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Spending our money close to home helps nail down a tradie-led recovery

Business

Queensland’s strongly rebounding economy is being led by tradies who were enjoying one of their best booms as home alterations and renovations rose 22 per cent since the June quarter, according to Queensland Treasury.

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Treasury’s analysis of the GDP data revealed where Queenslanders had been spending their money and its showed that dwelling investments were up almost 10 per cent in the December quarter, reversing a long term decline that had been in place since the end of the apartment construction boom.

“Strong recent building approvals data suggest the increase in construction activity will continue in coming quarters,” Treasury said.

Spending on new dwellings was up 10 per cent in the December quarter, further boosting the tradie-led recovery.

“Meanwhile alterations and renovations rose a further 9 per cent for the quarter,” Treasury said.

“The pandemic has seen Queensland residents choose to increase investment in their current homes with alterations and additions investment now up 21.9 per cent since the June quarter.”

Queenslanders were also showing they were not afraid of spending. Household consumption was the strongest contributor to the quarterly increase in state final demand (domestic economic growth), which rose 2.3 per cent in the December quarter.

Treasury said the recovery had been seen across several sectors but particularly hotels, cafes and restaurants (up 14 per cent), purchase of vehicles (up 22 per cent) and operation of vehicles (up 10.2 per cent).

Treasury also warned that Queensland’s net overseas trade made only a modest contribution to growth in the December quarter.

Overseas imports rose by 7.2 per cent in the quarter but were down almost 10 per cent for the year.

 

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