Data released by the Australian Bureau of Statistics this week underlines the strength of Queensland’s economic recovery.
The National Accounts and International Trade data show that, domestically, and through our trading partners, Queensland is in the box seat to continue growing jobs and businesses into 2022.
Treasurer and Minister for Trade and Investment Cameron Dick said all Queenslanders should take heart from the strength of the state’s economy.
“For two years Queenslanders have knuckled down and done what has been asked of them to deliver a world-leading health response to COVID-19,” the Treasurer said.
“Our recovery is the reward for the hard work, the fortitude and the dedication of Queenslanders in fighting COVID. It has put Queensland in a world-leading position.”
While Australia’s economic output contracted by 1.9 per cent in the September quarter, Queensland’s economy expanded by 1.8 per cent – the fastest growth rate of any mainland state.
The increase in Queensland’s domestic growth was broad-based, driven by:
- increased investment in frontline services and infrastructure as part of our Economic Recovery Plan;
- investment in renewable energy and housing; and
- ongoing strength in household spending as a result of avoiding extended lockdowns.
Bolstering the strength of Queensland’s domestic economy, the state’s goods exports increased to $68.9 billion in the 12 months to October 2021.
Queensland exported $7.9 billion in the month of October alone, which was the second strongest result on record.
The National Accounts and Trade figures are just the latest in a series of indicators confirming Queensland’s economic leadership position.
- Household consumption in Queensland increased in the September quarter, while the national average fell by 4.8 per cent.
- Private investment in Queensland increased by 4.6 per cent, while the national average grew by just 0.8 per cent.
- Dwelling investment in Queensland also increased by 4.6 per cent, while the national average increased by one tenth of one per cent.
- Business investment in Queensland increased by almost 5 per cent. Across the country, business investment grew by less than one per cent.
