Queensland’s property and construction sector is continuing to surge ahead according to ABS data released today.
Treasurer Tim Nicholls said trend dwelling approvals were now at their highest levels in almost six years, and had been growing constantly each month since the Newman Government was elected.
“Our measured plan to strengthen the property and construction sector by cutting red tape, reducing the cost of doing business and speeding up approvals is continuing to have an impact,” Mr Nicholls said.
“Queensland’s trend dwelling approvals rose 3.8 per cent in December, which is the highest level since March 2008 and marks 24 consecutive months of increases, placing approvals at 58.6 per cent higher than December 2011.
“This figure was driven by private other dwelling approvals, such as townhouses or apartments, which were 93.2 per cent higher over the year and at a record level in December 2013.”
Mr Nicholls said the ABS data projected that housing construction activity was expected to strengthen even further in 2014, with sustained low interest rates and household income growth set to improve.
“The Newman Government is continuing to support this vital sector, with more than 4,200 Great Start Grants of $15,000 already helping Queenslanders.”
Mr Nicholls said the Government’s pro-growth approach was delivering results for the state’s economy, with ABS figures from its quarterly survey of job vacancies showing improvement in labour demand conditions, after job vacancies rose in the November 2013 quarter.
“ABS data also shows that three-quarters of all the jobs created in Australia in the year to December were created in Queensland,” he said.
“As a result of our disciplined, methodical approach, businesses are growing and creating jobs.
“But while the Newman Government’s sound economic policies are delivering growth for Queensland, the state’s finances are still being 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 our $4 billion a year interest bill to 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.”