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How Sunshine State is showing the way beyond doom and gloom forecasts

Business

Queensland business is booming as the state’s consumers seem to be beating back the impact from floods and inflation to help the state record a sharp rise in the ANZ Bank’s business index.

 

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“The result is particularly striking considering 2022 so far has been a difficult period for many Queenslanders as they experienced repeated flooding,” the bank said.

However, that doesn’t mean all business was hitting it out of the park. The Chamber of Commerce and Industry’s polling shows that 8 per cent of businesses expected to lose at least half of their annual turnover.

Retail sales in Queensland expanded faster in Queensland than in any other region. In the March quarter sales were up 4.2 per cent year-on-year.

“This suggests resilient consumer demand in the face of inflation and flood damage.

“Housing lending was solid in March quarter.”

Before the most recent flooding, the State Government estimated that the floods would cost $1 billion to the economy, but the bank said Queensland’s economy was above trend and accelerating

ANZ said the March quarter trade component of the index was 64 per cent above last year which it said reflected increasing numbers of overseas tourists arrivals as well as an increase in total merchandise trade.

“The housing component decelerated. Overall building approvals dropped 28 per cent year on year in the first quarter,” the bank’s report said.

The slowdown came as house prices surged by 30 per cent and unit prices jumped 20 per cent.

“The consumer component improved in the first quarter while the labour component declined slightly.”

 

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