Strong Queensland - Infrastructure
2020 target: Queensland is Australia's strongest economy, with infrastructure that anticipates growth
Measure: economic growth rate (source: Office of Economic and Statistical Research, Queensland).
Lead agency: Queensland Treasury
Current economic performance
In 2006-07 Queensland recorded economic growth of 5.9%. Only Western Australia performed better (6.3%).
Queensland's economy has also recorded stronger average growth than Britain, Canada, France, Germany, Italy, Japan and the United States, which recorded combined growth of 2.4% in 2006-07.
Strong economic growth has been supported by:
- a booming population – Queensland accounted for 31% of population growth nationally in the 10 years to 2007
- record numbers of people in work – there are 570,000 more people employed today than there were 10 years ago and unemployment is at a 34-year low
- strong productivity growth – our average labour productivity growth has surpassed Australia and the OECD average in the 10 years to 2005
- world demand for our resources – exports have doubled over the past 10 years to $42 billion
- record infrastructure investment – the government's budgeted capital program has more than tripled from $5.3 billion to $17 billion between 2003-04 and 2008-09. Private business investment is forecast to double over the same period to an estimated $36 billion.
Mining and infrastructure booms are expected to fuel continued growth in Queensland's economy well above the Australian average in the immediate future.
The private sector will drive much of this growth. But the government can help create the right conditions for industries and businesses to thrive.
Achievements since September 2007
- Opened the $543 million Tugun Bypass, which has addressed the Pacific Highway bottleneck at Tugun.
- Opened the $333 million Inner Northern Busway in Brisbane, which saves up to 20 minutes in travel time on Brisbane's northside.
- Made home ownership more affordable for first-home buyers by abolishing stamp duty and mortgage duty on homes they purchase for $500,000 or less.
Challenges
Climate change: natural resource consumption is increasing with our growing population and industries. Introducing an emissions trading scheme to slow down the impacts of climate change means industry will need to grow in cleaner ways in the future.
Skills shortages: Queensland is experiencing skilled labour shortage in fields such as health and medicine, engineering, building and construction and in trades such as electrical and plumbing. Skills shortages may restrict future economic growth.
Congestion: the growing population is putting pressure on our roads and transport links. Traffic congestion reduces productivity and competitiveness by delaying the transport and export of goods and the delivery of services.
Ageing population: labour force growth is expected to slow as our population ages. This has the potential to worsen skills shortages and slow economic growth.
Achieving the target
Achieving this target will require joint action by the Queensland Government, other levels of government, industry and individuals.
The Queensland Government will play its part by:
- maintaining a strong budget position and competitive taxes
- continuing to plan for and invest in infrastructure, such as roads, rail, public transport, ports, water and energy infrastructure, that allows economic growth
- encouraging new industries to secure our future against changes in the global economic environment
- investing in skills and creativity to boost the productivity of our people
- helping Queenslanders who are out of the workforce to participate, to supply the labour our economy will need
- simplifying regulation to remove possible barriers to industry and business growth
- helping industry to adjust challenges presented by climate change.
We need the Australian Government to support our efforts. This includes increasing their investment in infrastructure such as roads, rail, public transport and broadband connections.
We also need industry and community members to contribute. This might be by business investing in new equipment or mentoring small business owners to help them succeeed.
Share your ideas
What can you, your region, your business or industry do to create a stronger economy for Tomorrow's Queensland? Share your ideas
Last updated Monday, February 09, 2009
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