Queensland’s Sluggish Building Approval Borne Out of Pessimism Around Local Economy: CCIQ

Wednesday 9 October, 2019 | By: Dan Petrie

Building approvals in Queensland fell 21.4% in August on a seasonally adjusted measure and declined 1.1% on an annual basis according to the latest data released by the Australian Bureau of Statistics (ABS).

The Chamber of Commerce and Industry Queensland (CCIQ) notes that private sector construction activity has remained anchored at decade lows as investment intention continues to observe cautiousness in the current economic climate.  

CCIQ Head of Media, Dan Petrie said the poor approvals data is a by-product of poor employment outcomes and depressed business sentiment. .

“There is no getting away from the fact that on every key metric, Queensland is under performing and there is a lot of nervousness in the economy.

“The lack of approvals in the state, coupled with fears of accessing credit and dealing with an operating environment that strangled by compliance  only exacerbates the issue,” Mr Petrie said. 

In an analysis of the ABS data, the August figure of 2124 was the worst performing month in approvals since March 2012.

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Dan Petrie
Media and Communications – Economy and Government
Chamber of Commerce and Industry Queensland
Ph No: 07 3192 0120 (Landline)
Dan Petrie -Mobile: 0408 919 767 
Email: dpetrie@cciq.com.au

 

 

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