EXPORTS TAKE A HIT

Written on the 31 May 2011

EXPORTS TAKE A HIT

A massive decline in exports is expected to have a significant impact on Queensland's State Final Demand figures for the March quarter, to be released tomorrow.

Treasurer Andrew Fraser says the flooding crisis and Cyclone Yasi had killed off the momentum gained by the Queensland economy in the back half of 2010.

"No-one should be under any illusion as to what we can expect tomorrow," he says.

"The natural disasters have put significant pressure on every sector of the economy. The ABS' Balance of Payments data released today show a massive drop in exports. Nowhere is it more prevalent than in the resources sector - hard coking coal exports fell by $1.8 billion over the March quarter, while thermal coal exports fell by $434 million.

"These kinds of figures will have a big impact on the national economy, let alone Queensland's. Today we have also seen dwelling approvals hit, with the housing market under consistent pressure from rising interest rates.

"Tomorrow, when the State Details are released as part of the National Accounts data, we will get the first release from the ABS about the actual extent of the devastating impact those natural disasters have had on our economy."

Fraser says while the economy was experiencing post-disaster challenges, the fundamentals remain strong.

"We have seen numerous recent reports that have outlined Queensland economic recovery before the floods,” he says.

"Access Economics, Westpac and the most recent ABS building expenditure figures all showed a recovering economy, fuelled by surging investment.

"The natural disasters have certainly put the brakes on that recovery, but I am confident that through the reconstruction activity and continued investment, led by the resources sector, there will be a big bounce-back in 2011-12."


Latest News

BELLAMY'S FINDS EXPORTING BABY FORMULA INTO CHINA IS NO CHILD'S PLAY

BELLAMY'S (ASX: BAL) shares have suffered a 40 per cent drop in value today after the company hit a regulatory...

BRISBANE WATCH BRAND ADINA AIMS FOR ICONIC

ADINA watches is at a turning point in its history, 45 years after being founded by Robert 'Bob' Menzies i...

WHY YOU SHOULD CARE FOR YOUR BODY AS MUCH AS YOUR BUSINESS

ENTREPRENEURSHIP is a busy business. It can be all-consuming, but it is important not to neglect your health Y...

BULLETS BACK IN THE BUSINESS COMMUNITY

ALTHOUGH new to the current south-east Queensland sporting landscape, the Brisbane Bullets have a rich basketball ...

Related News

JB HI-FI IS THE GOOD GUY IN $870 MILLION ACQUISITION

ELECTRONICS giant JB Hi-Fi has formally completed its $870 million acquisition of home appliance chain The Good Gu...

ACCC ACTS AGAINST MERITON'S RIGGED REVIEWS

MERITON Property Services is under fire from Australia's main consumer watchdog, after it allegedly engaged in mi...

ACCC FIRES WARNING SHOT TO IVF PROVIDERS

IVF clinics have been put on notice by consumer watchdog, the Australian Competition and Consumer Commission (ACCC...

BIG W CEO QUITS AFTER 11 MONTHS

SALLY MacDonald has resigned as chief executive of BIG W ending her tenure at the helm of the struggling discount ...

Contact us

Email News Update Sign Up Contact Details

Subscribe to our mailing list

* indicates required
Email Format

PO Box 2087
Brisbane QLD 4001

LoginTell a FriendSign Up to Newsletter