Just quietly, state’s economy working well
QUEENSLAND'S economy is performing strongly despite the country's highest unemployment rate, analysis released today reveals.
"Queenslanders are more positive about finding a job," Deloitte Access Economics partner Natasha Doherty said in the latest quarterly outlook report on the state.
Although the 6 per cent jobless rate is 1 per cent above the national average, it has to be viewed in the context of more people seeking work, Ms Doherty said.
"This is against the backdrop of strong employment growth with 35,000 jobs added over the year to September.
"The jobs created were all full-time jobs with a reduction in the number of part-time jobs," she said.
"Businesses hiring more full-time workers is a sign of confidence and augers well for the future.
"Cross-border migration has also boosted employment, with an increasing number of Sydneysiders heading north in search of the Sunshine State's liveability, great weather and cheaper housing."
Interstate migration had eclipsed Victoria, "indicating Queensland is catching up with its large southern neighbours and that the economic recovery is real".
State final demand rose by 3.4 per cent in the year to June, bolstered by a 26 per cent surge in engineering construction, and the state has a $15 billion pipeline of infrastructure projects underway or planned, including Cross River Rail.
A further $6 billion of commercial construction, dominated by large retail and accommodation developments, are also underway.
And a recent lift in owner-occupier finance and building approvals suggested better times ahead for the homes construction market.
The Deloitte report points out that the pace of growth still lags NSW and Victoria: "The big test will be to see if Queensland's economy can continue to expand, riding increased export success in particular."
The state had helped propel Australia to become the second largest gas exporter.