Commsec State of the States Report Shows Queensland Economy is Stalling: CCIQ

Monday 29 July, 2019 | By: Dan Petrie and Thomas Birkbeck

The latest Commsec State of the States showed Queensland moved into fifth position on overall ranking as Victoria and New South Wales remain the regions of economic growth.

The Chamber of Commerce and Industry Queensland (CCIQ) notes that the difference between South Australia and Queensland is hardly discernible providing little optimism for the state more broadly.

CCIQ Head of Media, Dan Petrie said the latest Commsec reports confirms Queensland’s position as an underperformer over the last three years.

“The Commsec report is effectively an aggregation of key economic data points focused in large part on gross state product, construction and the run rate of new dwelling commencement.

“The most recent Australian Bureau of Statistics labour force print shows that the state’s unemployment rate at 6.5% seasonally adjusted highlights the challenges in the domestic economy with the trended figures reflecting further upward momentum.

CCIQ notes that while the budget remains fiscally constrained, business confidence remains subdued and private sector investment intention is also low.

“The simple fact is that the state is performing well below its potential and the need to be bold from a state perspective is key.

“Victoria and New South Wales are two states that have embraced asset recycling and reinvested aggressively in projects throughout those states.

“Overall economic activity in the state is not consistent with historical performance or overall output given the state’s resources”, Mr Petrie said.

CCIQ further notes that the State of the States report follows the release of the NAB SME Business survey last week which showed that business conditions for Queensland’s small to medium enterprises in particular had deteriorated sharply in the state over the second quarter to June.

The report highlights the fact that business conditions in Queensland are sombre for small to medium size enterprises, with our very own Pulse report reflecting that this has been the case for some time.

The ongoing weakness in trading conditions has put enormous strain on business margins as costs have risen at a far greater pace than turnover.

This has put the brakes on small business investment and employment in the state, which is simply not sustainable considering the SME sector makes up around two-thirds of all jobs in the state.

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