Queensland's economy dormant as the state slips in ratings

Brlsbane

QUEENSLAND'S economic performance is dormant and struggling to find a spark, with its ranking among states and territories falling to fifth.
While economic growth remains sound, the report from CommSec found its performance with jobs, population growth and housing starts was among the worst in the nation.
The rankings were based on how each state performed against its own long-term average. A population boom in Tasmania, as well as its isolation from the global financial crisis, kept it high on the list behind the ACT and Western Australia.
Queensland was even out-performed by South Australia, traditionally one of Australia's basket case economies.
In the last ranking done a few years ago, Queensland ranked fourth.
CommSec's Craig James said Queensland may have also suffered because of a tourism downturn, upon which WA and South Australia were not so reliant.
The mothballing of some major Queensland mining projects because of the global financial crisis was also a factor.
"Queensland is in search of some sort of driver, it's looking for that spark. It's performance is workman-like, no great star. At the moment it's grappling for something," Mr James said.
NSW was ranked last, mostly because of its heavy exposure to the global financial crisis and the collapse of its housing market.
Queensland ranked third in economic growth, second in retail trade, second in business investment, sixth in unemployment, third in construction, eighth in population growth, fourth in housing finance and seventh in dwelling starts.
However, Mr James said you could "throw a blanket over the top six states" because their results were so close.
He also said Victoria and Queensland had the most potential to drive up the rankings.
In Queensland's case that could come through the continued demand for resources from China and India.
Chamber of Commerce and Industry Queensland president David Goodwin said Queensland was being held back by business red tape which was strangling the entrepreneurial talent.
"The legislative burden in Queensland is greater than any other state," he said.