Queensland Retail Turnover Up 4.3% 12 Months To November 2016

Queensland Retail Turnover Up 4.3% 12 Months To November 2016

Queensland Acting Treasurer Bill Byrne

Queensland Retail Trade Turnover Growth Leads The Nation

Victor P Taffa

Queensland retailers entered the busy Christmas trading period on a high with latest figures showing a 4.3% trend increase over the year to November.

Acting Treasurer Bill Byrne said Queensland’s nominal retail turnover surpassed an impressive $61 Billion for the 12 months to November 2016, according to retail trade data released by the Australian Bureau of Statistics (ABS) today.

“I’m thrilled to see the data showing trend nominal retail turnover in Queensland was 4.3 % higher over the year to November 2016.” Acting Treasurer Byrne said.

“What this shows is Queensland consumers have the confidence to spend because they have confidence in the Queensland economy.”

“This was the strongest annual growth of the States ahead of New South Wales (4.0%), Tasmania (3.8%), South Australia and Victoria (both 3.4%) and Western Australia (0.2%).” Acting Treasurer Byrne said.

“Overall, Queenslanders spent $5.2 Billion in November, recording nation-leading monthly growth of 0.6 %.”

Analysis of the ABS data showed that trend annual growth in Queensland’s retail turnover was driven by increased expenditure on food (up 3.4 %) and household goods (up 7.3 %).

Acting Treasurer Byrne said that the nation-leading turnover highlighted in the latest ABS data underlined a continuation of growth in Queensland’s retail trade.

“This reflects the Palaszczuk Government’s continued focus on boosting the state’s business sector to encourage growth and create jobs.” Acting Treasurer Byrne said.

“As an MP from regional Queensland, I know firsthand that some regions are doing it tough but this is clear cause for confidence that the Palaszczuk Government’s economic strategies are hitting the right mark to help this great state transition through the post-mining boom.”

“We can’t be complacent and I’d like to recognise the Premier and Cabinet for keeping regional Queensland front of mind.”

“That’s why the Government extended the $100 Million Back to Work regional jobs program, including the new Youth Boost plan and our $40 Billion investment on job-creating capital works over four years.” Acting Treasurer Byrne said.

“Importantly it should be noted that $10.7 Billion of that investment has been allocated in 2016-17, with half of that being spent in regional areas.”

In December the Palaszczuk Government introduced new job creating programs:

  • $200 Million Jobs and Regional Growth Package incorporating an additional $160 Million in new funding on top of the existing $40 Million Advance Queensland Industry Attraction Program,
  • $200 Million Works for Queensland program to support local councils across the state undertaking job-creating, maintenance or minor infrastructure projects,
  • This is in addition to the $100 Million Back to Work jobs package for regions outside SEQ offering employers grants of $10,000 for hiring an unemployed jobseeker, $15,000 for engaging a long-termed unemployed person and the $20,000 Back to Work Youth Boost available to the end of February 2017 for employing a 15-24 year old.