Boom times coming to an end: Queensland job queues expected to grow
Queensland’s record low unemployment of 3.3 per cent would rise next year as a period of strong economic performance was likely to face challenges, according to Treasurer Cameron Dick.
In the lead up to the mid-year economic review, due next week, Dick said in the year to September Queenslandās exports had the highest 12 months total on record, hitting $131.3 billion.
āThatās an increase of 98 per cent on the year before,ā he said.
āOur economy has grown 9.1 per cent compared with pre-Covid compared with 8.8 per cent for the rest of Australia.
āPrivate investment is up 8.6 per cent compared with 6.4 per for the nation.
āWages in Queensland are growing faster than the national average.
āEconomic conditions will challenge us next year.
āUnemployment will likely rise from its record low. Cost of living pressures will continue to test Queenslanders because of the war in Ukraine.ā
The national economy was also likely to be tested. Economic growth was likely to be 1.9 per cent next year, according to the OECD.
The seven interest rate increases this year were expected to eat into spending next year and several economists anticipate unemployment to rise above 4 per cent.
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