Confidence low and economic growth weakening under Labor

2 May 2016 12:00 AMJohn-Paul Langbroek

The lack of economic direction from the Palaszczuk Labor Government has been laid bare by two separate reports released this morning.


Shadow Treasurer John-Paul Langbroek said the CommSec State of the States Report showed Queensland ranked second last on economic growth and last on construction work, while the CCIQ Pulse Survey of Business Conditions revealed business confidence was in negative territory in every region in Queensland.


“Since Labor’s election, Queensland has fallen further and further behind other states,” Mr Langbroek said.


“The CommSec report shows states like New South Wales and Victoria are powering ahead, while Queensland languishes in seventh place on economic growth.


“Where construction work and equipment investment were once Queensland’s major strengths, in the last year construction work has declined 21.2 per cent equipment investment has fallen 21.5 per cent.”


Mr Langbroek said the CCIQ Pulse Survey also showed business confidence in Queensland remained at negative levels.


“While the survey shows a slight improvement in business confidence in the last quarter, this is coming from an incredibly low position,” he said.


“Business confidence and business conditions have both fallen substantially since the election of the Palaszczuk Labor Government.


“Unfortunately, the depressed sentiment exists right across Queensland.  Confidence is in negative territory in every single region.


“The survey also shows the Labor Government is the second most negative factor weighing down business sentiment.


“These are sobering statistics and there’s no way for the Premier and the Treasurer to spin them.


“These reports also come on top of other surveys from Sensis and the Property Council that also highlight the business community’s negative view of the Palaszczuk Government.


“It’s been 15 months and this government is still yet to outline an economic plan. This has hit confidence, it has impacted investment and it’s seen a surge towards other states like New South Wales and Victoria.


“Only the LNP has the experienced team and economic plan to once again make Queensland Australia’s economic powerhouse.”

Fast Facts:

  • CommSec’s report states: “While third ranked on dwelling starts, Queensland is bottom ranked on construction work and seventh ranked on economic growth”.

  • CCIQ’s survey states: “Businesses believe the Palaszczuk Government is not investing enough in key infrastructure, and is not doing enough to help transition the economy post the resources boom and restore the State’s financial position”.

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