Queensland’s Laggard Status Emphasised by Commsec Report
The Queensland economy ranks above Western Australia and the Northern Territory in the latest Commsec State of the States report, which details a morose private sector in need of a ‘circuit breaker’ 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. Moreover, spending on new plant and equipment has fallen 7.9% in relation to the decade-long average, which reflects a relative pull-back in investment and lack of business confidence.
CCIQ Head of Industry, Dan Petrie said the state’s fortunes are tied to commodity exports, which remain mixed as economic headwinds in Asia provide a soft outlook for near term growth. At the same time, activity from the state’s much-publicised infrastructure pipeline has so far not delivered the boost promised by policy makers.
“The Commsec report is sadly a continuation of the state’s performance on a number of key metrics many in the business community are acutely aware of.
“Pessimism is still an overriding consideration for the private sector, which has had to deal with political uncertainty nationally and a series of rushed levies at a state level,” 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.