The sunshine state’s economy is expected to grow by at least 31% by 2032–33, compared with a 27% expansion of the national economy, according to a new report commissioned by ANZ.
The report, prepared by Adept Economics and supported by the Queensland Futures Institute, highlights Queensland’s bright future given its robust fundamentals in agriculture, resources, tourism, and construction and its rapid population growth.
Titled “Queensland: Future State,” the report said Queensland has the potential to further accelerate its growth to 46% by 2032-33, but that this would require a focus on particular growth sectors plus an estimated $1.3 trillion of private-sector investment over the 10 years to host the Olympic Games in 2032.
Central to achieving the optimistic “seizing the opportunity” scenario, Adept said, was leveraging the identified challenges of Australia’s fastest-growing population and the transition to net zero along with consistent policy settings that facilitate private-sector investment.
Shayne Elliott (pictured above), ANZ Group CEO, said the report echoed much of ANZ’s own research into the state and confirmed the bank’s confidence in the opportunity for greater growth in Queensland.
“As a dynamic and growing state, there’s a great opportunity for Queensland to accelerate its already strong economic growth,” Elliott said. “The report provides 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.
“Queensland already has abundant natural resources, world-class tourism, and great connectivity to the Asia-Pacific region – not to mention a fast-growing population. With an even greater focus on its strengths, there’s a real opportunity to benefit from the transition to net zero, the role of technology in agriculture, and a more mobile workforce looking to live in the sunshine state.”
Gene Tunny, Adept Economics director, said the more aggressive growth outlook was very credible if Queensland built on its existing strengths while maximising the opportunity.
“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,” Tunny said. “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 to take advantage of.”
Just as there were large opportunities, there were also major challenges facing the state, including the potential for cost blowouts due to major projects competing for workers, uncertainty around energy markets and costs, and economic conditions becoming less predictable, the report said.
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