The Australian economy recorded its 22nd consecutive year of growth in 2012-13 and is projected by the IMF to record growth double the OECD average in 2013.1 Brisbane is recognised as one of the fastest-growing regions in Australia, driving Queensland’s economic growth.
- The 2012-13 financial year saw Australia record its 22nd consecutive year of economic expansion. Australia maintained strong growth through the worst of the global financial crisis, consistently ranking as one of the world’s most resilient economies since 2008.2
- Dun & Bradstreet’s Country Risk Indicator rates Australia as one of the lowest-risk countries for doing business, the only country in the Asia-Pacific region to be classified in the lowest-risk band.
- In 2012, Australia’s economy overtook Spain’s to become the 12th largest in the world, having recorded average annual growth of 3.1 per cent3 during the past decade. Australia’s real GDP growth is expected to outperform that of every other major advanced economy until 2018.4
- Australia has signed Free Trade Agreements with the Association of Southeast Asian Nations (ASEAN), Chile, New Zealand, Singapore, Thailand, Malaysia and the USA, with several more under negotiation.5
- Queensland’s economy has consistently been one of Australia’s fastest-growing during the past two decades, averaging 4.5 per cent growth per year during this time, a full percentage point higher than Australia as a whole (3.5 per cent).6
- Queensland benefits from a diversified economic base, with notable strengths in energy and resources, agriculture and services. These sectors have recorded exceptional growth in the value of state exports, which reached $62 billion in 2011-12 (6.8 per cent growth per year over the preceding five years).7
- Greater Brisbane’s economy has rapidly expanded to be worth $135 billion in 2011-12.8
- Brisbane is one of the fastest-growing regions in Australia, averaging 4.7 per cent growth between 2001 and 2011.9
- The Brisbane economy accounts for almost half (48 per cent) of Queensland’s economic output and 9 per cent of Australia’s as a whole.10
- Brisbane continues to move towards a knowledge economy that will sustain long-term economic prosperity for the city.
- Brisbane’s economic growth is being fuelled by a competitive base for doing business, high levels of business investment and innovation, and the largest public infrastructure spending program in Australia’s history.
1 IMF World Economic Outlook, April 2013
2 Australia, Benchmark Report Update, Australian Government, June 2013
3 ABS 5220.0, State Accounts 2011-12, November 2012
4 Australia, Benchmark Report Update, Australian Government, June 2013
5 Department of Foreign Affairs and Trade, 2013
6 ABS 5220.0, State Accounts 2011-12, November 2012
7 Australia’s Trade by State and Territory, Department of Foreign Affairs and Trade, 2012
8 Brisbane City Council & Queensland Treasury and Trade
9 Queensland Treasury and Trade, 2012