Queensland can add $54bn to its economy and create 230,000 more jobs: Deloitte

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Deloitte’s Queensland Managing Partner John Greig, warns that unless Queensland embraces a vision for its future, and business, government and communities actively work together to create it, they will lose out on the State’s biggest opportunity yet, adding: “For Queensland to be a future maker, rather than a future taker, we need to be proactive. We can all do more to make Queensland even greater than it is.”

Unless this happens, Deloitte’s vision – ‘Confidently Queensland: Liveable communities, diversified economy and inclusive growth’ warns the State will be buffeted by the full force of intense competition and disruption from the economic and social global trends that are exerting pressure on nations around the world.

Greig continued: “Our work is the result of numerous consultations and focus groups engaging a wide range of stakeholders that builds on the knowledge and experience of business, industry, government and community thought leaders. And complementing our existing research and data, we also conducted a survey of 6000 people, not just in Queensland but more broadly across Australia, to better understand the key themes that were developed over the 12 months of research underpinning this report.

“We determined that Queensland has the potential to be even better than it is today and even greater than current forecasts suggest. Confidently Queensland outlines a vision for 2027 where the economy is nearly 10% bigger, adding an extra AU$54 billion to its Gross State Product. An additional 230,000 jobs are added to the economy. The regions are boosted in order to get their fair share of population growth, and young Queenslanders have less of a need to move away.

Dr Ric Simes, Deloitte co-author said: “The economic opportunity and Queensland’s wonderful lifestyle has made it the envy of the world. At its peak, 50,000 people per year moved interstate to call Queensland home. But recently net interstate migration slumped to less than 10,000 per annum. This is now on the rise. But to keep it there, Queensland industries that are fundamental to the economy today, such as agriculture, tourism and natural resources, need to move up the value chain and be more productive for the economy.”

Deloitte partner and Deloitte Access Economics leader Queensland, Dr Pradeep Philip added: “Along with a more diversified economy, we can seize the opportunities, such as those presented in Asia, to drive the Queensland economy even further.

“The research explains why rising inequality in labour market outcomes and income had occurred amid rising prosperity. One-third of Queensland’s income in 2014-15 was earned by just one-tenth of the population. We need to change this dynamic. Our research is no pie in the sky vision. It is built on our existing economic fundamentals, and considers how much better Queensland could be if the right choices are made for economic and social reform. ”

To get there, Deloitte identifies three areas of reform that Queensland must embrace:

1.       Liveability – ensure cohesive, strong and vibrant communities to sustain our collective desire for liveability.

2.       Diversified economy – build an even more diversified economy driven by the delivery of goods and services that are customised and tailored to the needs of consumers and citizens.

3.       Inclusivity – share the dividends of economic growth inclusively and equitability across Queensland to maintain a harmonious society and restore trust in economic, social and political institutions.