Shadow Treasurer Curtis Pitt says the latest Deloitte Access Economics Business Outlook released today is further proof that the LNP’s mass sackings and savage cuts to frontline services have slowed the economy and increased unemployment.
“Tim Nicholls must carry responsibility for seeing our state’s economic growth forecasts almost halving in his first year as Treasurer,” Mr Pitt said.
“He and the LNP must carry responsibility for cutting too far, too fast and smothering growth, job creation, and confidence which all impact on revenue as the ripples from their slash-and-burn policies spread throughout regional and local economies.
“Deloitte Access Economics are predicting an increase in Gross State Product of 2.3% this financial year — down from 4% under the former Labor government last financial year.
“Mr Nicholls must also carry the can for confidence among families and small businesses in Queensland being the lowest in the country as the Deloitte Access Economics report points out.
“This is the second major report this week sheeting home blame to Mr Nicholls and the LNP for smothering the economy and increasing unemployment.
“It follows CommSec’s State of the States report on Monday that also said the state’s jobless rate is now ‘historically high’ and well above the average set over the previous decade by Labor governments.
“After a year in office, one State Budget under his belt, and his implementation of the Costello Audit blueprint, Mr Nicholls is responsible for these outcomes.
“It is no wonder Mr Nicholls now faces downward revisions in revenue such as payroll tax and transfer duty that will increase the Budget deficit.
“He is also responsible for the fact there are 28,000 fewer full-time jobs in Queensland than when the LNP was elected and fewer overall jobs.”
Mr Pitt said he was confident growth would return to the state economy despite the Treasurer and the LNP’s best efforts.
“I note the Deloitte Access Economics report points to major gas projects, initiated by the former Labor government, as a source of future growth as they come on stream,” he said.
“It is just unfortunate that in the meantime Queenslanders and business in our state must pay the price for the LNP’s flawed ideology and incompetence.”