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Taking the reigns this week as Managing Partner to Grant Thornton’s Brisbane practice, Mr Markwell said the recent global research conducted by the firm shows Australian business optimism has almost doubled since the Federal Election.
“Nationally, one in four business owners are now positive about the nation’s economic outlook – this is a huge up-tick from 13% this time last year!
“It’s already showing up in practice. Since the change of government, we’re seeing clients with full order books and contracts confirmed for the coming year,” Mr Markwell said.
“Closer to home, Queensland businesses are benefiting not just from the more stable Federal political environment, but from a State government committed to fostering growth.”
The Australian Bureau of Statistics (ABS) most recent data shows the Queensland economy going from strength to strength, recording the highest rate of quarterly economic growth in the country.
“Where customers were holding off on expenditure pre-election, they’re now confirming contracts and placing orders. People are much more positive about their future. This newfound confidence is making a huge difference to businesses in Queensland, and around the country,” Markwell said.
According to Steven Shepherd, Grant Thornton Australia’s Senior Economic Advisor, private investment, including business investment, has played an important supporting role behind the relative strength of the Queensland economy.
“Business owners in Queensland were reported to be more confident about their future business prospects than their counterparts in other states according to the Sensis Business Index from September of this year.
“Current economic and business indicators for Queensland point to relative economic prosperity, and show a state where there are a number of positive opportunities for any business seeking future expansion”, Shepherd said. Markwell praised the Queensland State Government’s recognition that these dynamic businesses who are ready to expand their operations are the powerhouse of the State’s economy.
“The Queensland Government’s Governing for Growth plan is a positive step in mitigating many of the constraints to growth that have been stifling Queensland businesses over recent years.
“I think the business community, here and in other states, is now looking for clear, stable leadership at both national and State level, and change that will boost investor confidence.
“While it is still early days, positive changes in taxation, red (and green) tape and other productivity improving reforms from both levels of Government is going to be a big boost for growing companies, which in turn, is a great thing for our State”, Markwell said.
Markwell comes to the Managing Partner role in Grant Thornton Australia’s third largest office with over 20 years’ experience – 16 of which with Grant Thornton – in helping Queensland businesses grow. He brings to this role a vision for growth for Grant Thornton’s clients in Queensland and a deep understanding of the issues facing growing businesses.
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