CCIQ concerns with latest ABS data showing weaker economy
The Chamber of Commerce and Industry Queensland (CCIQ) is concerned that national accounts data shows weaker state demand for Queensland.
CCIQ Director of Advocacy Nick Behrens said the latest ABS figures were disappointing with a large drop-off in private investment – 15.8 per cent over the year to September quarter – offsetting recent stronger employment and retail spending figures.
“Domestic state final demand in Queensland over the year to September quarter has fallen by 2.5 per cent compared to a national average growth rate of 0.8 per cent,” he said.
“This demonstrates how vulnerable the state is to potential economic shocks.”
Mr Behrens said that, on a positive note, a quarter-on-quarter comparison showed the state final demand in Queensland narrowed with a contraction of 0.2 per cent in the September quarter compared to nearly 2 per cent in the same period in 2014.
“The encouraging signs for Queensland economic output show that over the last year consumption by households has strengthened, but unfortunately investment continues to deteriorate both from public and private sources,” he said.
“The recent announcements of new LNG and infrastructure projects will add to business confidence in the lead up to Christmas. However, the State Government is clearly on notice.
“Small businesses are calling on the government to show strong leadership in communicating a comprehensive economic plan that needs to be strengthened as Queensland transitions away from a reliance on mining to a more diversified sustainable economic base.
“CCIQ encourages the government to work constructively with the business community to progress key infrastructure projects and reduce costs and regulatory shackles on small business to grow and create jobs.”