It's beyond belief that the Bligh government was able to be so wasteful with all of the benefits of the resources boom and be the 1st state to lose the international AAA credit rating. People hated Newman (me too) but they had nothing to work with. Inheriting the Health payroll debacle that was originally costed at about $18M but will end up costing something like $1.4 Billion for example. How the hell does that happen without affecting infrastructure and frontline services. Which once you're in the hole, combined with resources going down rolls into jobs and company investment not happening.
And don't even get me started on the tunnels that no one uses
Thats right, QLD used to have a really buoyant economy during the resources boom. I wonder why they didnt get the housing boom as much back then.
As is, the unemployment rate is at 6.5%. The government is doing nothing about the fact that cheap labour is pouring into this country from India, Asia and to some degree Europe. Holden and Ford both have closed down in Australia and our big employers such as Telstra are racing against each other to offshore jobs. Liberals are in power after all, why shouldn't they?
Add to that the fact that manufacturing is going to be completely in the tank and the resources prices have followed.
The only reason why housing is doing well at present is low interest rates (and some foreign investment).
Exactly how do we plan to sustain and maintain a property boom in Sydney let alone in QLD?
For example if we buy a property that is 600k, and the unemployment hits double digit, who is going to pay enough rent to keep the vendor above water let alone the property going up in value. I am not saying that a boom wont happen I just dont see the reasons for it as yet.