It’s good news for Queensland – growth prospects are more secure and this has been recognised by Moody’s and S&P’s recently reaffirmed credit ratings for the state and now Deloitte Access Economics latest report shows the outlook is that Queensland will be setting the pace for the rest of the nation when it comes to economic growth. Queensland’s rate of growth will outpace the national average; outpace NSW and Victoria; and move well ahead of WA.
“That shows how the Palaszczuk Government’s economic plan is working to stimulate investment, support business, and create jobs now and for the future,” says Treasurer Curtis Pitt.
South East Queensland’s unemployment rate is 5.7% (approx national average). The long-term employment prospects for South East Queensland looks good due to the growth in service-based industries including tourism, international education and IT. The unemployment rate in the rest of Queensland has been slightly higher at 6.6%.
Brisbane is one of Australia’s fastest growing Local Government Areas. The Queensland Government is so bullish about population growth prospects, that in its new 25-year blueprint SEQ Regional Plan allows for 7,700 new dwellings to be built in Brisbane every year out to 2041.
Economic growth and Exports
Growth has been transferred from investment to exports, and Queensland continues to perform better that the rest of the nation. Strong demand from income growth in emerging Asian economies will support Queensland’s international exports in the coming years with a solid growth outlook of 3.8% p.a on average to 2019.
Tourism gaining momentum
Queensland has long been invested in their tourism industry and you throw in the 2018 Commonwealth Games and tourism is clearly on an upward trajectory, with international overnight visitor spending up by 11% to a record high of $5 billion in FY16 with the surge set to continue with international arrivals forecast at an average increase of 6.8% per year until 2019.
Infrastructure and events
South East Queensland’s massive boost from infrastructure projects include the $3 billion Queen’s Wharf Brisbane project spanning 10 CBD blocks along the north bank of the river and the $1.3 billion new parallel runway at Brisbane airport which is required to cope with the forecast 227% passenger growth by 2035.
Queensland is shifting from a once in a lifetime resources construction boom towards a more diversified and knowledge based economy and the future looks bright … or maybe that is just Queensland’s fabulous weather.
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