States in review
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| Jones Lang LaSalle's latest research reviews the commercial standing of Queensland, South Australia, Victoria, Western Australia and New South Wales. | |
Queensland
The Queensland economy has slowed, with State Final Demand decreasing from 9.6% in June 2007 to just 5.0% annual growth in June 2008 (ABS, September 2008). Queensland consumers have not been immune from the factors that have weighed heavily on sentiment and retail spending nationally in 2008, but the economy is fortunate to be supported by ongoing strength in the resource sector, low unemployment and record infrastructure spending.
Headline CPI for Brisbane was 5.1% in the 12 months to June 2008, illustrating that bottlenecks still exist due to tight labour conditions
and high infrastructure investment.
Read the full report.
South Australia
State Final Demand (SFD) increased by 3.3% in the 12 months to June 2008, with the South Australian economy performing strongly despite the negative impact of the drought.
As strong demand continues, cost pressures are mounting, with Adelaide recording a slightly higher CPI than the national average (+4.5) of +4.6% over the twelve months to June 2008.
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Victoria
Economic output in Victoria experienced a slowdown in June 2008, with Gross State Product (GSP) decreasing by 1.1% over the quarter to 3.3%. Conversely, price increases in non-discretionary goods have resulted in Consumer Price Index (CPI) increases, reaching 4.4% in the 12 months to June 2008.
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Western Australia
As the service orientated states continue to feel the effects of the ‘credit crisis’ the WA economy remains in good shape. The mining and resources sector is providing the impetus for the economy to grow at rates well above the national average. State Final Demand (SFD) increased by 7.2% in the 12 months to June 2008, whilst the CPI continued its upward trend and increased by 4.5%, in line with the national average.
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New South Wales
Indicators of activity in the NSW economy including demand, retail sales and the labour market have softened over the past six months
under the weight of tight credit conditions and high fuel prices.
Read the full report.
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