SOLID GROWTH PREDICTED FOR QUEENSLAND ECONOMY

Written on the 28 January 2014

SOLID GROWTH PREDICTED FOR QUEENSLAND ECONOMY

QUEENSLAND is expected to be the fastest growing state economy next financial year, says the latest Deloitte Access Economics Business Outlook report.

The outlook report for December, which isn't available to the media, estimates the economy will grow 3.6 per cent this financial year and next.

This compares favourably with the national economy, which Deloitte says will grow at 2.5 per cent.

Queensland Treasurer Tim Nicholls says key business sectors have reason for optimism.

“The report forecasts Queensland will have the fastest growing retail turnover of all Australian states both this financial year and in 2014-15,” says Nicholls.

“It’s also painting a bright future for the construction industry with strong growth predicted over the next four years.”

In the media version of the report, Deloitte says Queensland has challenges, but also underappreciated growth prospects.

"Queensland is still weighed down by a coal crisis and by State Government cutbacks, but these are becoming less
of a drag, while gas development is boosting the economy, and lower interest and exchange rates help too," it says.

This follows a number of other reports which paint the Queensland economy in a positive light.

“Last week’s CommSec State of the States also put Queensland at the top of the economic growth ladder,” says Nicholls.

“It also found the state is leading the way in business investment, with spending in the September quarter almost 27 per cent above decade-average levels.

“We’ve seen ABS data showing that three-quarters of all the jobs created in Australia in the year to December were created in Queensland.”

Deloitte also predicts inflation will be weak this year, but money will become less cheap in 2015, as government's reign in stimulus packages and interest rates rise.

The Australian Dollar will remain under pressure this year and next, giving some hope to the "slow" sector of Australia's two-speed economy - manufacturing, tourism and retail - which will also be buoyed by rising house and share prices and a slowdown in electricity price rises.


Latest News

ADELAIDE DIGITAL MARKETING GURUS CHANGING THE FACE OF ONLINE RETAILING

Frank Grasso, CEO of Adelaide based Dynamic Creative, believes his company's new software will revolutionise Adwo...

WHY A JUNIOR MINER DECIDED TO JOIN THE RANKS OF THE HOT POT STOCKS

USUALLY, when a relatively unknown explorer experiences a sharp spike in its share price, it means they've fou...

1700 BRISBANE APARTMENTS NOW MANAGED BY FORTUNE 500 COMPANY JLL

MULTINATIONAL and Fortune 500 company JLL (NYSE: JLL) has expanded its Australian dominance in the property managemen...

HARVEY NORMAN HITS OUT AT 'FALSE NEWS' OF ASIC INVESTIGATION

RETAIL giant Harvey Norman (ASX: HVN) has vehemently rejected reports its accounts are under investigation by ASIC, s...

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