Queensland’s gross state product grew by 2.3 per cent following on from a booming 5.5 per cent the year previously when the state benefited from fewer Covid restrictions. Despite the fall, it was better than Treasury forecasts.
According to the Australian Bureau of Statistics, transport, postal and warehousing jumped by 17 per cent in 2022-23 because of high demand for plane travel to Queensland and freight services associated with booming farm production.
Agriculture was up 8.9 per cent, which followed booming years previously when it jumped 20 per cent in 2021-22 and 22 per cent in 2020-21.
This was on the back of favourable weather conditions which in turn led to increased meat production as well as cereal and textile fabrics.
Accommodation and food services, which includes tourism, jumped 15 per cent as tourists began to travel again.
Mining was the only negative industry and the ABS said this was because of heavy rains which impacted production.
The state’s performance during the year was one of the worst nationally. South Australia had the strongest growth at 3.8 per cent, NSW followed with 3.7 per cent and WA on 3.5 per cent.
Only the NT had a negative result and Tasmania was the worst of the states at 1.1 per cent.
In the State Budget, Treasurer Cameron Dick said that following strong growth of 4.4 per cent in 2021–22, the Queensland economy was forecast to grow at 2 per cent in 2022–23 and strengthen to 3 per cent growth in 2023–24.
The economic growth profile reflects temporary domestic and international supply constraints, which have negatively impacted private investment, especially housing construction, and the overseas trade sector in 2022–23, and their subsequent unwinding.
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