State of our state is not too flash

QLD Treasurer Curtis Pitt at JBS Australia in Brisbane, Friday, October 13, 2017. Palaszczuk announced the QLD government will assist the company in creating 200 jobs.
QLD Treasurer Curtis Pitt at JBS Australia in Brisbane, Friday, October 13, 2017. Palaszczuk announced the QLD government will assist the company in creating 200 jobs. AAP Image - Glenn Hunt

QUEENSLAND has fallen below South Australia to record the third worst economic performance in the CommSec state of the states report.

The state's booming jobs market, record export growth and a return of business investment were nullified by weak construction growth and retail spending, resulting in Queensland being rated sixth, ahead only the other mining regions of the Northern Territory and Western Australia.

The report is based on a comparison between the current economic performance against the past 10 years which includes the mining boom.

Queensland's nation-leading employment growth also comes with a concern for the 208,000 who have work but want more, resulting in an underemployment rate of almost 15 per cent because of part-time work growth.

Shadow Treasurer Scott Emerson said Queensland's economy was stagnating and families were falling behind because Annastacia Palaszczuk and Labor were doing nothing.

"CommSec assesses eight economic indicators. The best Queensland ranks on any of those is fourth, and on most others we are fighting for last,'' Mr Emerson said.

But Deloitte Access Economics also released a report which said the good news was building in Queensland.

It said China's never-say-die construction sector had "showered blessings on Western Australia, Queensland and the Northern Territory''.

Shadow treasurer Craig Emerson. Picture: Claudia Baxter
Shadow treasurer Craig Emerson. Picture: Claudia Baxter

"Australian job growth is a thing of beauty.

"And it looks set to stay beautiful for a while longer, as good global growth lifts the demand for both labour and capital, thereby boosting the outlook for both jobs and business investment.''

Treasurer Curtis Pitt said the CommSec report understated Queensland's performance.

"Most people's economic indicator is whether they have a job or not and both the Deloitte and CommSec reports highlight our strong performance in job creation," Mr Pitt said.

"The improved jobs numbers and the DAE report also follow another positive report by major ratings agency S & P Global affirming its AA+ credit rating for Queensland," Mr Pitt said.

"We've come a long way from the cut-and-slash measures put in place by the failed LNP Government where Tim Nicholls's priorities were cutting services, sacking workers, selling assets, all of which saw confidence slump and unemployment rise.

"The DAE report forecasts the state economy to grow by 3.4% in 2017-18 - up from 3.1% in their June publication -and by 3.5% in 2018-19, unchanged from their June publication."

Topics:  commsec queensland

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