Economic confidence growing in Queensland

Friday January 10th 2014

Economic confidence growing in Queensland

Confidence is continuing to build across key Queensland economic sectors according to the latest data released by the Australian Bureau of Statistics (ABS).

Acting Treasurer and Minister for Trade John McVeigh said an increase of 4.9 per cent in trend dwelling approvals and a rise of 0.5 per cent in retail turnover during November last year were proof the Government’s initiatives were having an impact.

“Our measured plan to cut red tape, reduce the cost of doing business, maintain Queensland’s competitive tax status and speed up approvals are helping to grow a four pillar economy and create jobs,” Mr McVeigh said.

“Importantly, this increase in trend dwelling approvals follows 23 consecutive monthly increases, with approvals now 50.6 per cent higher than December 2011.

“This figure was driven by private other dwelling approvals, such as townhouses or apartments, which were 78.4 per cent higher over the year and at their highest level on record in November 2013.

“We’re working steadfastly to grow the property and construction sector, implementing a $15,000 Great Start Grant as part of the 2012-2013 Budget which has already seen 4100 grants given to Queenslanders.”

Mr McVeigh said the ABS Retail Trade data showed consumer spending accelerated in the four months to November 2013, with the largest increases on clothing, footwear and personal accessory items.

“Households also increased spending on other retailing, in cafes, restaurants and takeaways and on household goods,” he said.

“Good economic policy is delivering growth for Queensland, however the state’s finances are still being constrained by Labor’s $80 billion black cloud of debt.

“The Newman Government has worked in a disciplined and measured way to reduce debt, but the reality is the former Labor Government’s debt legacy is shackling our ability to fund new services and infrastructure.

“Our considered course of action will ensure the best value for Queensland taxpayers, securing financial independence into the future.”