Queensland Economic Review January 2010

2nd February 2010

Last week the Queensland Treasury released the monthly ‘Queensland Economic Review’. Below is a brief summary of the key figures in relation to the labour market, retail turnover, dwelling approvals, Queensland exports and population growth.

The full paper (available here) also provides an update on international economic conditions and Australia’s major economic indicators broken down by state.

Below is a summary of the main figures.

Labour Market

·         Queensland unemployment rate is 6.1%

·         This is a 2.5% increase over the pre-GFC low of 3.6%

Retail Turnover

·         Retail turnover in the first half of 2009 was supported by fiscal stimulus and low interest rates.

·         Since June 2009 there has been a softening in growth for retail turnover.

Dwelling Approvals

·         The total trend number of dwelling approvals in Queensland rose to be 14.8% higher in November 2009 from the same period in November 2008.

·         For the rest of Australia, dwelling approvals increased to be 35.2% higher over the same period as before.

·         House construction activity rebounded in September 2009, after falling for each of the previous five quarters – and is expected to recover for the remainder of the financial year.

Queensland Overseas Merchandise Exports

·         The nominal value of Queensland’s overseas merchandise exports fell 46.7% over the year to November 2009.

·         This decline was mainly driven by a decline in the value of coal exports.

·         It is likely Queensland’s export values will remain weak in the near term. Due to coal export prices being negotiated lower for the Japanese Financial Year 2009-10 and the high A$. Several Chinese coal mines are also expected to reopen after earlier safety concerns.

Population

·         Queensland’s estimated resident population rose 0.6% (26,440 persons) in the June quarter 2009, to reach 4,406,823 persons. Over the year to June quarter 2009 the population increased 2.6%.

·         In comparison, the rest of Australia’s population grew 0.4% in the same quarter.

·         Net overseas migration was the largest contributor to the state’s population growth.

·         The natural increase (births minus deaths) was the largest annual increase on record. The natural increase (births minus deaths) was the largest annual increase on record.

 Note - Asset Sales 

·         Asset Sales remain as an ongoing economic issue. The Government has recently issued a request for tender as the QR National IPO Joint Lead Manager. For further information on any element of the sales process please contact Hawker Britton's Brisbane office on 07 3254 4671.

 

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