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Queensland forecast to be the nation’s second strongest economy next financial year

The Deloitte Access Economics Business Outlook Report, released today, has emphasised the increasingly positive economic conditions in Queensland.
“The Deloitte Report has highlighted that Queensland’s economy continues to improve with Queensland forecast to be the nation’s second strongest economy next financial year,” Ms Trad said.
“It shows specifically that our focuses on building infrastructure, driving tourism and education and encouraging interstate migration are starting to pay dividends.
“According to Deloitte, Queensland will have the strongest economic growth of all the states in each of the next four years, with annual economic growth never dropping below 3.5%. That’s compared to just 3.1% in Victoria and 2.8% in New South Wales. 
“Deloitte also highlights the strength of the Palaszczuk Government’s infrastructure program, including our program of works on the Bruce Highway and Cross River Rail, Queensland’s number one infrastructure project.
“The Deloitte Report paints a positive future for our local economy using a forward-focused methodology.”
Meanwhile, CommSec’s State of the States Report, also released today, has highlighted that Queensland is leading the nation in employment growth, has the fastest annual economic growth of all states and has driven up exports by 35%.
But Ms Trad warned against putting too much stock in the CommSec report, which uses old ABS data to paint a retrospective picture.
“The basic methodology used by CommSec is fundamentally flawed,” Ms Trad said.
“What this report does is compare current economic indicators against decade-long averages, essentially rewarding states for improving their own weak performances.  
“Using this methodology means that Queensland and Western Australia are punished for strong economic growth over the last decade - including a once in a generation mining boom.
“Meanwhile, Victoria and New South Wales' poor performance earlier in the decade means that compared to those periods they appear to be performing better.
“Of course, CommSec’s report does highlight some of the great successes we’ve had here in Queensland.
“The report correctly identifies that Queensland is leading the way in the nation in employment growth, having achieved the fastest rate in a decade.
“It also shows that our annual economic growth at 9.3% is well above all the other states and 3.7% points higher than the national average. 
“What both reports show is that through growing jobs, investing in infrastructure and supporting our exporters the Palaszczuk Government is delivering an economy that works for all Queenslanders.”

Source: Deputy Premier, Treasurer and Minister for Aboriginal and Torres Strait Islander Partnerships
The Honourable Jackie Trad

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