QUEENSLAND NEEDS TO SNAP OUT OF IT: DELOITTE

Written on the 15 March 2016

QUEENSLAND NEEDS TO SNAP OUT OF IT: DELOITTE

QUEENSLAND has been urged to snap out of the slump mentality and capitalise on the investment legacy created by the now defunct resources boom.

Deloitte Access Economics' latest Queensland Business Outlook report says instead of looking at the boom as if it is a hole that needs to be filled, the state should be focusing on its traditional economic drivers which are currently experiencing solid recovery.

"As we place export growth firmly on the watch-and-wait list, it is time for Queensland to stop looking back and start exploiting the positives," says Queensland Deloitte Access partner Mark Ingham.

"The real opportunities for the Sunshine State are in our staples - housing construction, tourism, international education and agriculture. All are expected to get a kick along from the lower Aussie dollar.

"Low interest rates will also continue to boost Queensland's most volatile sector, housing construction, which has experienced an 11 per cent increase in approvals over the past year."

Deloitte says housing construction, including a surge in renovation activity, will 'place a floor under the shopping stamina of families'.

"Tourism is also growing as a result of lower exchange rates, which is expected to stimulate the construction of new hotels and associated tourist infrastructure," says Ingham.

Deloitte says tourism is expected to drive growth over the next five years, aided by the Aussie dollar depreciating 27 per cent against the US dollar since last September.

The exchange rate coupled with the recently revised Australia-China Air Services agreement will boost the total allowable capacity of Chinese passengers to Australian gateway cities by about 50 per cent by October.

Queensland international tourist arrivals are expected to grow at a rate of 5.7 per cent annually over Deloitte's five-year forecast. The growth is expected to flow on to retail spending.

Deloitte says that while wage growth will remain weak in the near future, it also will help stabilise the jobless rate around 6 per cent.

 


Latest News

MANTRA'S SHARE PRICE SURGE INDICATES 'SUITORS ARE CIRCLING' THE HOTEL GROUP

THE rumour mill surrounding a high-level takeover of Mantra Group (ASX: MTR) is in full production with its shares su...

MELBOURNE CBD GEMS SELL FOR $17 MILLION, MARKING A NEW PROPERTY HOTSPOT

LITTLE Lonsdale Street in the heart of Melbourne's CBD has become a favourite for investors in 2017, following th...

WHAT THE COLLAPSE OF ADWORDS MEANS FOR THE FUTURE OF ONLINE MARKETING

IT'S the story that has rocked the world of advertising. The once reliable, seamless, and lucrative Google (NASDA...

BRISBANE VFX PRODUCTION COMPANY CLEANS UP AT MAJOR INTERNATIONAL ADVERTISING AWARDS

AUSTRALIAN production company Alt.vfx has broken records in global advertising, becoming the first business to win...

Related News

RAY OF HOPE FOR SLATER AND GORDON AS LENDERS STEP IN

EMBATTLED law firm Slater and Gordon (ASX: SGH) has announced to the ASX that it has launched confidential discussion...

SPROUTX PROVIDES THE SEED FOR AGTECH STARTUPS

AGTECH innovation fund SproutX has opened applications for its first accelerator round, backed by $10 million from...

GAS PRICES MAY FORCE BRICKWORKS TO TAKE MANUFACTURING OVERSEAS

BRICKWORKS Limited (ASX:BKW) chairman Robert Millner says soaring energy prices may force the company to turn to offs...

CHINA CONTINUES TO COLLECT AUSSIE PROPERTY ASSETS

CHINESE coin continues to dominate Australia's offshore real estate investment market, accounting for almost h...

EVENTS COMING UP

 

Contact us

Email News Update Sign Up Contact Details
Subscriptions

PO Box 2087
Brisbane QLD 4001

LoginTell a FriendSign Up to Newsletter