$2.6 BILLION ‘BLACK HOLE’ SWALLOWS JOBS

Media Release.

Shadow Treasurer Curtis Pitt says the state’s latest 5.6% jobless figure underlines the Newman Government’s financial mismanagement and its failure to come close to keeping its promise to lower Queensland’s unemployment rate to 4%.

“Premier Campbell Newman and Treasurer Tim Nicholls are milking taxpayers to the tune of $2.6 billion just to sit in new offices, while full-time jobs disappear and the government does nothing to meet its promise to have our state heading to a 4% jobless rate,” Mr Pitt said.

“Today’s ABS figures show a 5.6% seasonally adjusted jobless rate for Queensland in November — still higher than the 5.5% rate the LNP inherited from the former Labor Government."

“Like the LNP’s other key promises on the cost of living such as lowering power bills, the 4% jobless target has been forgotten and even Treasurer Nicholls calls it ‘a stretch target’.”

Mr Pitt said the drop in the state’s seasonally adjusted jobless rate from 5.9% in October to 5.6% was caused by a rise in part-time employment, likely reflecting hiring in the retail sector for the Christmas period.

“Unfortunately when you consider full-time jobs it is all still bad news under the LNP. In November Queensland lost 5,500 full-time jobs seasonally adjusted. This was the largest fall in full-time jobs in the nation,” he said.

“Only Queensland and the ACT recorded falls in full-time jobs in November."

“Instead of creating jobs as the LNP promised, there are now 10,500 fewer full-time jobs in Queensland than when Campbell Newman was elected in March 2012 based on seasonally adjusted figures."

“That is fewer full-time jobs to go around more people. No wonder the state’s revenues are falling." 

“After 20 months in office the Newman Government has failed to add a single full-time job in Queensland."

“Overall there was jobs growth of 4,700 in November seasonally adjusted reflecting growth in part time employment of 10,200.

“The participation rate in November fell to 65.8% seasonally adjusted down 0.1% from October and 1.1% lower than at March 2012 when it was 66.9%."

“If the same percentage of Queenslanders were looking for work as at the election the unemployment rate would now be 7.3% seasonally adjusted.”

Mr Pitt said the $2.6 billion being wasted by the LNP Government to give itself a new Executive Building in the Brisbane CBD should have been invested in infrastructure across the state that was actually needed while creating jobs and boosting local economies.

“Instead of investing in bricks and mortar to lower unemployment and deliver community assets, the Premier and Treasurer Tim Nicholls have saddled taxpayers with a $2.6 billion ‘black hole’ just to indulge themselves with new riverside offices,” he said.

Auditor-General reports this week revealed the Newman Government was constructing its new Executive Building on a $2.6 billion ‘black hole’ that could have been invested in jobs:

·         $1.2 billion in dead money for renting the new Executive Building over 15 years,

·         $237 million lost by Treasurer Tim Nicholls on his sale of seven government office blocks to justify the new Executive Building, and

·         another $1.2 billion over a decade renting back the same seven buildings.

“This $2.6 billion in dead money could build roads, schools, hospitals or other facilities in centres across Queensland and generate jobs,” Mr Pitt said.