I am quoted in today’s Courier-Mail regarding yesterday’s surprisingly good jobs data published by the ABS (e.g. see chart above):
In a sign the state is working through the mining downturn, there have been 50,800 jobs added since the Palaszczuk Government took office.Adept Economics’ Gene Tunny said there had been a long run of reasonable growth and Queensland was “obviously” benefiting from tourism.He pointed to Brisbane’s surge to the top of the South Pacific’s tourist destinations as a factor.
This is all good news, but, as I have noted previously, I remain concerned about the 2016 outlook due to weakness in business investment (i.e. capital spending). That said, with strong growth in the services sector, which as Christopher Kent from the RBA noted earlier this year does not require as much capital per worker as say manufacturing, the economy should remain resilient. GFC Economics, a London-based economics consultancy, produced an excellent note on jobs growth in the services sector last month which you may be interested in: