Queensland consumer confidence has hit an 18-month high, according to the latest Westpac-Melbourne Institute Consumer Sentiment Index (CSI) released today.
The Westpac-Melbourne Institute CSI for May also shows Queensland recorded the second highest rise in consumer confidence of any Australian mainland State in May.
“Queensland’s CSI rose 10.7 per cent in May in original terms, to 100.2 points – the second biggest increase in Australia,” he said.
“The index also reveals that Queensland consumers are generally more confident than their interstate counterparts.
“Along with NSW, Queensland was the only other state where the index rose above the neutral level of 100.
“This is the first time the Queensland CSI has been above 100 since December 2013.
“It’s another encouraging result which shows that Queensland consumers are growing in confidence and getting behind the Palaszczuk Government’s positive economic agenda.
“Queensland businesses are also becoming more confident, as revealed in the latest NAB Monthly Business Survey – another encouraging sign for growth and jobs.
“According to NAB, business confidence in Queensland was the highest of any Australian state in April.”
Mr Pitt said today’s Westpac-Melbourne Institute was the latest in a series of positive economic indicators in Queensland.
Recent economic data shows:
• Queensland recorded the strongest real retail growth of any mainland State in the March quarter at 1.9 per cent (ABS);
• Dwelling approvals in Queensland rose 3.0 per cent in March – up 26 percent on the same time last year (ABS);
• Queensland merchandise exports were up 10.8 per cent to $11.4 billion in the March quarter (ABS); and
• 5,300 full-time jobs were added in Queensland in April, our sixth successive month of full-time employment growth (ABS).
“Queensland is open for business and the Palaszczuk Government will continue to work with business and industry to generate growth and create more jobs,” he said.