Queensland’s Laggard Status Emphasised by Commsec State of States Report and NAB Business Confidence Survey

Tuesday 29 January, 2019 | By: Ella Schalch

The Queensland economy continues to trail New South Wales, Victoria and South Australia in the latest Commsec State of the States report, which details a subdued private sector against a backdrop of declining business conditions illustrated in the NAB Business Confidence survey according to the Chamber of Commerce and Industry Queensland (CCIQ).

Commsec’s analysis notes that Queensland continues to lag New South Wales and Victoria in job creation and retail consumption with the only positive being in the area of dwelling starts.

CCIQ Head of Industry, Dan Petrie said the Commsec report was essentially a continuation of the September data as job creation continues to challenge policy makers whilst the NAB Business confidence data was most concerning.

“Nationally business conditions have collapsed to five year lows which given the political environment federally is deeply concerning.

“The Commsec report was a continuation in highlighting the two key issues facing the state, job creation and anemic level of private investment intention,” Mr Petrie said.

CCIQ reiterates that business confidence and certainty are key starting points in improving Queensland’s competitiveness against New South Wales and Victoria.

“The government needs to have a laser-like focus on ensuring Queensland is the best place to do business so as to ensure the state’s is best positioned to maximise future opportunities,” Mr Petrie said.