Confidence in Queensland’s property and construction sector continues to build, with ABS data released today showing growth climbing strongly.
Treasurer Tim Nicholls said trend dwelling approvals had grown constantly each month since the Newman Government was elected, rising 2.6 per cent in January 2014.
“Our Government’s disciplined plan to cut red tape, reduce the cost of doing business and speed up approvals is continuing to strengthen the property and construction sector, one of Queensland’s four economic pillars,” Mr Nicholls said.
“The Newman Government is delivering on our promise to supercharge the economy after twenty years of Labor’s failed economic management and choking regulations.
“Queensland has now seen 24 months of consecutive growth, with the total number of trend dwelling approvals now 64.3 per cent higher than in January 2012.
“This positive result has been driven by record levels of private other dwelling approvals, like townhouses or apartments, which were up 90.3 per cent over the year to January 2014.”
Mr Nicholls said housing construction activity was expected to improve even further in 2014, with sustained low interest rates and household income growth set to strengthen.
“The Newman Government is continuing to support this vital pillar of our economy, with more than 4,500 Great Start Grants of $15,000 already helping Queenslanders,” he said.
“The LNP’s pro-growth approach is delivering results for the state’s economy, with Queensland’s trend employment growth in the year to January 2014 more than three times greater than the national rate.
“As a result of our disciplined, methodical approach, businesses are growing and creating jobs.
Mr Nicholls said while the Newman Government’s sound economic policies were delivering growth for Queensland, the state’s finances continued to be constrained by Labor’s $80 billion debt legacy.
“Even with a strongly performing economy and the Government’s careful financial management, our ability to provide improved services and infrastructure is being hampered by the $450,000 an hour interest bill we must pay for Labor’s debt.
“We are taking a careful and planned approach to dealing with that debt so that we can secure Queensland’s financial future.”