Business

Higher number of business start ups show economy confidence

NEW data showing business startups in Queensland are the highest on record bodes well for the State's economic future, Queensland Senator Matt Canavan said today.

Latest data released by the Australian Securities and Investments Commission (ASIC) showed that, in 2014, there were 43,704 new companies registered in Queensland, the highest since ASIC company registration records began in 1999.

"This was an increase of 7 per cent from the level seen in 2013, and means that almost 3,000 extra companies were created in Queensland, compared with 2013, which was also a strong year for company startups," Senator Canavan said.

"More companies means more jobs for Queenslanders."

"Starting a company is a bit like starting a family. It takes commitment and courage. It also shows optimism and hope for the future.

"That so many people have decided to start new companies is proof they have confidence in Queensland's economy and the way it is being managed, and is great news for the future of our State."

The strong performance for 2014 continues a trend of robust growth in business registrations in Queensland since 2012, with on average almost 10,000 more businesses created each year in the three years to 2014 compared with the three years to 2011.

Queensland's record performance in 2014 contributed to a strong growth for Australia as a whole, with the 223,013 new companies registered across Australia in 2014 also the highest on record.

"This data shows that Queensland is on track to be the strongest economy in Australia by the middle of the year. The strong economic plan of the LNP has helped deliver this result. The LNP is the only party with a plan to keep Queensland economy strong."

Topics:  asic, businesses, matthew canavan



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