The Deloitte Access Economics Business Outlook released today, analyses the business environment in Australia and forecasts prospective growth opportunities.Partner Chris Richardson says although mining profits are a shadow of glory days, iron ore, gas and coal will surge in coming years.
“Australia is an economy in transition, with its economic strength gradually shifting from the resource states back towards the south and east.
“Yet that transition will be patchy, particularly thanks to the resilience of project spending in Queensland and the top end.”
The report shows that Queensland is the only state in Australia continuing to spend on engineering construction, with money being invested in numerous gas projects and exports.
“Queensland has still got gas in its tank with the mega gas developments still underway and is also projected to be an outperformer in both retail and housing construction, with our forecasts seeing the state accounting for a rising share of these growing national markets,” he says.It also indicates that the state will be an “outperformer” in retail and homebuilding in the next two years, in comparison to the rest of the country.
Queensland treasurer Tim Nicholls says despite the promising results, more infrastructure development is required.“It also confirms that Queensland will have the fastest growing state economy by 2014-15 and that we are the only state where engineering construction spending is also rising.
“We know there is more to do and that not all Queenslanders are yet experiencing the full benefits of this growth,” he says.The state’s population is above the national average, but lags behind Western Australia and Victoria – suggesting new homes must be built to encourage growth.
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