Economics Report Indicates Queensland’s Strong Investment In Projects

Economics Report Indicates Queensland’s Strong Investment In Projects

Queensland Treasurer Curtis Pitt

Queensland’s Project Pipeline Continues To Lead Southern States

Victor P Taffa

Latest Deloitte Access Economics Investment Monitor shows the pipeline of major projects in Queensland still leading New South Wales and Victoria.

Treasurer Curtis Pitt said the latest Investment Monitor showed $152.2 Billion worth of known investment projects in Queensland in the December quarter 2016.

“This continues to rank Queensland higher than our main interstate counterparts, particularly New South Wales which recorded $132.2 Billion worth of projects and $68.2 Billion in Victoria.” Treasurer Pitt said.

“Queensland remains second only to Western Australia in the value of major projects under way, committed, or proposed.”

“Monitor showed the value of public and private projects in Queensland either under construction or committed totalled $36.4 Billion. A further $74.6 Billion worth of projects were under consideration and there were $41.2 Billion more potential projects.”

Treasurer Pitt said the Investment Monitor also reflects the completion of Australia Pacific’s LNG’s $25 Billion project.

December quarter also saw other large projects completed including:

  • Grosvenor coal mine ($1.95 Billion),
  • 1 William Street office complex ($653 Million),
  • Rocklands copper project ($250 Million).

“The end of these types of major resource-related projects has had an impact across the country.” Treasurer Pitt said.

“December quarter DAE Investment Monitor recorded a total of $782.5 Billion worth of projects across Australia, down from $810.8 Billion in the September quarter 2016.”

“Queensland continues to outpace the other bigger eastern states which are a sign of the stronger business confidence and positive investment environment our economic plan has delivered.” Treasurer Pitt said.

“It is more evidence of the fundamental strength of our state economy and its nation-leading economic growth.”

“It is also further proof of the emptiness of the LNP’s (Liberal National Party) constant campaign of negativity about our economy.”

Treasurer Pitt said during the December quarter DAE added a number of new projects to its list for Queensland, including:

  • Genex Power’s $110 Million solar-hydro project to be built in north Queensland;
  • $70 Million Novotel Hotel at South Bank in Brisbane;
  • $25 Million redevelopment of the Australia Fair shopping centre on the Gold Coast classed as under construction.

“Value of projects under consideration or possible rose by $843 Million in the December quarter to $115.8 Billion, with the inclusion of a number of projects.” Treasurer Pitt said.

“These included the $512 Million Logan Motorway Enhancement Project under the Queensland Government’s Market Led Proposals initiative, as well as the proposed $360 Million Mount Emerald wind farm in Far North Queensland.”

Treasurer Pitt said the Queensland Government recognised that building infrastructure benefitted local communities, strengthened local economies and supported local jobs.

“That’s why we’re spending more than $40 Billion on public infrastructure over the next four years, including a $10.7 Billion capital program for 2016-17, which will support 31,000 jobs.”

“Almost half of the 2016-17 capital works budget will be spent in regional Queensland to help boost local economies and generate jobs.” Treasurer Pitt said.