Welcome to The State of the Deal including the 197th edition of the Deloitte Queensland Index, a review of Queensland listed companies on the Australian Securities Exchange (ASX).
The outlook for further monetary policy tightening continued to be one of the key points of interest for investors during Q2 2023, as central banks continued to consider further interest rate hikes to combat inflation amidst a challenging and uncertain economic outlook. Notwithstanding, many economies continue to prove more resilient than expected, with the Deloitte Queensland Index experiencing a slight increase in Q2 2023, with the total market capitalisation of QLD-based ASX listed companies growing by 1.0%.
Our Queensland Economic Update explores the key drivers of Queensland’s economy in the second quarter of 2023, including increased export volumes of the State’s natural commodities despite prices for both thermal coal and metallurgical coal declining – albeit remaining above historical levels. Within this edition we also consider the impact of tightening monetary policy, with the prospect of continued contraction in household consumption impacting business confidence, with the latter reducing to its lowest level since September 2020.
Key highlights from the Q2 2023 report include: