Queensland lagging on the technology front

Queensland has long labeled itself as the smart state however this is proving to not be the case when it actually comes to hard evidence.

Deloitte Technology’s list of the top 50 fast growing technology risers had only three Queensland based companies. This figure has been decreasing over the last 5 years and does not look like rising anytime soon.

The closest company to come in the Top 10 is the online surf retailer, SurfStitch. The company is owned by Lex Pederson and Justin Cameron and they came in 10th position. The company has performed astronomically over the past 12 months, growing 252 per cent. The company has achieved great sales due to a brilliant online business model and by often providing a SurfStitch coupon to lure the consumer. The company’s success has attracted the attention of Billabong, who purchase a minority stake in the business.

The goal for the state should be to push the Technology agenda further this year and try to regain some lost ground. If not, the status of the smart state is highly questionable.

Retail sales in Australia disappoint Feb

Much to the surprise of all the analysts, retail sales in Australia fell to it’s lowest level in four months in December. December is traditionally the biggest retail month of the year and this definitely was not the case this year prompting concern.

Over the last few months of 2012, the reserve back has gone through a series of rate cuts to encourage consumer spending and confidence. This has not worked, however, and many people are still not willing to spend. In fact, sales in December were down 0.2% from November. The expectation of economists was a rise of 0.5 percent.

On news of the poor retail result, the Australian dollar dived and stayed down. This poor performance from the retail sector signals that the Reserve Bank may have to continue it’s policy of interest rate cuts. The Reserve Bank has cut interest rates by 1.75 percent since November 2011. The RBA cash rate currently sits at 3% which is equal to what Australia had it at during the global financial crisis.