BUSINESS CONFIDENCE REBOUNDS

Written on the 8 March 2011

BUSINESS CONFIDENCE REBOUNDS

TOUGH trading conditions and natural disaster impacts aren’t slowing Queensland’s entrepreneurial spirit, with the latest NAB Business survey results showing record high business confidence.

The figures illustrate a massive rebound in the state’s business confidence during the month of February, up 14 points to +24 index points.

Treasurer and minister for state development Andrew Fraser, says the state is experiencing ‘growth across the board’.

“The December quarter accounts showed that trend State Final Demand in Queensland rose 0.6 per cent above the national growth rate of 0.5%. Critical, business investment continued its recovery, rising 3.5 per cent, its third consecutive rise, to be 10 per cent higher over the year,” he says.

"Most important we saw jobs growth every single month throughout 2010. In fact, positive momentum in the labour market was strong enough to deliver an 18th consecutive month of trend jobs growth in January despite the natural disasters.”

Although data indicated Queensland's economy was growing at the end of 2010, Fraser says affects from floods and cyclones would momentarily stunt growth in 2011.

“We have made no bones about Treasury predications that the natural disasters could shave economic growth this financial year to below 1¼ per cent,” he says.

“However, these figures show that the foundations are there and the recovery is underway, at pace and with support.”

 

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