Published Tuesday, 05 June, 2007 at 03:31 PM
Deputy Premier, Treasurer and Minister for Infrastructure
The Honourable Anna Bligh
BLIGH PREDICTS QLD GROWTH TO STAY WELL AHEAD OF NATION
JUNE 2007
Growth in the Queensland economy is estimated to strengthen to an above average rate of 5½% in 2006-07 and exceed growth nationally for the 11th successive year, Deputy Premier and Treasurer Anna Bligh told State Parliament today.
“The Queensland economy is forecast to grow by 5% in 2007-08 and again exceed growth nationally,” Ms Bligh said in her Budget Speech.
Ms Bligh compared several key economic forecasts of Queensland and the nation in 2007-08.
• Queensland’s Economic growth 5% - national economic growth 3 ¾%
• Queensland’s employment growth 3% - national employment growth
1 ½%
• Business investment growth in Queensland 8 ¾% - national growth in business investment – 7 ½ %
• Queensland’s unemployment rate 4% - national unemployment rate 5%
• Queensland’s population growth 2% - national population growth 1 ¼%
“To put these indicators in a regional and global context, the Queensland economy is forecast to grow faster than those of many industrialised national economies such as Japan, Germany, United Kingdom and USA in 2007-08.
In fact, our economy is predicted to outperform 25 of the 30 member countries of the OECD and the rate of Queensland economic growth is forecast to almost double their average.
Ms Bligh said that investment by the business and public sector combined is forecast to reach 25% of gross state product in 2007-08, compared with 15% five years earlier, adding significantly to the State’s productive capacity.
Employment is estimated to grow at an above-average rate of 4¾% in 2006-07, before returning to its long-run average of 3% growth in 2007-08, representing the creation of more than 150,000 jobs over the two years.
“The State’s year-average unemployment rate is estimated to fall to a 33-year low of 4% in 2006-07 and remain steady in 2007-08, representing a rate well below that nationally.
“After surpassing four million persons in December 2005, Queensland’s population is forecast to continue to grow at a solid rate of 2% per annum in 2006-07 and 2007-08.
“This translates into a net addition of 150,000 persons, or nearly 1,500 persons per week, over the two years.
“Traditional factors such as the State’s stronger economic growth, lower cost of living and preferable lifestyle, are expected to maintain high levels of net interstate migration,” she said.
Media Contact: Deputy Premier’s office 3224 6900
Growth in the Queensland economy is estimated to strengthen to an above average rate of 5½% in 2006-07 and exceed growth nationally for the 11th successive year, Deputy Premier and Treasurer Anna Bligh told State Parliament today.
“The Queensland economy is forecast to grow by 5% in 2007-08 and again exceed growth nationally,” Ms Bligh said in her Budget Speech.
Ms Bligh compared several key economic forecasts of Queensland and the nation in 2007-08.
• Queensland’s Economic growth 5% - national economic growth 3 ¾%
• Queensland’s employment growth 3% - national employment growth
1 ½%
• Business investment growth in Queensland 8 ¾% - national growth in business investment – 7 ½ %
• Queensland’s unemployment rate 4% - national unemployment rate 5%
• Queensland’s population growth 2% - national population growth 1 ¼%
“To put these indicators in a regional and global context, the Queensland economy is forecast to grow faster than those of many industrialised national economies such as Japan, Germany, United Kingdom and USA in 2007-08.
In fact, our economy is predicted to outperform 25 of the 30 member countries of the OECD and the rate of Queensland economic growth is forecast to almost double their average.
Ms Bligh said that investment by the business and public sector combined is forecast to reach 25% of gross state product in 2007-08, compared with 15% five years earlier, adding significantly to the State’s productive capacity.
Employment is estimated to grow at an above-average rate of 4¾% in 2006-07, before returning to its long-run average of 3% growth in 2007-08, representing the creation of more than 150,000 jobs over the two years.
“The State’s year-average unemployment rate is estimated to fall to a 33-year low of 4% in 2006-07 and remain steady in 2007-08, representing a rate well below that nationally.
“After surpassing four million persons in December 2005, Queensland’s population is forecast to continue to grow at a solid rate of 2% per annum in 2006-07 and 2007-08.
“This translates into a net addition of 150,000 persons, or nearly 1,500 persons per week, over the two years.
“Traditional factors such as the State’s stronger economic growth, lower cost of living and preferable lifestyle, are expected to maintain high levels of net interstate migration,” she said.
Media Contact: Deputy Premier’s office 3224 6900