Queensland’s Acting Treasurer Bill Byrne says it is reassuring to see Queensland’s trend unemployment rate steady at 6%.
“This is a good outcome in the current economic climate with 28,400 jobs created in Queensland since the election,” he said.
“We’ve seen Queensland's trend unemployment rate fall 0.6 of a percentage point since the election, from 6.6% left by Tim Nicholls in January 2015 to 6.0% in December 2016 under Labor.”
Very true Bill, and nice of you to keep the seat warm for Curtis Pitt while he is on holidays.
Maybe because treasury is not Bill’s portfolio he doesn’t really have his finger on the financial pulse of the state and is unaware of the spate of new coal mining operations have been cranking up the Queensland economy over the past 12 months.
They have been giving hope to job seekers, especially in the regional areas of the state. Coal prices have been sky-rocketing and confidence is returning to the sector.
It is not only the direct jobs the coal industry creates. It also has a flow-on effect for contractors and businesses. Here once again, confidence around the state is rising with coal prices.
Queensland’s business confidence index for small to medium businesses reached its highest level since March 2010, recording a result of +43 points in the December quarter 2016.
Acting Small Business Minister Kate Jones said the Sensis Business Index report showed statewide business confidence up four points from the September result and up eight points over the year.
“This is the best result for almost seven years with the survey showing business confidence was significantly higher in Brisbane (+54) than in regional areas (+36), however the gap between the capital and regions narrowed for the second consecutive quarter,” Jones said.
“Business confidence is vital to the vibrancy and economy of regional communities, so I’m pleased to see this survey showing some positive momentum."
It is not only in Queensland that stronger coal prices have given a boost to the local economy.
New South Wales’ Hunter Valley and Newcastle have also received a welcome reprieve.
Strong global demand for New South Wales coal, particularly its high quality thermal coal from the Hunter Valley, has led to a monthly coal export record from the Port of Newcastle for December.
Almost 16 million tonnes was exported through the port in December, according to the New South Wales Minerals Council CEO Stephen Galilee.
"The [annual] record 161 million tonnes of coal exported through the Port of Newcastle confirms the strong global demand for NSW coal, particularly our high quality thermal coal from the Hunter,” he said.
“Coal is our state’s most valuable export so it’s good news for the NSW economy as well as being great news for the Hunter.”
Employment is one tangible benefit of a booming coal sector. Hogsback likes to think there are other benefits as well, which are a little less tangible. The greatest of these is probably confidence, and it is encouraging to see more of it in our regional towns and coal fields.
