- Qld’s State Final Demand rose 1.3% in June quarter, equal highest of any state.
- 12.8% growth since March 2020 is higher than rest of Australia.
- Value of merchandise exports more than 20% in June quarter.
Queensland’s domestic economy has continued its nation-leading growth in the latest data released by the Australian Bureau of Statistics.
Queensland’s State Final Demand (SFD), an indicator of domestic spending, rose 1.3 per cent in seasonally adjusted terms in June quarter 2023, according to today’s ABS National Accounts data.
Queensland’s State Final Demand is now 12.8 per cent above the pre‑COVID level in March quarter 2020, more than two percentage points higher than the rest of Australia.
Private investment grew by 1.4 per cent in the June quarter, driven by investment in new dwellings (up 2.3 per cent), renovation activity (up 5.6 per cent), and business investment (up 0.3 per cent).
Queensland’s quarterly growth of 1.4 per cent is more than double the national average of 0.6 per cent.
Annual growth of 3.9 per cent is ahead of national average of 3.4 per cent.
Despite higher interest rates and inflation, household consumption also rose 0.3 per cent in the quarter, to be 0.9 per cent higher over the year.
Queensland’s overseas exports of goods and services rose 20.2 per cent in June quarter 2023 to be 17.5 per cent higher over the year.
The rise in exports and unchanged imports in the quarter suggests the overseas trade sector made a solid contribution to Queensland’s gross state product growth in the June quarter.
Real State/Domestic Final Demand growth, June quarter 2023 (seasonally adjusted, % change)
NSW | Vic | Qld | SA | WA | Tas | Aus | |
Quarterly | 0.8 | 0.7 | 1.3 | 1.3 | 0.4 | -0.2 | 0.7 |
Annual | 1.7 | 1.9 | 2.9 | 1.7 | 3.7 | 1.0 | 2.2 |
Source: ABS National Accounts.
Quotes attributable to Acting Premier and Minister for Infrastructure Steven Miles:
“Queensland is booming. Our population is growing, we’re exporting more Queensland products to the world, we’re seeing increased investment in infrastructure and more money being spent in our state.
“In Queensland, Government investment in infrastructure rose 10.9 per cent in the June quarter, with the ABS highlighting the Palaszczuk Government’s significant investment in Cross River Rail.
“Our Government’s investment in major infrastructure through our $89 billion Big Build capital program will ensure we are delivering major economic benefits for Queenslanders well into the future.”
Quotes attributable to the Treasurer and Minister for Trade and Investment Cameron Dick:
“The national accounts data released today is the undeniable proof of the strength of Queensland’s economy.
“It’s a tribute to the hard work and determination of every worker and every business in Queensland.
Spending on hotels, cafes and restaurants rose 1.7 per cent in the June quarter, while the purchase of vehicles rose 3.5 per cent.
These are clear indications of the confidence Queenslanders have in the security of their employment and the prosperity of our state.
The ABS made particular note of the strength of apartment construction in Brisbane, which is helping to ease pressure on the housing market.”
