NAB survey shows business confidence stays high in Queensland

Queensland business confidence remains ahead of most mainland states, according to the National Australia Bank Monthly Business Survey for June 2016. 

Treasurer Curtis Pitt said the survey showed trend business confidence rose in June to be equal highest in the nation alongside New South Wales. 

“According to the bank’s monthly surveys, Queensland businesses have had the highest or equal-highest business confidence of any mainland state for 11 out of the last 12 months,” Mr Pitt said. 

“In trend terms, Queensland business confidence rose to be +6 in June 2016, compared with the national average of +5,” Mr Pitt said. 

“On a seasonally adjusted basis there was a significant increase in business confidence of 10 points, from +3 to +13. 

“On either basis, today’s NAB survey shows Queensland businesses have confidence in the Queensland economy which is forecast to have the strongest growth in the nation this year. 

“Significantly, this result has been achieved in the context of an unprecedented two-month federal election campaign which usually means subdued business confidence. 

“That’s one reason we introduced fixed four-year terms in Queensland to provide certainty and underpin confidence in government and the election cycle.” 

He said the latest NAB survey was taken in the weeks following the release of the Palaszczuk Government’s second State Budget on 14 June. 

“It is pleasing to see that businesses gave a positive response to the 2016-17 State Budget and are confident that our economic plan is working,” Mr Pitt said. 

“June’s data on business conditions shows that at +3 points, our state is still ahead of the +1 point we inherited from the LNP following last year’s state election. 

“Our second State Budget sets a clear economic plan for Queensland’s future focused on three priorities: job creating innovation, investment and infrastructure. 

“It is a Budget that shows we are continuing to work cooperatively with business to develop or attract new industries. 

“We are also supporting business to create new jobs through initiatives such as our regionally focussed Back to Work program delivering grants to employers taking on unemployed or long-term unemployed people, as well as the payroll tax rebate we provide for employers engaging new trainees or apprentices. 

“It is a Budget that addresses both the challenges and opportunities facing our State and advances Queensland by investing in the future,” Mr Pitt said.