Report Shows Queensland In Front Of Economics States Contest

Report Shows Queensland In Front Of Economics States Contest

Queensland Treasurer Curtis Pitt

Queensland Investment Continues To Outstrip New South Wales And Victoria

Victor P Taffa

Treasurer Curtis Pitt says the results of the latest Deloitte Access Economics Investment Monitor (DAE) show Queensland continues to outstrip NSW and Victoria.

Treasurer Pitt said the $168 Billion investment pipeline remained stable since the December 2015 quarter and reflected Queensland’s transition to the production phase of resources-based projects.

“Nevertheless, it shows only a $1 Billion or 0.6% decline in the value of known Queensland investment projects in the March Quarter 2016 compared with the December Quarter 2015 to reach $168 Billion.” Treasurer Pitt said.

“The latest Investment Monitor reflects the previously anticipated decline in the value of planned and commenced construction projects.”

“DAE identifies the fall as being largely a result of the completion of major LNG projects Queensland Curtis LNG worth $21.5 Billion and the Gladstone Liquefied Natural Gas Project worth $19 Billion.”

“In those circumstances there is positive news in this report. The Monitor says the $168 Billion in construction projects in Queensland in the March Quarter including $102 Billion of planned projects is second only to Western Australia and ahead of New South Wales with $113.1 Billion and Victoria with $77.5 Billion.” Treasurer Pitt said.

“In addition, the $15.4 Billion value of committed projects excluding LNG in Queensland for March 2016 is the highest it’s been since September 2013.”

Treasurer Pitt said as part of the transition to a post-mining boom economy Queensland could expect to see the value of major investment projects return to levels similar to those before the once-in-a-generation boom in resources investment.

Treasurer Pitt said the Palaszczuk Government recognised the state economy was transitioning and was working with the private sector to get major projects off the ground quickly while creating jobs now and for the future.

“We are investing $10.1 Billion in capital works this year alone with $4.8 Billion of it spent in regional Queensland.”

“We have launched a $35 Billion State Infrastructure Plan over four years.” Treasurer Pitt said.