Treasurer Curtis Pitt says today’s ABS figures on State Final Demand are not a surprise and show the Palaszczuk Government is taking the right path in further diversifying the Queensland economy.
“Nobody should be surprised at figures that illustrate the tailing off of massive investments in the resources sector,” Mr Pitt said.
“As the ABS has pointed out, a decline in business investment began in the June quarter 2013.
“If the LNP wants to use the latest figures in its four-year campaign to talk down Queensland, it should also recognise the decline began on its watch and it sat on its hands.
“In fact while the latest SFD figures show a decline of 1.7 percent on an annual basis, that compares with a drop of 2.7 percent in the December 2014 quarter under the LNP.
“As a state with significant mining and resources industries Queensland has naturally seen a decline in the key indicators measuring major investment activity in those sectors, including the end of massive spending in previous years on the state’s LNG export industry.
“Yet despite knowing a decline was coming the LNP in office sat on its hands and was relying almost entirely on the returns from the hard work put into establishing the LNG export industry by former Labor governments which has also contributed to growth in the national GDP of 3 per cent seasonally adjusted also released by the ABS today.
“Then, as now, the LNP’s one-point plan was asset sales.
“By contrast the Palaszczuk Government is implementing our Advance Queensland programs to encourage innovation and job creation in our traditional industries and investments or R&D leading to new industries and new jobs.
“It is also why we are working with the private investment through initiatives such as our Market-Led Proposals that have seen two major projects already chosen for detailed assessment with over 30 more worth around half-a-billion dollars undergoing initial assessment.
“I am keen to see continued growth of GSP once we have the opportunity to analyse this data and then release the next quarterly State Accounts.”
Mr Pitt said SFD measures did not include the impact of net overseas trade.
“Exports to overseas markets of Queensland goods and services grew by 1.6 per cent in the December quarter 2015 in trend terms to be 9 percent higher over the year,” he said.
“Meanwhile overseas imports fell 0.2 per cent in the quarter to be 3.2 percent lower over the year.
“Those figures show net overseas trade is making a solid contribution to the state’s economic performance,” he said.