Newman and Nicholls’ leave LNP ‘trail of devastation’ on Queensland economy: Pitt


Shadow Treasurer Curtis Pitt said Tim Nicholls’ record as Treasurer was one of higher unemployment and slower economic growth, with new ABS data showing flatlining retail trade activity in trend terms.

Mr Pitt said under the LNP, Queensland’s economy had worsened on almost every single key measure. 933560-curtis-pitt

“Under Campbell Newman and Tim Nicholls’ stewardship, Queensland’s economy has slowed, unemployment has skyrocketed and the domestic economy has gone backwards,” Mr Pitt said.

“We know unemployment is at 7%, the highest it’s been in 11 years, compared to the 5.5% they inherited.

“We know economic growth over 2013-14 was 2.3%, compared to the 4% they inherited.

“On Wednesday, official ABS data showed a contraction in the domestic economy of 1.8% over the year to September. The same measure was growing at 7.5% when the LNP came into office.

“The fact that spending on food and health fell over the September quarter shows just how tough conditions have become for many families.

“And yesterday, the ABS released new data showing retail trade has flatlined for the last eight months on trend terms.

“In 2012, Tim Nicholls called the Queensland economy a basket-case. In this context, under his stewardship our economy has become an unmitigated disaster.

“While he pats himself on the back for sacking thousands of workers, the flow-on effects are leaving a trail of devastation on our economy.

“It’s about time the Treasurer stopped focusing on selling off assets to benefit bankers and doing the numbers for the LNP leadership, and looked at ways to promote jobs growth and boost confidence ahead of Christmas.

“While the LNP focuses on asset sales, Labor will continue to focus on jobs.”

 

 

March 2012 under Labor

2014 under LNP

Unemployment

5.5% (March 2012)

7% (October 2014)

Youth unemployment

11.9% (March 2012)

13.8% (October 2014)

Economic growth

4% (2011-12)

2.3% (2013-14)

Business investment

+32% (year to March Qtr 2012)

-18.6%
(Year to Sep Qtr 2014)

State Final demand

+7.5% (year to March Qtr 2012)

-1.8% (Year to Sept Qtr 2014)

Retail trade

+4.7% (Year to March Qtr 2012)

1.4% (Year to Sep Qtr 2014)

Private Investment

+23.2% (year to March Qtr 2012)

-11.6% (Year to Sept Qtr 2014)

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