Report shows positive outlook for jobs in Queensland
TREASURER Curtis Pitt says the Deloitte Access Economics Business Outlook for September 2015 showed Queensland was on track to eclipse the other states and territories for economic growth this financial year.
"Deloitte expects Queensland to experience the strongest economic growth of all Australian jurisdictions in 2015-16," he said.
"They have also forecast Queensland will grow faster than the national economy through to the end of DAE's forecast period in 2024-25.
"The report notes that Queensland's economy 'is in better condition than you think'.
"This is reflected by Queensland's latest State Accounts which show our Gross State Product grew by 1.3% in the June quarter, its highest rate of growth since the December quarter 2011.
"I am the first to recognise that much of the growth we are seeing right now is export-led, with the LNG export industry that was conceived and developed under the previous Labor Government now paying dividends."
Mr Pitt said DAE had downwardly revised its growth forecasts for all States and Territories, with Queensland's growth forecast for 2015-16 now 3.8% and 3.9% for 2016 17.
This compares to Treasury Budget forecasts of 4.5% for both years, which the government remains confident of achieving.
Deloitte says the lower Australian dollar should assist across a range of industries in Queensland, including mining, agriculture, tourism and education.
The reports also notes that lower interest rates are contributing to strong growth in housing construction, as well as a rapid acceleration in retail turnover.
The DAE report says: "As an economy closely linked to the fortunes of China, Queensland has some tricky shoals to navigate. But this State has always had an excellent portfolio of potential across a range of industries, and as engineering construction slows down, there are several other opportunities helping to take up the slack".
Mr Pitt said there was also a positive outlook for jobs in Queensland, with the latest ABS Labour Force data revealing Queensland has added 34,500 jobs since the State Election and recorded eight months of consecutive employment growth.
"Recent ABS data also shows growing LNG exports contributed to a 15.7% increase in the nominal value of Queensland's overseas merchandise exports in the August quarter to $47.9 billion, compared to the same period last year," he said.