BUSINESS INVESTMENT POSITIVE FOR QUEENSLAND

BUSINESS INVESTMENT POSITIVE FOR QUEENSLAND

THE State’s flood recovery and burgeoning LNG industry have driven a new historic high in construction investment, according to acting Treasurer and Minister for State Development and Trade Rachel Nolan.

Nolan says the latest Deloitte Access Economics Investment Monitor has indicated a positive outlook for Queensland.

"The State Government's building program kept the construction industry going during the GFC and now confidence is returning and the private sector is stepping in," she says.

"Business investment in Queensland has started to recover, and the recent surge in the value of 'definite' or committed projects, points to a strong recovery in business investment in 2011-12 and beyond.

"Investment in Queensland totalled $184.1 billion in the March quarter 2011 - an increase of $2.5 million or 1.4 per cent from the December quarter last year.

"More importantly, the value of commit ted investment surged a further $18.7 million or 31.1 per cent in the March quarter. And this is off the back of a 32.9 per cent rise in the December quarter."
Nolan says the report credited the spike in committed investment to the Santos/Petronas' GLNG Final Investment Decision and Commonwealth Government commitments towards rebuilding flood affected areas.

"The GLNG project at Gladstone is worth $16.2 billion and the new LNG industry still has much more to give in terms of investment with two more project FIDs scheduled over the next year or two," she says.

"Additionally, the Commonwealth Government's $3.9 billion commitment to rebuild communities devastated by floods also contributed to the rise in investment."

Help us deliver quality journalism to you.
As a free and independent news site providing daily updates
during a period of unprecedented challenges for businesses everywhere
we call on your support

Four ways businesses can use artificial intelligence to triumph in 2022
Partner Content
The last two years have delivered major disruption to the technology industry and broad...
PROS
Advertisement

Related Stories

QLD Premier confirms borders to reopen four days early

QLD Premier confirms borders to reopen four days early

With Queensland health authorities expecting the 80 per cent double...

Cyber weekend sales make November the biggest month in Australian online shopping history

Cyber weekend sales make November the biggest month in Australian online shopping history

November was the biggest month in Australian online shopping histor...

Aussie Broadband launches $344m bid for Over The Wire

Aussie Broadband launches $344m bid for Over The Wire

One of Brisbane’s Top Companies Over The Wire (ASX: OTW) has ...

Woolworths takes on Wesfarmers in bid for Priceline with $872m offer

Woolworths takes on Wesfarmers in bid for Priceline with $872m offer

Woolworths Group (ASX: WOW) has today thrown its hat in the ring to...