Queenslanders can expect the State’s sluggish building industry and interstate migration to rebound this year, according to Queensland Treasury’s Office of Economic and Statistical Research (OESR). In its latest Queensland Economic Review, OESR notes:
…a number of factors should support the expected recovery in dwelling investment next financial year. These include the cuts to interest rates in late 2011 and the Queensland Government’s Building Boost Grant (which has been extended to 30 April 2012), as well as expected higher migration levels and stronger jobs growth next year.
Also of interest in the Economic Review is discussion of the resources sector investment boom:
The latest Deloitte Access Economics Investment Monitor data estimate the value of projects “under construction” in Queensland rose a further $20.9 billion in December quarter 2011, to $96.1 billion, the highest of any State. Queensland Curtis LNG project developers, the BG Group, recently announced they had spent US$4.3 billion on Australian LNG plant, pipelines and gas field development in 2011.
Not even a dysfunctional federal Government can stop this economic momentum.