Media Release.
Queensland Shadow Treasurer Curtis Pitt
December 13th, 2013.
I have produced this economic update to provide Queenslanders
with a regular update on Queensland’s economy. The Queensland Government
has cancelled a number of economic publications since being elected
including analysis around the Queensland State Accounts and the Annual
Economic Review.
The Queensland Economic Review by Queensland Treasury has also been cut back from a monthly to a quarterly release and appears to have been discontinued after January 2013. It is important that Queenslanders are informed about how our economy is tracking.
While there was some recovery in the seasonally adjusted unemployment rate which fell from 5.9% to 5.6% in November 2013 this only reflected growth in part time employment.
The unemployment rate also remains higher than at the election when it was 5.5%.
In November Queensland recorded the largest fall in full-time jobs in the nation at 5,500 seasonally adjusted. Every other State and Territory other than the ACT recorded growth in full-time jobs in November.
As at November there are 10,500 fewer full-time jobs in Queensland than when the Newman Government was elected in March 2012.
The participation rate or the percentage of Queenslanders looking for work has fallen by 1.1% since the election.
This means that there are more than 44,000 Queenslanders who are no longer counted in the unemployment statistics as they have given up looking for work.
If these Queenslanders were still included in the unemployment statistics the unemployment rate would now be far higher at 7.3% seasonally adjusted.
The ABS Australian National Accounts data for the September Quarter 2013 recorded state final demand growth of 0.1% for Queensland over the quarter and 1.8% over the year. This is substantially lower growth than over the year leading up to the last State election of 7.5% (year to March quarter 2012).
Private final demand (-0.3%), private investment (-1.8%), dwelling investment (-1.7%) and business investment (-1.7%) all contracted in Queensland over the September quarter.
Dwelling investment in the September quarter was at its lowest level in over a decade. Growth in household spending also remained weak in the September quarter reflecting lower growth in employment and wages under the Newman Government.
Machinery and Equipment investment which is a leading indicator of private infrastructure investment fell by 7.5% over the quarter to be 5.9% lower over the year to September quarter 2013.
Retail Trade – 0.4% in October 2013
Brisbane CPI Annual – 2.2%
National CPI Annual – 2.2%
RBA Cash Rate effective 5 Nov 2013 – 2.5%
3 December – Retail Trade October 2013 and Reserve Bank Board Meeting
4 December – Australian National Accounts September Quarter 2013
5 December – Overseas Arrivals and Departures October 2013
6 December – Estimates of Industry Multifactor Productivity 2012-13
10 December – International Merchandise Trade November 2013
– Housing Finance October 2013, and NAB Business Confidence December
11 December – Westpac-Melbourne Institute Survey of Consumer Sentiment December
12 December – Labour Force November 2013
13 December – Lending Finance October 2013
17 December – International Merchandise Imports November 2013
– Interstate Trade Queensland September 2013
– Sales of New Motor Vehicles November 2013, RBA Board Minutes December
19 December – Labour Force Detailed November 2013 and RBA Bulletin December Quarter 2013
The Queensland Economic Review by Queensland Treasury has also been cut back from a monthly to a quarterly release and appears to have been discontinued after January 2013. It is important that Queenslanders are informed about how our economy is tracking.
Jobs
While there was some recovery in the seasonally adjusted unemployment rate which fell from 5.9% to 5.6% in November 2013 this only reflected growth in part time employment.
The unemployment rate also remains higher than at the election when it was 5.5%.
In November Queensland recorded the largest fall in full-time jobs in the nation at 5,500 seasonally adjusted. Every other State and Territory other than the ACT recorded growth in full-time jobs in November.
As at November there are 10,500 fewer full-time jobs in Queensland than when the Newman Government was elected in March 2012.
The participation rate or the percentage of Queenslanders looking for work has fallen by 1.1% since the election.
This means that there are more than 44,000 Queenslanders who are no longer counted in the unemployment statistics as they have given up looking for work.
If these Queenslanders were still included in the unemployment statistics the unemployment rate would now be far higher at 7.3% seasonally adjusted.
Economic Growth
The ABS Australian National Accounts data for the September Quarter 2013 recorded state final demand growth of 0.1% for Queensland over the quarter and 1.8% over the year. This is substantially lower growth than over the year leading up to the last State election of 7.5% (year to March quarter 2012).
Private final demand (-0.3%), private investment (-1.8%), dwelling investment (-1.7%) and business investment (-1.7%) all contracted in Queensland over the September quarter.
Dwelling investment in the September quarter was at its lowest level in over a decade. Growth in household spending also remained weak in the September quarter reflecting lower growth in employment and wages under the Newman Government.
Machinery and Equipment investment which is a leading indicator of private infrastructure investment fell by 7.5% over the quarter to be 5.9% lower over the year to September quarter 2013.
Numbers at a glance
Unemployment rate – 5.6% seasonally adjusted and 5.7% trend November 2013Retail Trade – 0.4% in October 2013
Brisbane CPI Annual – 2.2%
National CPI Annual – 2.2%
RBA Cash Rate effective 5 Nov 2013 – 2.5%
December calendar of economic releases
2 December – Building Approvals October 20133 December – Retail Trade October 2013 and Reserve Bank Board Meeting
4 December – Australian National Accounts September Quarter 2013
5 December – Overseas Arrivals and Departures October 2013
6 December – Estimates of Industry Multifactor Productivity 2012-13
10 December – International Merchandise Trade November 2013
– Housing Finance October 2013, and NAB Business Confidence December
11 December – Westpac-Melbourne Institute Survey of Consumer Sentiment December
12 December – Labour Force November 2013
13 December – Lending Finance October 2013
17 December – International Merchandise Imports November 2013
– Interstate Trade Queensland September 2013
– Sales of New Motor Vehicles November 2013, RBA Board Minutes December
19 December – Labour Force Detailed November 2013 and RBA Bulletin December Quarter 2013
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