Economic resilience
A safe and sure investment
Australia is recognised as one of the safest countries in the world for investment by the Dun & Bradstreet Global Risk Indicator. The continued internationalisation of the Brisbane economy, combined with a local pool of talent and a collaborative business culture, provides a strong and competitive environment for Brisbane’s economy to continue to outperform its neighbours. Continued growth in the resources sector is powering an upturn in mining services which is in turn driving growth in the construction and infrastructure sectors.
Strong, growing local economy
As a growth city with a strong history of economic performance and significant infrastructure investment, Brisbane is Queensland’s economic engine room. Greater Brisbane’s economy has rapidly expanded to $114 billion (AUD), growing 46% from 1996-2010 and despite global uncertainty the Brisbane economy is predicted to grow to more than $215 billion (AUD) GRP by 20311. In addition, the Brisbane economy now accounts for almost half (46.4 per cent) of the total Queensland economy and has increased its total share of the Australian economy from 8 per cent to 9 per cent2. Brisbane is focused on leveraging this activity to ensure a diversified, sustainable economy and to drive future employment and prosperity.
Proven performance
In one of the most turbulent periods of global modern economics, Australia has remained steadfast – demonstrating remarkable resilience. During the worst of the global financial crisis Australia maintained strong growth, outpacing all other advanced economies and in 2011 securing a 19th consecutive year of recession-free growth3. The Organisation for Economic Cooperation and Development (OECD) notes that after weathering the crisis well in 2009, the Australian economy is projected to experience strong growth up 3.5 per cent in 2012, driven by booming exports and domestic demand.
Future prospects
Australia has some of the best economic prospects in the developed world according to the International Monetary Fund (IMF) World Economic Outlook. With continued strong demand for its natural resources from emerging Asia, Australia is in an enviable position with an almost unprecedented opportunity to protect itself against future economic downturn.
1 Brisbane City Council 2011, Brisbane’s Unique Windows of Opportunity Report
2 Brisbane City Council 2012, Brisbane Economic Development Plan 2012-2031
3 OECD 2012, OECD Economic Outlook, Volume 2012/1, OECD Publishing, http://dx.doi.org/10.1787/eco_outlook-v2012-1-en