Qld tipped for nation-leading growth

Qld tipped for nation-leading growth

Posted on Monday, September 07 2015 at 11:02 AM

In news that will be music to the ears of investors eyeing up the sunshine state, Queensland is said to be poised for nation-leading economic growth according to independent forecaster Deloitte Access Economics.

Speaking from
Hong Kong, where he’s undertaking an international investor roadshow, Treasurer
Curtis Pitt welcomes Deloitte’s upbeat assessment in its Queensland Business Outlook report for September 2015, released last
week.

“According to
Deloitte, the outlook for the Queensland economy over the next five years is
positive,” he says.

“They’ve
identified tourism, agriculture and housing as some of our strengths, along
with growing LNG exports.

“This has led
Deloitte to predict Queensland will outstrip all the other states and territories
in economic growth over the next two financial years.

“Deloitte is
forecasting the Queensland economy will grow by 4.5 per cent this financial
year and by 4.0 per cent in 2016-17.

“This is broadly
in line with Queensland Treasury’s own growth forecasts, which show the state
economy picking up over the next two years.”

Pitt says
Queensland has one of the most diverse economies in Australia.

“That’s a key
reason why our economic growth is forecast to be stronger than Australia’s
national growth over the next four years, and stronger than any other state or territory
in the country,” he says.

“The Deloitte
report acknowledges Queensland has a natural competitive advantage in a number
of industries, which will provide a future platform for economic growth.

“These industries
include agribusiness, international education, wealth management, tourism and
gas.

“Queensland’s
tourism sector has particularly bright prospects for growth.

“Deloitte
forecasts international visitors to Queensland will grow by 4.9 per cent each
year over the next three years

“Domestic
overnight trips are forecast to grow at 2.7 per cent a year, in line with the
national outlook.”

Pitt says the
Palaszczuk government will continue to work with business and industry to
promote jobs, growth and investment in the state.

 

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