SunshineCoastRegionalReport2ndQtr2004

                                                                                                                                                                TREND STATE FINAL DEMAND
QUEENSLAND OVERVIEW                                                                                                                                             
 10.0% from Mar-03
                                                                                                                                                                QUEENSLAND TREND EMPLOYMENT
SUMMARY OF STATISTICAL INDICATORS                                                                                                                               
 4.1% from Jun-03



ECONOMIC GROWTH

                                                        Growth in GSP and GDP
                                                         Trend Chain Volume Measures
                               10.0
                                                                    Queensland                Australia
                                                                                                                                        In the March Quarter 2004, Queensland GSP expanded by 0.5% to be 3.7%
                                9.0
                                                                                                                                        higher than a year earlier. Private consumption continued to be the major
                                8.0
                                                                                                                                        contributor to growth in GSP, followed by business investment.
  annual % change, quarterly




                                7.0

                                6.0
                                                                                                                                        Meanwhile, Australian GDP expanded by 0.8% in the March Quarter 2004,
                                5.0

                                4.0
                                                                                                                                        to be 3.7% higher than the value recorded in the March Quarter 2003.
                                3.0
                                                                                                                                        Private consumption was also the major contributor to growth in Australia,
                                2.0
                                                                                                                                        followed by business investment.
                                1.0

                                0.0
                                 Mar-99             Mar-00               Mar-01            Mar-02           Mar-03            Mar-04




                                          Components of Trend Quarterly Growth
                                                     Chain Volume Measures - Mar Qtr 2004
                                                                                                                                        Queensland’s final demand, which is the sum of private and government
              Private Consumption                                                                                                       final consumption expenditure and gross fixed capital expenditure, increased
                                                                                                                                        by 10.0% in the year to the March Quarter 2004, outpacing Australian final
                     Public Consumption
                                                                                                                                        demand growth of 5.6%.
                            Dwelling Investment


            Business Investment

                                                                                                          Australia
                                Public Investment
                                                                                                          Queensland

                                      Net Exports

                                                -2.5     -2.0     -1.5     -1.0 -0.5      0.0     0.5   1.0      1.5    2.0
                                                                         % point contribution to growth

Source: Queensland State Accounts, ABS 5206.0

EMPLOYMENT

                                                       Trend Employment Growth
                               5.0
                                                             Queensland and Australia

                               4.5
                                                                   Queensland              Australia                                    Trend employment in Queensland grew by 4.1% in the year to June 2004,
                               4.0                                                                                                      which was almost twice the national growth rate of 2.4%. Queensland
                                                                                                                                        continues to boast one of the strongest labour markets across Australia and
 annual % change, monthly




                               3.5

                               3.0                                                                                                      employment growth has exceeded the national average since August 2001.
                               2.5

                               2.0

                               1.5

                               1.0

                               0.5

                               0.0
                                Jun-01        Dec-01            Jun-02            Dec-02         Jun-03        Dec-03          Jun-04




                                 %
                                                       Trend Unemployment Rate
                               10.0
                                                                         Queensland                                                     The strong growth in Queensland’s employment outweighed a 2.9% rise in
                                                                   Queensland               Australia
                                9.5                                                                                                     the trend labour force, pushing the trend unemployment rate down by 1.1%
                                9.0                                                                                                     points to 5.9% over the year. Meanwhile, the Australian trend
                                8.5                                                                                                     unemployment rate decreased 0.6% points to 5.5%.
                                8.0

                                7.5

                                7.0

                                6.5

                                6.0

                                5.5

                                5.0
                                 Jun-01        Dec-01           Jun-02            Dec-02         Jun-03        Dec-03         Jun-04

Source: ABS Labour Force Survey



©0, Sunshine Coast Regional Economy, Second Quarter 2004                                                                                                                                                     -7-