at the national level were ‘performing well’, although concerns were raised about the retail sector.

    In Queensland the trend business conditions index was unchanged in August to sit at +14, just below the national average of +15.

    Mr Byrne said the positive nature of both of the key indices showed strength in Queensland’s business sector.

    "The NAB quarterly survey released in late July showed that business conditions rose to the best they have been in five years, showing strength in the State’s private sector,” Mr Byrne said.

    “As a government we are doing what we can to support businesses sector, by encouraging growth and job creation.

    “Having a vibrant, diverse and strong private sector is critical to the continued success of Queensland’s $320 billion-plus economy.”

    The acting Treasurer said the continuation and extension of the popular $177.5 million two-year Back to Work Program was helping businesses grow their workforce and support local communities in a tangible way.

    “Already 6,878 regional Queenslanders have been employed since the Back to Work program started on 1 July 2016 – exceeding initial targets,” said Mr Byrne.

    “This has seen some 3,295 employers collectively receive more than $40 million from the State Government to help their businesses grow and boost local employment.”

    Mr Byrne said that the Palaszczuk Government's Back to Work Program’s extension into South East Queensland, announced as part of the 2017-18 State Budget, was supporting the employer’s decision to hire long-term unemployed or young unemployed jobseekers in the region.

    “While this program only opened for applications a short while ago already 95 businesses have employed 102 new unemployed jobseekers to help their operations,” he said.

    “We expect this number to grow as applications continue to come in in the weeks and months ahead.”

    Mr Byrne said the Government was also supporting businesses through the extension of the payroll tax rebate for firms employing apprentices and trainees. This initiative sees a doubling (from 25 per cent to 50 per cent) of the payroll tax rebate continue until 30 June 2018.

     

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