The latest state of the state report has given both major parties fodder in their election campaigns.

Queensland has retained fifth position in the CommSec report, but unemployment and population growth continue to pull it down.

Growth is also 0.4 per cent down from the same time last year.

Labor Treasury spokesman Curtis Pitt said it was proof the LNP couldn't be trusted with the state's economic future.

"On economic growth, Queensland has fallen from a ranking of second at the election to fourth in January," Mr Pitt said.

"The report states that Queensland's 6.6 per cent unemployment rate is 29.4 per cent above the 'normal' level with unemployment stuck at an 11-year high. At the election Queensland's unemployment rate was 5.5 per cent.

 

"While the report shows there are some pockets such as construction and equipment investment that are doing OK, CommSec makes it clear, and I quote, that a 'soft job market and relative under-performance on population growth are constraining growth in home building'."

But Treasurer Tim Nicholls said it proved the state couldn't afford to change leadership.

"The Queensland economy has been through a challenging time. We have had large falls in commodity prices, and there has been significant economic uncertainty in global markets," he said.

"However, some positive signs are emerging. The report shows equipment investment in Queensland is up 4.6 per cent above decade-average levels and construction work was up 24 per cent on normals levels in the September quarter.

"Combined with the latest ABS figures which show in seasonally adjusted terms Queensland recorded the biggest drop in unemployment of any state and more than 80 per cent of all the full-time jobs created in Australia in December were created in Queensland, this is further evidence confidence is returning to the state economy."

Trend unemployment has remained steady at 6.6 per cent, with only Victoria recording a higher rate.