Queensland economic growth outstripping other states

There is more good news for the Queensland economy with figures out today showing the State’s economy exceeded expectations and grew by four per cent in 2012-13, Treasurer Tim Nicholls said.

“The four per cent growth is well ahead of the 2.6 per cent average across the other states,” Mr Nicholls said.

“The June quarter result was especially pleasing with the Queensland economy expanding by 1.3 per cent compared to the rest of Australia which grew by only 0.3 per cent.

“Queensland is outperforming the rest of Australia on a number of measures.

“Household consumption in the June quarter was up 0.8 per cent in Queensland but only 0.5 per cent in the rest of the country.

“Similarly exports showed strong growth in the quarter of 1.7 per cent which is almost double the rate of growth in the rest of Australia.”

Mr Nicholls said the outstanding results reinforced that the government had made the right decisions in supporting private enterprise to grow the economy.

“The preliminary results for the 2012-13 financial year paint a positive picture,” he said.

“Private investment was up 5.2 per cent for the year and business investment rose 9.4 per cent.

“Our exporters are also performing strongly with growth in exports of goods and services of 9.4 per cent.

“What we’re seeing is business regaining confidence and committing to investing, employing and growing in Queensland.

“Just this week we’ve seen jobs data showing 17,000 full-time jobs were created in Queensland in September.

“Those figures came just a day after the Westpac Melbourne Institute Consumer Sentiment Index showed confidence growing strongly in Queensland.

“The combination of increasing business and consumer confidence along with solid economic growth means more investment and more jobs for Queensland.

“More economic activity also means the Newman Government can look to providing more and better services for Queenslanders and investing in important infrastructure.”

More information on the State Accounts is available at http://www.oesr.qld.gov.au/subjects/economy/state-accounts/tables/qld-state-accounts-tables/index.php

[ENDS] 11 October 2013

Media contact: Maree Lacey 0409 947 957