Queensland mid-year Budget update – Nine News interview

Katherine Feeney of Nine News Brisbane interviewed me yesterday regarding Queensland’s mid-year Budget update, which significantly downgraded Queensland’s fiscal outlook, largely due to lower coal and LNG prices in the forecast period. Katherine and the Nine team did a good job summarising the main points and issues. Here’s a link to the story:

Queensland economy struggling

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4 Responses to Queensland mid-year Budget update – Nine News interview

  1. KT says:

    well done Gene! lets hope the LNG royalties do make a difference and the asset leases create some activity

  2. Jim says:

    Gene

    I don’t want to sound pessimistic, but with the exception of royalties from gas exports, the only positive I can see for the Queensland economy next year is a marginal improvement in tourism (on the back of a lower AUD and cheaper long-haul flights).

    The move to the production phase for LNG is great for exports, and this is the key driver of 5.75% forecast growth rate in measured GSP. But outlooks for virtually every other major sector are either flat or slightly negative.

    With the exception of the royalties, gas exports will make little difference to much (perhaps most) of the rest of the Queensland economy due to the limited inputs, low value adding, and relatively low employment created etc.

    I hope Treasury’s forecast of 5.75% growth in 2015-16 is right, but I suspect that it will be about as economically satisfying to most Queenslanders as an “empty carbs” diet is to a weightlifter….

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