Queensland now outstrips that other boom state – Western Australia – by almost double.

THERE’S now no doubt last month’s federal election and decisive change of government has seen the nation turn its back on a long period of economic uncertainty.

A series of reports, surveys and studies have unanimously shown the nation’s confidence is back. And while the economy still faces more than a few challenges, we are heading in the right direction – finally.

Closer to home, the Newman Government’s aggressive campaign to cut business red and green tape has also stimulated commercial confidence.

In its most recent “State of the States” report, Commsec has found the state’s economy grew by 4.3 per cent over the past year – the second fastest growth rate in the nation.

Queensland now outstrips that other boom state – Western Australia – by almost double.

That reflects a Galaxy poll on business confidence earlier in the year that found 54 per cent now believed Queensland was back on track.

Things really are looking up for the Can Do state.

The retail sector, too, is booming, with Queenslanders now Australia’s second biggest spenders – purchasing 15.4 per cent more than the decade average.

But the real standout is investment in business equipment, with commercial investors spending in Queensland a whopping 37 per cent more than the average.

State of our state looking rosier

It’s obvious the fruits of steady and responsible economic management are now being harvested – and the jobless rate too is a big winner.

In August, the state’s unemployment rate fell 0.4 points to 5.9 per cent – the first time that figure has been under 6 per cent for a while.

And, as Treasurer Tim Nicholls said yesterday, there’s every reason to believe that number will drop further still.

More satisfying is Brisbane’s inflation rate that, at just 0.5 per cent for the June quarter, is the envy of the nation. Our capital city clearly is one of the world’s most liveable centres.

Coal seam gas will also see huge benefits to Queensland, especially during the initial exploration and infrastructure phases.

But those benefits might be less certain as we enter the export phase, and that is precisely the reason construction, especially in the housing and other property sectors, is central to Queensland’s recovery.

Our population growth of more than 90,000 new Queenslanders each year is both an asset and a challenge.

Yet that challenge is met head on in Commsec’s finding that Queensland’s growth in the construction industry, at 2.6 per cent, is the second fastest rate in the country.

That means the Newman Government is right to cultivate a four-pillar economy where construction, in addition to agriculture and tourism, can buttress the vagaries of mining.

For those thousands of Australians looking to make Queensland their new home, there’s every reason they can expect to find or build a home of their own.

Fortunately, here too we are starting to see returns.

The REIQ’s June quarter report, for example, revealed a 22 per cent lift in statewide house sales – a full 40 per cent more than the previous year.

Such buoyancy is further evidenced in the Property Council/ANZ’s July survey which found a 25-point increase in Queensland housing industry confidence, placing our state equal to New South Wales.

Queensland vendors are also waiting less time to sell their homes, and are getting far closer to their asking prices.

As one senior industry spokesperson put it, Brisbane and the Gold Coast represent “outstanding value” compared to other global centres.

Queensland is on the cusp of an exciting new phase in economic growth.

Throw in record low interest rates – which could fall even further in coming months – and tips that banks will hand back their out-of-cycle rate rises and our state’s economy – and especially its construction industry – is poised for great things.

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