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Queensland expecting “nation-leading” economic growth

In the grand scheme of boosting jobs in Queensland, the economy is quite clearly the driver for growth. It’s pleasing to report, then, that the Sunshine State’s economic prospects have been particularly strong as of late, and the future is looking even brighter, according to Deloitte.

The consulting group’s research shows a positive forecast for employment rates. Meanwhile, the Queensland government drew a message of “nation-leading economic growth” from the results.

Nation-leading growth

Deloitte’s report, released in early September, predicts Queensland’s economy to grow by 4.5 per cent over the current financial year, before swelling by a further 4 per cent in the 2016/17 economic period.

This news was well-received by Queensland authorities, with Treasurer Curtis Pitt saying it places the state’s growth prospects above other Australian territories.

“According to Deloitte, the outlook for the Queensland economy over the next five years is positive,” he began. “They’ve identified tourism, agriculture and housing as some of our strengths, along with growing LNG exports.

“This has led Deloitte to predict Queensland will outstrip all the other states and territories in economic growth over the next two financial years.”

Mr Pitt also added that it very much correlates with the government’s own predictions.

“This is broadly in line with Queensland Treasury’s own growth forecasts, which show the state economy picking up over the next two years,” he said.

Thriving industries

For those looking to find an apprenticeship or traineeship in Queensland, the Deloitte report finds that some of the fastest growing sectors are some of the most well-reported for providing on-the-job training.

For instance, the liquefied natural gas (LNG) industry is on the move, as the state aims to be the most prosperous region in the world for such exports by 2018. The wider resources industry (one of the long-standing four pillars of the state’s economy) will also rally somewhat, Deloitte predicted, with exports ready to increase by 17 per cent this financial year and 16 per cent in the 2016/17 period.

“Queensland has enjoyed a significant economic benefit from the resource boom,” a summary of Deloitte’s report read.

“Now that the boom is receding, Queensland’s challenge is to diversify the economy and transition toward industries of future growth potential. Future investments should focus on Queensland’s competitive advantages and global opportunities.”

Queensland’s thriving tourism industry was another sector tipped for significant opportunities. International visitors to the shores of the Sunshine State are expected to increase by 14.7 per cent over the next three years.

By Leanne Macnamara, Public Relations Coordinator

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