Regional Qld made impressive contribution to national economic growth over 2000s

I’m very impressed by the just released Sustainable Australia Report 2013: Conversations with the Future, which was produced by the National Sustainability Council for Sustainability and Environment Minister Tony Burke. The report covers a wide range of environmental sustainability issues facing urban and regional Australia, and has an impressive collection of charts. I especially like this one showing the strong contribution that growth in regional Queensland – particularly Townsville, the Gold Coast and our mining regions, I expect – made to national GDP growth over the 2000s:

gdpcontributionOn the major economic news of the day, the volatile labour force numbers, I recommend this post by Pete Faulkner:

Strong jobs data adds to questions about RBA decision


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3 Responses to Regional Qld made impressive contribution to national economic growth over 2000s

  1. The Happy Hillbilly says:

    Regarding the jobs data, I’m not convinced the numbers are as strong as they look Gene. The RBA was not swayed and I’m assuming they look at the preliminary labour force data before it is publicly released.

    Other indicators don’t support the notion of a strong, near fully-employed labour market – employer hiring surveys continue to report weak hiring intentions, job vacancies keep trending down (and are running well below the pre-GFC peak despite that the size of the working age population must surely be somewhat larger) and wage growth outside the mining sector isn’t booming.

    If the data were more mixed then I would be more likely to accept the jobless figures on face value but too many other labour market indicators appear to be pointing the opposite direction.

    • Gene Tunny says:

      Yes, unfortunately there is a lot of uncertainty about the labour market and the economy at the moment. The RBA has a difficult job to do and it may well have made the right move, but we’ll need to see the March quarter GDP figures released in early June to be sure.

      • The Happy Hillbilly says:

        True – though GDP figures are backward-looking while the RBA’s agenda is necessarily forward-looking. I do see that Veda advantage reported reasonabley good consumer credit growth in the March quarter. The RBA’s figures seem to corroborate this but also appear to indicate that overall credit growth has decellerated into this current quarter so far (though I think this might be largely accounted for by a decelleration in business credit growth – there didn’t seem to be much change in housing credit growth and personal credit growth was right on zero).

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