Brisbane is a leading destination for business and investment, major events and international education. Brisbane is rapidly emerging as a diverse and energised global city with a $114 billion economy.The last two decades of strong population and economic growth have contributed to Brisbane’s economy accounting for 46 per cent of the Queensland economy.
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.
Forecast economic growth is expected to outstrip population growth. Brisbane’s economy has rapidly expanded to be worth $135 billion, representing 48% of Queensland’s economic output. Brisbane economy is predicted to grow to more than $215 billion by 2031. (Source: Urbis)
Brisbane has the key fundamentals for strong capital growth, some of the indicators include:
- Population
- Infrastructure
- Employment.
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POPULATION
Throughout Queensland, Brisbane is the strongest growth area, with a projected increase in population of around 21,000 annually. Over the last 20 years Brisbane has set the pace for population growth in Australia – leading the way as the fastest growing capital city in the country. Over the next 2 decades, an additional 820,000 people are expected to settle in metropolitan Brisbane, bringing the total population to almost 3 million. Consequentially, it follows that this will translate to the highest level of demand for new dwellings. (Source: Resolution Research Strategists)
INFRASTRUCTURE
A long-term commitment to Infrastructure delivery, with the objective to manage the ongoing growth in the region, the South East Queensland Infrastructure Plan and Program 2010 – 2031 identifies $134 billion worth of Infrastructure investment for Brisbane and the surrounding region. The spending represents the largest public infrastructure spending in Australia’s history.
There are currently 41 major infrastructure projects, worth $38.770 billion, under way or committed across Brisbane City. The majority of this expenditure ($29.442 billion) is located in 18 projects across Inner Brisbane. (Source: Matusik Property Insights)
Brisbane Airport Link M7 – Completed
Airport Link M7 – is currently Australia’s largest privately funded transport infrastructure project. It provides motorists with a choice of travel routes across Brisbane’s north side, reduced travel times and more predictable journey times cutting out up to 18 sets of traffic lights.
The Port of Brisbane – Continuing
The Port Expansion Project adding 230 hectares of land to existing port facilities. Construction of Berths 11 and 12 and terminal area increasing handling by 25 per cent.
Brisbane Airport Corporation
By 2029, employment at the Brisbane Airport is projected to increase to more than 50,000 jobs and $5 billion in output to the South East Queensland economy. The Airport is also about to embark on one of Queensland’s most exciting infrastructure projects, with Phase 1 of the new $1.3 billion New Parallel Runway commencing, kicking off an eight year construction program that will result in the new runway being operational in 2020. (Source: Urbis Report)
EMPLOYMENT
Brisbane has established itself as a key resource business hub for Queensland with 177 resource headquarters now located in Brisbane. Brisbane currently accounts for half the total direct and indirect expenditure and jobs created by the resource sector in Queensland. A Regional Development Australia report forecast that this will be in order of 144,000 jobs by 2021. (Source: Resolution Research Strategists)
