The 2024 Queensland state election, held on October 26, resulted in a significant political shift, with the Liberal National Party (LNP) securing a majority government for the first time in nearly a decade. Under the leadership of David Crisafulli, the LNP won 52 seats in the 93-seat Legislative Assembly, marking a substantial gain from their previous standing. This outcome ended the Labor Party’s nearly ten-year tenure in power.
Election Outcome:
- LNP Victory: The LNP’s success was marked by a statewide swing of approximately 7% in their favour. Notably, they made significant inroads in regional Queensland, capturing seats such as Mackay and Townsville, which had been Labor strongholds. However, the LNP faced challenges in Brisbane, where Labor managed to retain most of its seats, indicating a divided electoral landscape between urban and regional areas.
- Labor’s Performance: Labor retained 36 seats, experiencing losses primarily in regional constituencies. Despite the overall defeat, Labor maintained a strong presence in Brisbane, highlighting the party’s continued support in metropolitan areas.
Implications for Queensland Businesses:
The change in government brings several potential impacts for businesses operating in Queensland:
- Policy Reforms: The LNP has pledged to implement policies aimed at fostering a more business-friendly environment. This includes commitments to reduce taxes and regulatory burdens, which could enhance operational efficiencies for businesses.
- Infrastructure Development: The new government has emphasised the importance of infrastructure projects, particularly in regional areas. Investments in transportation and logistics infrastructure are expected to improve supply chain efficiencies, benefiting businesses across various sectors.
- Energy Policies: The LNP’s approach to energy policy, including support for traditional energy sources alongside renewable initiatives, may lead to more stable energy prices. This stability is crucial for businesses reliant on energy-intensive operations.
- Regulatory Environment: The LNP has indicated plans to streamline regulatory processes, potentially reducing compliance costs for businesses. Simplified regulations can facilitate easier market entry and expansion, encouraging entrepreneurial activities.
- Workforce Development: The new government has expressed intentions to invest in skills training and education, aiming to address workforce shortages in key industries. Enhanced training programs can provide businesses with a more skilled labor pool, improving productivity and innovation.
Business Community Response:
Business organisations have responded positively to the election outcome. The Business Chamber Queensland has called on the new government to prioritise business needs, emphasizing the importance of policy reforms that support economic growth and competitiveness.
The 2024 Queensland state election has ushered in a new political era with the LNP’s victory. For businesses, this change presents opportunities for a more favourable operating environment, characterized by potential tax reductions, regulatory simplifications, and infrastructure investments. However, the actual impact will depend on the government’s ability to implement its proposed policies effectively and address the diverse needs of both urban and regional business communities.
The challenge is great, but with Crisafulli’s team they may just achieve great.