ANZ’s Stateometer is a measure of the economic conditions in each Australian State and Territory. It carefully considers a variety of factors, including labour market conditions and household and business activity, before giving each State and Territory a ranking. Much has been made of Queensland’s international tourism and real estate booms, but how is the Sunshine State currently performing?
While marginally below the economic trend, Queensland’s economy is accelerating, according to the Stateometer. In fact, only New South Wales – Australia’s largest economy and most populous State – is growing at a faster rate. Queensland also posted the greatest improvement of all States. This result shows that Queensland is performing well while it rebalances its economy, following a downturn in resources construction.
Factors Driving Queensland’s Rise
ANZ found the services sector to be a significant contributor to Queensland’s economic growth – as it was in New South Wales, Victoria, and Tasmania – which also posted significant economic improvements. Residential construction indirectly support employment in the services sector; as one improves so does the other. Despite a decrease in mining activity, commercial construction in Queensland is also growing steadily with the success of leading firms such as TPM Builders. Contact them at 1300 733 891 to learn more about their design and construct services.