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Category: Business, Economics and Finance / Budget / Government and Politics

Queensland's economic growth down, business confidence up: reports

Monday, 2 May 2016 05:57:51

Spending on research and investment is down in WA. (ABC News)

Queensland's economy has been ranked fifth in Australia, however business confidence is improving, two separate reports show.

CommSec has released its quarterly data, which indicated tourism was doing well, but mining and engineering construction were soft.

Only Tasmania trailed Queensland for economic growth, which is down 1.7 per cent compared to a year ago.

While ranked third in Australia for dwelling starts, Queensland came in at the bottom for construction work, with work completed almost 17 per cent below the decade average.

CommSec State of the States rankings:

  1. New South Wales
  2. Victoria
  3. Australian Capital Territory
  4. Northern Territory
  5. Queensland
  6. Western Australia
  7. Tasmania, South Australia (equal)

"Queensland remains mid-ranked across economies just above Western Australia, South Australia and Tasmania," CommSec chief economist Craig James said.

"Encouragingly, the lower Australian dollar will support agricultural exports and more importantly the tourism sector in coming months."

Overall, the report said the economic weakness linked to the end of the mining construction boom continued to weigh on Australia's resource-rich states, but both New South Wales and Victoria remained strong.

A report by the Chamber of Commerce and Industry Queensland on small businesses, showed confidence in the state's economy improved in the March quarter, fuelled partly by the low Australian dollar, good weather and low petrol prices.

About 64 per cent of businesses expected to keep employment levels steady until June.

The resources sector, a hung Parliament, and the federal election weighed down on those surveyed, with the majority expecting the state's economy to weaken over the coming 12 months.

CCIQ director Nick Behrens said the survey indicated the state still had a long way to go.

"We really are well short of where we need to be and the Queensland economy needs to transition from a natural reliance on the resources sector through to a diversified economy," Mr Behrens said.

Shadow treasurer John-Paul Langbroek said the Palaszczuk Government had a lack of direction.

"Since Labor's election, Queensland has fallen further and further behind other states," Mr Langbroek said.

Comment has been sought from Treasurer Curtis Pitt.

External Link: CommSec State of the States report April

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