Strong economic growth in Queensland lauded by government
The findings of the recent CommSec State of the States report have been praised by Premier Campbell Newman, given the positive figures for Queensland.
In a January 20 statement, Mr Newman stated that Queensland's economy grew by 4.2 per cent over the last 12 months, the fastest growing in Australia in 2014-2015.
The report found that Queensland's fast economic growth rate makes it a favoured location in Australia for investment and employment.
Demand for property
Housing improvements and increased spending in the tourism and real sectors is great for the sunshine state as they influence job creation, which is good news for its economy.
The CommSec report stated that retail spending in Queensland shot up by 14.7 per cent compared to decade average levels.
In addition to this healthy retail activity, Mr Newman noted that "three-quarters of all the jobs created in Australia in the year to December were created in Queensland.
"Our disciplined, methodical plan to secure Queensland's future is now taking effect," he stated.
Driven by LNG
The state is a leader in business investment, according to Mr Newman. Spending during the September quarter was an impressive 27 per cent higher than decade-average figures.
The Honourable John McVeigh, Acting Treasurer and Minister for Trade, pointed out strong growth in business investment was driven by large-scale liquefied natural gas (LNG) projects.
Over $60 billion was invested into LNG ventures in the September quarter.
The state's coal seam gas reserves are a haven for LNG development, underpinning what is becoming one of Queensland's major export industries.
Coal seam gas is cooled so that it becomes a liquid, making it safe for storage and transportation as an overseas export.
The process of converting coal seam gas to LNG is divided into three industry areas and is controlled by legal safeguards so that the industry can expand and continue to bring prosperity to Queensland.
The government has also made efforts to abolish unnecessary red tape, while streamlining approval processes in order to drive further business growth in Queensland, according to Mr McVeigh.