Boom times coming to an end: Queensland job queues expected to grow
Queensland’s record low unemployment of 3.3 per cent would rise next year as a period of strong economic performance was likely to face challenges, according to Treasurer Cameron Dick.
Queensland Treasurer Cameron Dick faces a handful of problems as the government heads towards its October election date.. (Photo: AAP Image/Dave Hunt)
In the lead up to the mid-year economic review, due next week, Dick said in the year to September Queensland’s exports had the highest 12 months total on record, hitting $131.3 billion.
“That’s an increase of 98 per cent on the year before,” he said.
“Our economy has grown 9.1 per cent compared with pre-Covid compared with 8.8 per cent for the rest of Australia.
“Private investment is up 8.6 per cent compared with 6.4 per for the nation.
“Wages in Queensland are growing faster than the national average.
“Economic conditions will challenge us next year.
“Unemployment will likely rise from its record low. Cost of living pressures will continue to test Queenslanders because of the war in Ukraine.”
The national economy was also likely to be tested. Economic growth was likely to be 1.9 per cent next year, according to the OECD.
The seven interest rate increases this year were expected to eat into spending next year and several economists anticipate unemployment to rise above 4 per cent.
