The reasons behind our new economic examination

Wednesday 14 September, 2016 | By: Default Admin | Tags: economic update, state final demand, Pulse Survey, ABS

The economic picture is not always a clear one. But we want to make it even easier for small businesses in Queensland to understand and for politicians at all levels to act on.

Recent data released by the Australian Bureau of Statistics has revealed that the Queensland economy is beginning to improve, with the State Final Demand figures in particular highlighting that overall consumption and expenditure has increased for the first time in more than two years.

qld economy

Depending on your information source however, this result can be used to suggest that the Queensland economy is surging ahead, or that it conceals underlying challenges and fragile business confidence.

For this reason, the Chamber of Commerce and Industry (CCIQ) has released a detailed overview of Queensland economic performance to provide objective analysis and commentary on the key indicators and measurements that matter to businesses when making strategic decisions.

Released monthly, the report will deliver a clear understanding of how the state economy is performing.

Drawing on the latest data releases from the Australian Bureau of Statistics, other Federal and State Government reports, as well as the quarterly CCIQ Pulse survey of business sentiment, the report will deliver the most comprehensive review of Queensland economic performance.

Importantly, rather than discussing key statistics in isolation, the CCIQ Queensland Economic Update will place this information in context, highlighting how indicators such as they unemployment rate, retail sales, and wage growth are interrelated.

Only by doing this, can a complete picture of Queensland, and the overall health of its economy, be achieved.

The most recent report indicates that although the Queensland economy has turned a corner, there is still room for improvement in many areas, with the level of caution being exercised by consumers being indicative of the soft conditions currently being experienced by businesses in many sectors

While the rise in State Final Demand is an important indicator, this must be welcomed with some limitations, especially given that it will take some time for this to transfer through to improved labour market conditions, and household consumption.

If there is to be a sustained improvement in the profitability of small businesses across Queensland further work required in restoring confidence in the economy, and encouraging a return to spending on goods and services.

Only when this is achieved will we realise the improvements in both private sector investment and job creation across the state.

The release of this report will ensure that business in Queensland will receive a ready source of information that will keep them informed of the numbers that matter, enabling them make the right decisions for the future.

For more information:

New CCIQ report provides in-depth examination of economy

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