In my wrap up of last week (see my previous post) I noted that I expected the latest Suncorp-CCIQ Pulse Survey would be discouraging and would counter the optimism of Deloitte Access Economics’s recent business outlook which was cited approvingly by Deputy Premier-Treasurer Jackie Trad. The survey results (see chart above) have been released today and they are generally as I expected. The CCIQ media release reads:
Political and economic uncertainty has seen business confidence in Queensland fall to a four year low in the December quarter of the latest Suncorp-CCIQ Business Pulse Survey.
The Chamber of Commerce and Industry Queensland (CCIQ) notes that sentiment around Australia’s economic conditions had declined as Christmas sales fell short of forecasts.
Economic sentiment in Queensland dropped 5.1 points from the September quarter to a level of 40.7 on a seasonally adjusted basis. There was a further decline in confidence in the national economic outlook, which dropped 6.6 points to a level of 42.4.
These figures don’t necessarily change my outlook for modest growth in the state economy over 2019, as the figures are not unexpected, and at least tourism and mining are bright spots, and health and social assistance services will continue to expand, particularly with the NDIS roll out. See my posts: