Queensland State Accounts confirm strong and growing state economy

Published Tuesday, 08 August, 2017 at 04:50 PM

Treasurer and Minister for Trade and Investment
The Honourable Curtis Pitt

Treasurer and Minister for Trade and Investment, Curtis Pitt, says the latest Queensland State Accounts are good news for Queensland and show the best quarterly economic growth result in five years. 

Mr Pitt said the figures confirmed the continuing strong upturn in the Queensland economy with Gross State product growing in the March quarter at 1.2% in trend terms compared with 0.3% for the rest of Australia. 

“The March quarter figure for Queensland was also up on the December quarter 2016 figure for Gross State Product growth of 1.1%,” he said. 

“For the four quarters to the March quarter 2017 trend GSP grew at 3.9% compared with 1.2% for the rest of the nation and compared with 2.8% in the year to the December quarter 2016. 

“By comparison under the LNP government GSP growth was 0.8% in the year to the December quarter 2014 — the lowest since the GFC. 

“In the final full year of the LNP government growth was just 1.4%. 

Under our economic plan we bounced back to 2.4% in 2015-16, to 2.75% forecast for both 2016-17 and 2017-18, and 3% in 2018-19. 

“We would normally be expecting to go above 3% but as we have said previously, Tropical Cyclone Debbie will cut growth by around 0.75%. That will show up initially in the June quarter figures when they are published.” 

Mr Pitt said the state’s growth was underpinned by its strong export performance. 

“But the Queensland State Accounts again show an upturn in our state’s domestic economy,” he said. 

“State Final Demand is a key indicator of domestic conditions because it excludes our trade performance. It recorded its fifth consecutive quarter of growth in the March quarter, rising 0.3% in the quarter to be 1.5% higher over the year.” 

Mr Pitt said the Queensland State Accounts proved the emptiness of Scott Morrison’s claimsthat the state was somehow a drag on the national economy. 

“The reverse is true — if Queensland’s growth wasn’t as strong as it is, Australia’s growth would be much lower,” he said. 

Mr Pitt said while the figures were important in pointing to our strengthening state economy, it was important to remember that economic growth meant more investment, and expanding business and export opportunities, which all meant more jobs. 

“So we should recognise there are real benefits to Queenslanders and great opportunities behind these figures from a strong and growing state economy,” he said. 

“Our economic plan is on the right track and has reinjected growth into the Queensland economy. 

“Under Labor’s economic plan growth is up, debt is down, confidence is up, and we have created 77,300 net new jobs. 

“We have more to do and we will continue implementing our economic plan to drive growth, lift investment, foster innovation, and create more jobs,” Mr Pitt said.


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