Queensland investment continues to outstrip NSW and Victoria

Treasurer Curtis Pitt says the results of the latest Deloitte Access Economics Investment Monitor show Queensland continues to outstrip NSW and Victoria. 

Mr Pitt said the $168 billion investment pipeline remained stable since the December 2015 quarter and reflected Queensland’s transition to the production phase of resources-based projects. 

“Nevertheless, it shows only a $1 billion or 0.6% decline in the value of known Queensland investment projects in the March Quarter 2016 compared with the December Quarter 2015 to reach $168 billion,” he said. 

“The latest Investment Monitor reflects the previously anticipated decline in the value of planned and commenced construction projects. 

“DAE identifies the fall as being largely a result of the completion of major LNG projects — Queensland Curtis LNG worth $21.5 billion and the Gladstone Liquefied Natural Gas Project worth $19 billion. 

“In those circumstances there is positive news in this report. The Monitor says the $168 billion in construction projects in Queensland in the March Quarter including $102 billion of planned projects is second only to WA and ahead of NSW with $113.1 billion and Victoria with $77.5 billion. 

“In addition, the $15.4 billion value of committed projects excluding LNG in Queensland for March 2016 is the highest it’s been since September 2013. 

“No doubt the LNP will trumpet its usual negativity about this report by ignoring those facts. They simply can’t wait to whinge.” 

Mr Pitt said as part of the transition to a post-mining boom economy Queensland could expect to see the value of major investment projects return to levels similar to those before the once-in-a-generation boom in resources investment. 

He said the Palaszczuk Government recognised the state economy was transitioning and was working with the private sector to get major projects off the ground quickly while creating jobs now and for the future. 

“We are investing $10.1 billion in capital works this year alone with $4.8 billion of it spent in regional Queensland,” he said. 

“And we have launched a $35 billion State Infrastructure Plan over four years. 

“We are also strengthening business confidence after three years of destructive negativity by an LNP government and now an LNP opposition in its fifth year of talking down our state,” Mr Pitt said.