Queensland economy frozen under Labor

2 Mar 2016 1:49 PMJohn-Paul Langbroek

Today’s state final demand figures from the Australian Bureau of Statistics show Queensland’s domestic economic growth is lagging behind other states.

Shadow Treasurer John-Paul Langbroek said the fact only Western Australia experienced a worse result than Queensland was another sign the Palaszczuk Labor Government’s inaction was impacting the economy.

 

Mr Langbroek said Queensland was one of only two states to experience negative growth in state final demand, on the trend measure.

 

“It’s clear that after 12 months in office this government is frozen at the wheel and Queenslanders deserve better” he said.

 

“Trend state final demand has declined by 1.7 per cent, or almost $1.4 billion, in the year to December quarter .

 

“While the seasonally adjusted measure showed a slight increase of 0.1 per cent in the last quarter, this is still lower than the national average and was the second worst result of all Australian states.

 

“Seasonally adjusted state final demand has also fallen by 1.7 per cent in the last year, compared to growth of 1.1 per cent nationally.

 

“In Treasurer Pitt’s own words ‘state final demand is a key measure of the domestic economy and reflects the level of domestic spending in our economy’.

 

“Unfortunately today’s figures are just the latest in a series of economic releases that show Queensland is falling behind under this do-nothing Labor Government.”

 

While Mr Langbroek welcomed the growth seen in consumption and dwelling investment, today’s figures again highlighted the alarming decline in business investment happening in Queensland.

 

“This situation has been confirmed in report after report from the ABS, with figures out just last week showing a decline in the value of both construction work and private capital expenditure,” he said.

 

“It’s also confirmed by the likes of CommSec, with the State of the States report ranking Queensland last in the nation on construction work and part of a third tier of economies.

 

“Queenslanders need a government with the experience and preparedness to address the challenges this state faces. 

 

“Only the LNP has the economic plan to unleash Queensland’s true potential.”

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