Covid has given the economy short sharp shocks, but the outlook for 2022 remains relatively good, based on a range of leading indicators.
The economy is still benefiting from the monetary expansion associated with the RBA’s quantitative easing and the latest housing boom, and from Aussies spending money at home rather than on overseas holidays. One leading indicator which has been very encouraging is job vacancies. Businesses have been very keen to hire new workers, and this has driven Queensland’s unemployment rate down to the lowest it’s been since December 2008 or 4.4%.
