The Australian Bureau of Statistics has released data that underline the strength of Queensland’s economic recovery.
The National Accounts and International Trade data show that, domestically and through its 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 attributed the recovery as a reward for the hard work, fortitude and dedication of Queenslanders in fighting COVID-19.
“It has put Queensland in a world-leading position,” Mr Dick said.
“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,” he said.
Mr Dick said the increase in Queensland’s domestic growth was broad-based.
“It has been driven by increased investment in frontline services and infrastructure as part of our Economic Recovery Plan and investment in renewable energy and housing,” he said.
“There has been strength in household spending as a result of avoiding extended lockdowns.”
Mr Dick said in addition, the State’s goods exports increased to $68.9 billion in the 12 months to October 2021, with $7.9 billion in exports in October alone.
He said in other indications of the State’s economic strength, private investment increased by 4.6 per cent, while business investment increased by almost five per cent.
