Queensland economy gaining strength

Tuesday January 14th 2014

Queensland economy gaining strength

The State Government’s plan to turn Queensland’s economy around is continuing to deliver outcomes across the state, with a 13 per cent increase in housing finance commitments up to November last year.

Acting Treasurer John McVeigh said ABS data released yesterday showed the total trend number of finance commitments had risen for the tenth consecutive month, up 0.3 per cent in November 2013.

“In seasonally adjusted terms, Queensland’s housing finance commitments rose 2.7 per cent in November, almost two and a half times the national increase of 1.1 per cent,” Mr McVeigh said.

“These figures are further proof the Newman Government’s initiatives to cut red tape, reduce the cost of doing business, maintain Queensland’s competitive tax status and speed up approvals are driving activity in the housing sector.

“We’ve made the process of buying and selling homes easier by reinstating the principle place of residence transfer duty concession the previous Labor Government scrapped, wiping up to $7,000 off the cost of buying the family home

“Additionally Labor’s burdensome Sustainability Declaration, which placed extra impost on property sellers for no benefit, has been repealed as the Government continues to help grow the property and construction sector.

“The $15,000 Great Start Grant introduced as part of the 2012-2013 Budget has already seen more than 4100 grants given to Queenslanders.”

Master Builders Deputy Executive Director Paul Bidwell said the rise in Queensland approvals was evidence of the housing sector finally getting back on track, with the growth here to stay.

“In fact, commitments have now increased by 35 per cent since the GFC lows in March 2011 and the industry hasn’t looked so robust in a long time,” Mr Bidwell said.

“These figures certainly mean we are starting 2014 off on the right foot.”

Mr McVeigh said while good economic policy was delivering growth for Queensland, the state’s finances were 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,” he said.

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