Steve Greenwood, Chief Executive Officer at QFI, was a special guest speaker at the launch of a new economic report commissioned by ANZ; Queensland: Future State.
Queensland’s future is very positive given the state economy’s strong fundamentals. The report emphasises the extra returns new and precisely focused investment can deliver to take advantage of the economic opportunities in the state. The report considers traditionally strong sectors such as agriculture, resources and tourism. It explores whether there is the potential for a rebound in manufacturing, a sector with a lot of promise in the so-called Fourth Industrial Revolution. It also notes the importance of the state’s linkages with Asia, the opportunities and challenges associated with a rapidly growing population, hosting the 2032 Olympic Games in Brisbane, and an economy-redefining move towards decarbonisation.
The report outlines the major opportunities to exceed business as usual forecasts as being:
- the mining of critical minerals and potentially value-added processing;
- the development of a hydrogen export industry;
- an accelerated rate of investment in new energy generation and storage; and
- attracting further skilled labour and investment capital from interstate an overseas, while developing our regional economies.
Seizing these opportunities will require:
- addressing any barriers to housing supply in both SEQ and the regions so the growing population in Queensland can be accommodated;
- ongoing efforts to improve education and training so Queenslanders become highly-skilled in new technologies in advanced manufacturing, ICT, and other sectors;
- consideration of, and potential support for, innovative financing arrangements such as green bonds, sustainability-based loans and biodiversity credits which could be utilised to help with financing the transition to net zero.
- keeping Queensland’s taxes and charges nationally competitive and ensuring the tax framework is favourable to employment, investment and economic growth.
The report focuses on Queensland’s potential. It outlines what economic growth opportunities are possible but does not contain forecasts, given both economic and policy circumstances could change significantly over the ten-year period considered.
Yet the opportunity is very clear – Queensland can be the future state.
You can download the full report here.
Associated articles:
Economic report: The future of Queensland’s economy
Elliott: Queensland’s road to greater prosperity
Queensland: robust growth over the long-term, now and in the future