Shadow Treasurer Curtis Pitt says the LNP must stop misleading Queenslanders about the state of the economy, after more data released by the Australian Bureau of Statistics shows a contraction in State Final Demand growth in the December quarter.

It comes on the back of the January ABS data showing unemployment had hit 6.1%, underemployment increasing by 24% in the year to September, and Treasury’s own State Accounts showing a decrease in 2012-13 compared with the previous financial year in every economic indicator except exports.

“The Premier says he wants to start listening, but he should also ensure his Treasurer starts telling the truth,” Mr Pitt said.

“If Tim Nicholls can’t give Queenslanders the facts on the economy, why should they believe him when it comes to his campaign to sell assets?

[singlepic id=554 w=320 h=240 float=left] “More data released today shows State Final Demand contracting last quarter.

“The contraction of 0.4% (seasonally adjusted) was the second weakest result in the nation for State Final Demand.

“Queensland is actually proving to be a drain on the national economy, with our results detracting 0.1 % from national growth in the December Quarter.

“The Treasurer must stop his campaign of economic misinformation. The fact is that under his economic management, the Queensland economy is hurting.

“Despite the Treasurer’s tricky and misleading claims to the contrary, these independent figures show growth in household spending has not improved on the previous quarter, as well as a contraction in private capital investment and public capital investment in December Quarter.

“That means less jobs and less business activity across our state.

“As the State Accounts for September showed, domestic economic activity under the LNP has screeched to a halt, and our unemployment rate is back at levels not since the global financial crisis.

“It’s clear that the only elements of our economy driving Queensland’s growth at the moment are export industries that Labor established and nurtured.

“The responsible thing for the Treasurer to do is tell the truth about how our economy is going, not make irresponsible comments like our State is ‘going broke’.”