The Government praised Queenslanders' economic efforts in a recent statement, which detailed the publication of two reports that reveal the strength of the state economy.
Queensland is the "second best performing state" in Australia, according to the recently published State of the States Report from CommSec, which is likely to please many individuals and businesses in Queensland.
This positive news is further reinforced through the recently released Deloitte Access Economic Business Outlook research, which predicts that the state economy will continue to beat national averages.
Treasurer Tim Nicholls praised both of the report findings, stating that these research papers also show Queensland's "leading" status in the Australian economy in particular for "equipment investment".
The CommSec report found that Queensland continues to experience economic growth, while dwelling starts are still struggling in the state – down 34.9 per cent when compared to averages over the past 10 years.
One reason for the continued improvement of the economy is thought to be due to the ongoing construction and rebuilding work in the state. The report also suggested that the increase in the population figures for Queensland could be another contributing factor to the state's financial success.
Output across the state improved by 22 per cent in comparison to its average over the longer term, and Queensland led the way with an economy that grew a considerable 9.8 per cent in the past year.
Queensland was also the second strongest state for spending in the retail sector, an important element of economies at both state and national level.
The state was in third places for wages, experiencing a 3.6 per cent annual change.
While the news of these reports is encouraging, Mr Nicholls added that "not all Queenslanders are experiencing the full benefits of this growth", meaning that more could be done to further improve conditions in the state.
If these strong business conditions have allowed you to grow your business and you now require assistance with an aspect of commercial law, contact Williams Graham Carman lawyers in Cairns to receive specialist legal advice.