• State growth for 2015-16 revised down yet again – for the fifth time on Curtis Pitt’s watch
• Domestic economy contracts by $4 billion – down 1.3 per cent
• Gross State Product figures released today show Queensland falling behind NSW and VIC
The latest Australian Bureau of Statistics figures showed economic growth for 2015-16 had been revised down for the fifth time under Treasurer Curtis Pitt’s watch.
Shadow Treasurer Scott Emerson said the Queensland economy grew by 2.0 per cent in 2015-16, well behind New South Wales at 3.5 per cent and Victoria at 3.3 per cent.
“This is the fifth time growth has been revised down since Curtis Pitt became Treasurer,” Mr Emerson said.
“Mr Pitt promised nation-leading growth for 2015-16, but sadly his mismanagement means Queensland is falling behind.
“Queensland’s domestic economy shrunk by $4 billion in Mr Pitt’s first year in office – only Western Australia fared worse on this measure.
“Normally this is one of the Treasurer’s favourite measures but you won’t hear him mentioning it today because it’s going backwards.”
Mr Emerson said the results showed a return to the bad old days of Anna Bligh and Andrew Fraser.
“Business investment went down 23.4 per cent or $12.7 billion, to its lowest level in six years,” he said.
“While there was some growth in building construction, non-dwelling investment declined 32.1 per cent, or almost $10 billion.
“State and local government infrastructure investment also went backwards by 9.1 per cent, down to its lowest level in almost ten years. This comes after the Palaszczuk Government slashed infrastructure spending by more than $1.3 billion in its first budget.
“While we always welcome positive economic growth, the sad reality is Queensland is being hurt by this inexperienced government with no plan.
“Queensland is leading the nation on job losses, we’re losing the economic state of origin and sadly the Labor Government doesn’t have any answers.”
Gross State Product (Chain Volume Measures):
QLD – 2%
NSW – 3.5%
VIC – 3.3%
SA – 1.9%
WA – 1.9%
TAS – 1.3%
State Final Demand – domestic economic growth (Chain Volume Measures):
QLD – down 1.3%
NSW – up 3.9%
VIC – up 3.8%
SA – up 1.1%
WA – down 4.0%
TAS – up 2.2%