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Confidence in Queensland business reaches 19 month high

On Oct 31 2013
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Owners of commercial property in Queensland could be excited to hear about the latest Westpac Group ...

Owners of commercial property in Queensland could be excited to hear about the latest Westpac Group CCIQ Pulse Survey of Business Conditions, which has highlightebusiness confidence has reached a 19 month high in the state.

The report has indicated the current confidence index now rests at 63.3, which is the highest point for the state since the March 2012 election. Treasurer Tim Nicholls said the result reflected the government's commitment to help unlock business potential in Queensland.

"It’s clear confidence in our economy is growing and businesses realise Queensland is the best place in Australia to invest, employ and grow," said Mr Nicholls said in an October 31 statement.

"Almost 40 per cent of businesses reported that general business conditions had improved over the September quarter. Importantly 58 per cent of businesses think economic conditions in Queensland will continue to improve over the next 12 months."

Anyone considering the purchase of commercial retail property or offices in the state could be glad to hear about this growth, which highlights the expanding economy of Queensland and the continued upward trajectory.

The report also states that the federal election was one of the main reasons for lower levels of optimism earlier in the year. But in the wake of the election, many business are now turning towards the government to follow through on their commitments.

These commitments include the repeal of the carbon tax, reduce business costs and red tape, and delivering key infrastructure to the state in order to further stimulate the nation in the medium and long term.

Mr Nicholls stated the Newman government was already underway with these commitments, with 440 red tape reductions either already completed or in the process of being passed.

"We're streamlining our development processes and reducing the time taken for approvals. We said we would work to reduce the burden on business and that’s what we’ve done," said Mr Nicholls.

"Consumer confidence is up according to the Westpac Melbourne Institute Index released earlier this month and ABS data shows 17,000 full-time jobs were created in Queensland in September."

The government's commitment to mining exploration is also another factor to consider, which will bring with it more jobs and economic growth to the state. Now could be the perfect time to invest in Queensland, especially with further development on the horizon.

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