Queensland is leading the nation on retail trade growth, according to fresh ABS figures released today.
Treasurer Curtis Pitt said the ABS retail trade data shows Queensland recorded the strongest real retail growth of any mainland State in the March quarter at 1.9 per cent.
“This is a great result and a very encouraging sign that Queenslanders are growing more confident about the state’s economy under Labor,” he said.
“It’s in stark contrast to last year when the LNP was in power, a time when Queensland retail trade growth was weaker than nationally.
“In fact, it’s the single strongest result since the March quarter 2012, the last three months of the previous Labor government.
“Labor’s focus on job creation and growing the economy is important in increasing consumer confidence and in turn that’s going to boost business confidence.”
Mr Pitt said yesterday’s decision by the RBA to cut the cash rate to an historic low of two per cent was another bit of welcome news.
“And now we have today’s retail trade figures, which will give Queensland businesses more confidence to invest and hire more staff – and that’s the key to economic growth.”
According to the ABS figures, nominal turnover in Queensland rose across most components in March quarter 2015.
There was increased spending on food (up 1.8%), cafes, restaurants and takeaways (up 3.1%).
Spending on household goods was also up (2.9%), along with ‘other retailing’ (2.4%), and clothing and footwear (4.1%).
Mr Pitt said today’s retail trade figures were the latest in a series of encouraging economic data for Queensland.
“Yesterday, figures released show our merchandise exports are up 10.8 per cent to $11.4 billion in the March quarter, compared to the same period last year,” he said.
“The latest building approvals data show the total number of dwelling approvals in Queensland rose 3.0 per cent in March – up 26 percent on the same time last year.
“Unlike the LNP, which is only focused on talking down Queensland’s economy, Labor will always talk the economy up.”