Published Thursday, 17 January, 2008 at 01:04 PM
Treasurer
The Honourable Andrew Fraser
Jobs Data Shows Continued Strength as Storm Clouds Gather: Fraser
Queensland has maintained an unemployment rate of 3.7 per cent and at the same time has continued to create thousands of new jobs as storm clouds gather on the global economic horizon.
Treasurer Andrew Fraser said the trend unemployment figure for December 2007 released today had remained steady for the fifth consecutive month.
Mr Fraser said Queensland’s unemployment rate compared favorably to the national rate, which remained unchanged at 4.4 per cent in December.
“This is yet more economic data which shows the inherent strength of the Queensland economy,” Mr Fraser said
“That’s in stark contrast to other indicators of emerging trends in the global economy, particularly the United States where the chances of a recession continue to firm.
“These days we have strong and diversified economy, plugged into the broader global economy.
“That means we aren’t immune to the reverberations from the US sub-prime mortgage crisis.
“While we are well placed to ride out the effects, the music hasn’t stopped on who is holding the US sub-prime losses.
“Today’s employment data and last week’s retail trade figures all point to continued buoyancy in consumer behaviour.
“My biggest concern is that we continue to gather pace, as we face potential speed bumps from global economic conditions.”
Mr Fraser urged caution in the first quarter while the economic outlook remained complicated.
“You don’t want to hit a brick wall at full throttle.
“I foreshadowed tightened budget conditions at the Mid Year Review in December.
“Nothing since then has given us cause for comfort and a substantial sharemarket downturn this week compound this matter.”
Mr Fraser said the positive labor force figures reflect strong activity in the labor-intensive retail and construction sectors.
“This rate of unemployment stands as a testament for the state which is recognised throughout the country as the nation builder.
“Infrastructure investment needs to be the central strategy, to lift productive capacity in an economy with little headroom.
“Our employment data reflects our ambitious capital works program and our fiscal strategy is pointed towards easing inflationary pressures within the national economy in the medium term.”
Mr Fraser said Queensland created 59,900 jobs in the last year and 4,400 jobs in December.
“The good news is that the majority of those jobs that were created – 43,700 in fact - were full-time positions.
“At 2.9 per cent in December, Queensland recorded higher annual jobs growth than the national rate of 2.6 per cent.”
Media Contact Chris Taylor 3224 5982
17 January 2008
Treasurer Andrew Fraser said the trend unemployment figure for December 2007 released today had remained steady for the fifth consecutive month.
Mr Fraser said Queensland’s unemployment rate compared favorably to the national rate, which remained unchanged at 4.4 per cent in December.
“This is yet more economic data which shows the inherent strength of the Queensland economy,” Mr Fraser said
“That’s in stark contrast to other indicators of emerging trends in the global economy, particularly the United States where the chances of a recession continue to firm.
“These days we have strong and diversified economy, plugged into the broader global economy.
“That means we aren’t immune to the reverberations from the US sub-prime mortgage crisis.
“While we are well placed to ride out the effects, the music hasn’t stopped on who is holding the US sub-prime losses.
“Today’s employment data and last week’s retail trade figures all point to continued buoyancy in consumer behaviour.
“My biggest concern is that we continue to gather pace, as we face potential speed bumps from global economic conditions.”
Mr Fraser urged caution in the first quarter while the economic outlook remained complicated.
“You don’t want to hit a brick wall at full throttle.
“I foreshadowed tightened budget conditions at the Mid Year Review in December.
“Nothing since then has given us cause for comfort and a substantial sharemarket downturn this week compound this matter.”
Mr Fraser said the positive labor force figures reflect strong activity in the labor-intensive retail and construction sectors.
“This rate of unemployment stands as a testament for the state which is recognised throughout the country as the nation builder.
“Infrastructure investment needs to be the central strategy, to lift productive capacity in an economy with little headroom.
“Our employment data reflects our ambitious capital works program and our fiscal strategy is pointed towards easing inflationary pressures within the national economy in the medium term.”
Mr Fraser said Queensland created 59,900 jobs in the last year and 4,400 jobs in December.
“The good news is that the majority of those jobs that were created – 43,700 in fact - were full-time positions.
“At 2.9 per cent in December, Queensland recorded higher annual jobs growth than the national rate of 2.6 per cent.”
Media Contact Chris Taylor 3224 5982
17 January 2008