Strong growth forecast for Queensland economy

Queensland is poised for nation-leading economic growth, according to respected independent forecaster Deloitte Access Economics.

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

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

“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.”

Mr Pitt said Queensland had 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 said.

“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.”

Mr Pitt said the Palaszczuk Government would continue to work with business and industry to promote jobs, growth and investment in Queensland.

Source: News Release, Queensland Government, 04 September, 2015

http://statements.qld.gov.au/Statement/2015/9/4/strong-growth-forecast-for-queensland-economy