Queensland economy contracts by $5.36 billion

ABS statistics reveal slump as CCIQ warns Labor has no plan for recovery

Wednesday 2 September, 2020

Figures released by the ABS today show Queensland’s state final demand fell by a record 5.9% in the June quarter – a huge $5.36bn plunge in economic activity.

It was Queensland’s second quarter of negative growth, meaning the state is now officially in recession.

The size of the state’s domestic economy ($84.98bn) in the June quarter was smaller than it was at the last state election ($87.63bn).

The bleak figures were released on the same day that the Chamber of Commerce and Industry Queensland savaged the Palaszczuk Labor Government’s response to the economic crisis, stating that its so-called recovery strategy was a ‘rehash’ of earlier announcements that left the state ‘without any real plan’.

“The next election is about who has an economic plan to get Queensland out of recession and it’s clear that Labor doesn’t,” LNP Leader Deb Frecklington said.

“Business leaders have no confidence in Labor and it’s not hard to see why.

“Prior to COVID, Queensland had the nation’s highest unemployment, most bankruptcies and lowest business confidence.

“Annastacia Palaszczuk was the last Premier to announce an economic stimulus package but was the first and only Premier to cancel her Budget.

“No Budget means Labor is flying blind through the biggest economic crisis in almost a century.

“Only the LNP has a plan to stimulate the economy, create a decade of secure jobs and drag Queensland out of this recession.

“The LNP will begin the drought-busting New Bradfield Scheme, invest in new infrastructure to create more jobs and we’ll guarantee no new taxes. 

“Only an LNP Government will get Queensland working again.”

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