Queensland has a great opportunity to accelerate its already very strong economic growth. That’s the key reason we want to expand our presence in the state and help shape a thriving community.
When we were assessing the benefits of acquiring Suncorp Group’s banking operations, we saw a state endowed with positive demographic shifts, abundant natural resources, world class tourism and – very critically for ANZ, Australia’s most international bank – great connectivity to the region.
“Queensland’s economy will grow 31 per cent by 2032–33 but it has the potential, the opportunity, of expanding 46 per cent by 2032–33”
However, we were also interested in other views. We commissioned Queensland- based Adept Economics for an overview of the state, to assess its direction and – most excitingly – outline a scenario where Queensland’s outperformance is amplified.
Adept has produced Queensland: Future state with the Queensland Futures Institute adding its vision. According to Adept, Queensland’s economy will grow 31 per cent by 2032–33 but it has the potential, the opportunity, of expanding 46 per cent by 2032–33. Adept calculates that would require a focus on particular growth sectors and around $1.3 trillion of private sector investment over the 10 years to the Olympics in 2032.
That ‘seizing the opportunity’ scenario sees Queensland building on its strengths but also benefiting from the transition to a net zero future, new technology in agriculture and the shift to a more mobile work force by giving new economy workers the chance to live in the Sunshine State.
Obviously, there will be challenges. Providing the infrastructure for more sustainability-based sectors, managing the workforce pressures of both population growth and the movement of populations following the opportunity, and attracting the private sector investment are all vital. That’s where ANZ can play a key role.
We can help marshal capital, we have the network in Asia, we are a major player in Queensland’s resource sector and we are working very closely with our customers on the transition to net zero.
And, of course, ahead of us is the Olympics. This is a once in a generation chance to harness the profile, the energy and the focus such a global event offers. Again, we know from history, these massive events bring challenges but, as Queensland: Future state makes clear, the view of the Olympics on the horizon is a great catalyst for growth.
Queensland: Future state gives us a baseline of where the state is today, how its strengths have evolved and the very real chance to further grow its share of Australia’s economy, beyond the business-as-usual.
ANZ has the track record and the vision to help the state achieve that greater opportunity. We have the people, the intellectual capital, the products and services to help the state in its desire to outperform.
Shayne Elliott is CEO of ANZ
The views and opinions expressed in this communication are those of the author and may not necessarily state or reflect those of ANZ.
28 Mar 2023
28 Mar 2023