Queensland’s consistently higher growth has meant that, compared with 1990, the economy is now more than three times larger while the Australian economy is around 2½ times larger.
|"Southerners are being attracted by warmer weather, a better lifestyle, natural assets and relatively lower house prices."
Yet that greater opportunity can take this outperformance up another level by diversifying traditional strengths through emerging sectors.
Under a business as usual scenario, Queensland’s economy will grow 31 per cent over the 10 years to 2032–33. But if new opportunities – for example critical minerals, hydrogen and agtech – are fully developed, a more optimistic scenario emerges, with the state economy expanding 46 per cent by 2032–33.
For that optimistic ‘Seizing the Opportunity’ scenario to happen, the state will require around $230 billion in additional private sector investment, above the business-as-usual baseline, over the decade to hosting the Olympics.
Adept Economics believes the more aggressive growth outlook is very credible if Queensland builds on its existing strengths while maximising the opportunity. Critically, there is also an opportunity cost in not seizing the opportunity as it will in all likelihood be taken up by other states or nations.
Queensland is well placed already but with extra private sector investment and appropriate policy measures to encourage that investment, the future state could be even brighter. The opportunity in sustainability solutions, the critical minerals required for a low emissions economy, the Olympics, the greater attraction for technology workers to work remotely in Queensland and connectivity to Asia are all other critical advantages Queensland has and can take advantage of.
Faster growing economy than national average