Business Name

Treasurer and Minister for Employment and Economic Development

The Honourable Andrew Fraser.

Source: www.cabinet.qld.gov.au/mms/statementsearch.aspx.

Wednesday, January 27, 2010

Improved economic forecasts welcome: Fraser

Access Economics’ latest Business Outlook forecasts the Queensland economy to grow faster than the nation in 2009-10.

Released today, Treasurer Andrew Fraser said the Business Outlook predicted a growth rate of 2.7% this financial year, faster than Australia at 1.6% and second only to Victoria.

The report says:

“… there are short term positives for Queensland too, including continuing strong population growth, and a big spend by the State Government on much needed infrastructure.”

“This latest report shows a great deal of confidence in the Queensland economy,” Mr Fraser said.

“It gives credit to the government’s economic strategy, which was to lock in the biggest infrastructure program of any state.

“Our $18.2 billion building program protects jobs and is keeping the motor running in local communities across Queensland.

“This is welcome news, but no-one’s declaring victory yet. We need to continue to work hard to build an even stronger Queensland economy.”

Mr Fraser said the report acknowledged that Queensland is more likely to return to high growth levels next year rather than in 2010.

“For Queensland’s high standards, this will still be a tough year, but all the indicators point to more improvements in 2011.

“It also underlines our biggest challenges: the lack of finance for residential and commercial construction, and the impact of the high Australian dollar.

“Ultimately, these issues mean challenges for employment.

“As a result of the global financial crisis, too many people are out of work.

“We have seen jobs growth in Queensland over the last five months, but those challenges will remain into the short-term.”

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