Queensland's pro-business economy

Queensland's pro-business economic environment and forecast growth offers investors a safe, long-term investment climate within a stable and resilient economy. IMD World Competitiveness Yearbook (2012) ranked Australia's economy as the fifth most resilient to economic cycles in the world.

By relocating to Queensland, you will benefit from:

  • a competitive tax environment
  • a growing, 4 pillar economy in tourism, agriculture, resources and construction
  • strong population growth.

Queensland and Australia outperformed many of the advanced international economies during recent global financial turbulence.

Major drivers of growth identified are resource-driven business investment and exports. The Queensland economy is estimated to have grown by 4.0% in 2012-13 based on the latest Queensland State Accounts data.

About Queensland's economy

Economic indicators for Queensland

Economic indicator Queensland figures
Population (March 2013) 4.64 million
Population growth (year to March 2013) 2.0%
Gross state product (current prices, 2012-13) $288.3 billion
Annual state final demand growth (real, trend, year to June quarter 2013) 2.5%
Year-average employment growth (2012-13) 0.3%
Year-average unemployment rate (2012-13) 6.0%
Annual CPI inflation (June quarter 2013, Brisbane) 2.0%
International exports of goods (2012-13) $45.7 billion
International imports of goods (2012-13) $42.7 billion

Economic growth

Economic growth in Queensland is forecast to be 3% in both 2013-14 and 2014-15, before strengthening to 6% in 2015-16. Queensland's economy recorded the second highest average annual growth rate of any Australian state or territory over the last 20 years.

Business investment

In 2012-13, Queensland business investment grew 9.8% as construction ramped up on liquefied natural gas (LNG) projects valued at more than $60 billion in the construction phase.

Exports

More than 75% of Queensland's international exports (in nominal terms) were to Asia in 2012-13. The state's largest merchandise export destinations (by value) in 2012-13 were China, Japan, South Korea, India and Taiwan.

Queensland's share of Australia's exports

Reflecting our strong outwardly focused economy, Queensland was Australia's second largest international merchandise exporter (by value) in 2012-13.

Population

Queensland's population is projected to double to around 9.1 million people by 2056.

Queensland percentage of employment by industry 2012-13Chart of Queensland employment by industry

Source: Australian Bureau of Statistics, 6291.0.55.003 May 2013

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Last reviewed
October 25, 2013