CommSec confirms solid performance

CommSec’s State of the States report out today confirms Queensland’s economic performance remains solid, Treasurer and Minister for Trade Tim Nicholls said.

Mr Nicholls said CommSec’s analysis was supported by other recent economic data.

“Today’s report shows Queensland’s Gross State Product up 17.7 per cent on the decade average,” Mr Nicholls said.

“Our sound performance is supported by the resources sector, infrastructure investment and retail spending.

“Construction work in the December quarter was up more than 52 per cent on the decade average in trend terms, and retail trade is also up 14 per cent on the decade average.”

Mr Nicholls said any concern about a slowdown in investment in the mining sector was largely unwarranted.

“The export phase of the projects currently under construction in Queensland will come online and balance out any slowdown in resources sector investment,” he said.

“When it comes to the labour market, there is still work to be done but we expect the worst is now behind us.”

Mr Nicholls said the Newman Government’s policies supported future growth and would ensure the state continued to be one of the leaders in economic performance.

“There is much to look forward to here in Queensland and we would expect the State’s economic performance to strengthen as the vital pillar of property and construction continues its recovery,” he said.

“Queensland is a great state with great opportunity and the Newman Government is committed to delivering policies that will grow this State for the benefit of all Queenslanders.”

[ENDS] 21 April 2013

Media Contact: Maree Lacey 0409 947 957