Welcome to The State of the Deal, featuring the 200th edition of the Deloitte Queensland Index, an analysis of Queensland-listed companies on the Australian Securities Exchange (ASX).
In the wake of Australia's economy recording a subdued GDP growth of 0.2% for Q4 2023, the slowest since the pandemic with an annual increase of 1.5%, concerns about softening domestic demand and inflationary pressures remain prominent. This period has seen households reducing discretionary spending and a deceleration in investment, despite government efforts to stimulate growth through increased spending on healthcare and social benefit.
Against this backdrop, the Deloitte Queensland Index returned 5.1% in Q1 2024 compared to 4.1% return of the S&P/ASX All Ordinaries Index, 5.6% of the Dow Jones Industrial Average, 20.6% of the Nikkei 225 and 2.8% of the FTSE 100. The Hang Seng delivered a negative 3.0% return.
Our Queensland Economic Update explores the key drivers of Queensland’s economy in the first quarter of 2024 and the prospective future, including Queensland's household spending increasing by 0.2%, reflecting modest economic resilience. With a population boost of 2.7% and easing cost pressures, household consumption is poised to grow and despite a recent dip in housing investments, a recovery is on the horizon. Export strength, particularly in coal, continues to underpin the state’s economic prospects, with an anticipated growth of 2.0% for the 2024-25 period.
Key highlights from the Q1 2024 report include:
Previous editions: