| Currency | Australian Dollar (A$ or AUD) |
|---|---|
| 1 July – 30 June | |
| Statistics | |
| GDP | A$510.7 billion (2023–24)[citation needed] |
GDP growth | 2.1% |
| 2.5% (2013)[1] | |
Labour force | 2,313,800 (2010-11)[2] |
Labour force by occupation | Retail trade (11.7%), Construction (11%), Health care & social assistance (10.1%), Manufacturing (8.5%), Education & training (7.6%)[3] |
| Unemployment | 6.2% (2018)[4] |
Main industries | Mining, tourism, agriculture, financial services |
| External | |
| Exports | A$134.7 billion (2023–24)[5] |
Export goods | Coal (A$58.2 billion) Natural gas (n.p.) Beef (A$6.7 billion) Aluminum ore (A$3.2 billion) Copper (A$2.4 billion) |
Main export partners |  China (21.3%) Japan (14.5%) India (13.6%) Korea Republic (12.0%) Vietnam (3.8%) |
| Imports | A$101.6 billion (2023–24)[5] |
Import goods | Refined petroleum (A$10.2 billion) Passenger vehicles (A$7.9 billion) Crude petroleum (A$4.8 billion) Goods vehicles (A$4.8 billion) Gold (A$2.9 billion) |
Main import partners | China (20.9%) United States (10.9%) Korea Republic (10.2%) Japan (8.8%) Thailand (5.9%) |
| Public finances | |
All values, unless otherwise stated, are inUS dollars. | |
Theeconomy of Queensland is the third largest economy withinAustralia.Queensland generated 19.5% of Australia'sgross domestic product in the 2008–09 financial year.[6] The economy is primarily built uponmining,agriculture,tourism andfinancial services. Queensland's main exports are coal, metals, meat and sugar.[7]
Western Australia and Queensland are often referred to as the "resource states" because their economies are currently dependent on exports of resources such as coal, iron ore and natural gas. However, of the two states, Queensland has a more diversified base.[8] In 2006, exports from Queensland totaled A$49.4 billion.[7] By 2009 this figure had grown to A$65.5 billion.
Brisbane iscategorised as aglobal city, and is amongAsia-Pacificcities with largest GDPs. It has strengths inmining,banking,insurance,transportation,information technology,real estate andfood.[9] Some of the largest companies headquartered in Brisbane, all among Australia's largest, includeSuncorp Group,Virgin Australia,Aurizon,Bank of Queensland,Flight Centre,CUA,Sunsuper,QSuper,Domino's Pizza Enterprises,Star Entertainment Group,ALS,TechnologyOne,NEXTDC,Super Retail Group,New Hope Coal,Jumbo Interactive,National Storage,Collins Foods andBoeing Australia.[10]
In 2018, there were 134,312international students enrolled in the state, largely focused on Brisbane. Most of the state's international students are fromAsia.[11]11
In 2011, the Australian Bureau of Statistics recorded a total of 28,435 farms covering 81% of the state.[12]Sugar cane is harvested in coastal areas fromFar North Queensland to the southern border and is the state's biggest rural commodity. Queensland produces 94% of Australia's total raw sugar production.[13] Customers in the Asia-Pacific region can be supplied all year round through the use of storage facilities at bulk port terminals.[14] Most of the state's sugar crop is marketed throughQueensland Sugar, which until 2006 compulsorily acquired all sugar grown in the state under a single desk arrangement.[14]
Cattle grazing forbeef and sheep grazing forwool production are spread across inland areas.Wheat is grown in theDarling Downs region, an area that has seen mining activities expand. This has produced a boom in construction work for the region despite the global downturn[15] but created conflict between farmers and mining companies.[16] TheLockyer Valley is a significant horticultural region, although persistentdrought is forcing the local economy to diversify.[17] Farms around the coastal town ofBowen produce Australia's largest winter crop of vegetables.[18] Other major crops produced in Queensland include bananas, cotton and citrus crops. Southern coastal regions include mixed forestry and farming land uses.
In the 2006–07 financial year mining contributed 9% of Queensland's gross state product (GSP).[19] Queensland has significantcoal,coal seam gas andbauxite deposits and someoil shale andnatural gas reserves. Coal production in the 2008–09 financial year totalled 159 million tonnes leading to exports to 38 countries.[20] Queensland exports half the world'scoking coal which is used to make steel.[21]
Minerals including copper, lead, silver, zinc, bauxite, gold, phosphate rock, magnesite and silica sand are mined in the state.[22]Dimension stone, that is, stone that can be cut for domestic use, including granite, marble, sandstone and slate are produced in various locations across the state.[23]
Queensland has the largest onshoreoil and gas potential in the country as the state is relatively under-explored.[23] Oil was discovered in the south west of the state in the early 1980s, leading to the construction of an oilpipeline from theCooper Basin andEromanga Basins toBrisbane.[23] A series of gas pipelines, which began operating in the late 1990s, connects users in Mount Isa and Brisbane to the south west.[23]
Gemstones such assapphire,opal andchrysoprase are also mined in commercial quantities.[23] In the 2008–09 financial year Queensland collected A$3 billion in miningroyalties.[24]
Despite being positioned under prime agricultural land theBowen Basin andSurat Basin are becoming intensively developed by the mining industry as Queensland's coal seam gas industry booms. In the ten from 2000, about 1200 wells have been sunk in the western Darling Downs, with that figure set to rise to 20 000 over the following decade.[25] In 2010, coal seam gas was generating 30% of the state's electricity.[25] Several international energy companies are investing in multibillion-dollar projects to convert the coal seam gas toliquified natural gas and export it via the Port of Gladstone.[26] Landowners have raised concerns with the mining development ranging from a lack of compensation, property access, construction of gravel roads on farming land, water runoff from drill sites and the potential problems from the millions of tonnes of salt that will be brought to the surface each year.[27]
One of the largestalumina refineries in the world,Queensland Alumina, was built atGladstone in 1967.[28] Bauxite for the refinery is transported from Weipa to Gladstone via sea.[23] Also located here is Australia's largest aluminium smelter, Boyne Smelters.[28]Bulwer Island Refinery was the state's largestoil refinery, owned byBP, atBulwer Island in Brisbane until it was converted to an import terminal. NearTownsville is a majornickel andcobalt refinery known as Queensland Nickel.
Until an extensiverail network developed in the state early industries depended on seaports to get their products to market.[29] The largest ports in Queensland are thePort of Gladstone, followed by thePort of Brisbane and then thePort of Townsville. SomeCentral Queensland ports have experienced significant backlogs in recent years. For example, in 2007 there were 50 ships waiting off the coast to be loaded.[30] In 2008, thefederal government provided Queensland an extra $20 billion for major capital works to address port and rail infrastructure shortcomings.[31]
| Financial year | GSP growth rate (%) | Average unemployment rate (%) |
|---|---|---|
| 2004–05[32] | 4.0 | 4.9 |
| 2005–06[33] | 4.5 | 5.0 |
| 2006–07[34] | 6.8 | 4.0 |
| 2007–08[35] | 5.1 | 3.7 |
| 2008–09[36] | 1.1 | 4.4 |
| 2009–10[2] | 2.2 | 5.7 |
| 2010–11[2] | 0.2 | 5.5 |
| 2011–12 | 4.0 | 5.5 |
| 2012–13 | 3.5 | 6.0 |
TheQueensland Treasury is the state government department that devises economic and financial policy advice, prepares the state budget, organises revenue collection and provides statistical research.[37] Economic policy priorities for Queensland are to develop a diverse economy, to create more jobs and to manage both urban growth and develop Queensland's regions.[38]
Queensland is predicted to be in deficit until the 2015–16 budget.[24] The deficit has been partly caused by decreases in the prices for both coking coal and thermal coal.[39]Declining GST revenue is another cause that is partly attributed to the deficit.[39] Strong population growth and the demands this has placed on infrastructure spending as well as reductions in mining royalties have also strained recent state budgets, resulting in the loss of the state's AAAcredit rating. Poor planning including the canceledTraveston Crossing Dam and cost blowouts in the budgets for theGold Coast desalination plant,Wyaralong Dam,Tugun Bypass andAirport Link projects has not helped the bottom line.[40]
In 2009, Queensland PremierAnna Bligh announced plans for theprivatisation of a number of government owned assets includingQueensland Motorways,Queensland Rail's coal rail businessQR National, thePort of Brisbane, theAbbot Point coal terminal andQueensland Forestry Plantations.[41][42] The asset sale is expected to raise A$15 billion. There has been widespread public criticism of the sell-off which has led to slump in the Premier's popularity.[43] Unions and economists criticised the plans as unjustified and poorly timed.[24][42]
Historically Queensland has been viewed as the lowest-taxing state. Queensland has slid to third place behind Victoria and Western Australia in a comparison of taxation competitiveness between other states and territories.[44] A measure of tax per capita from 2002 to 2007 has seen the figure rise 70%, from $1,321 up to $2,226, per person.[45] Payroll tax, which is payable when an employer's total annual wage payout is greater than A$1 million and has been described as "crippling" by some businesses, accounted for 26% of Queensland government tax revenue in the 2007–08 fiscal year.[46]
The tourism industry plays a key role in the economies ofregional areas and supports thousands of small businesses. Queensland experiences the second highest volume of tourists afterNew South Wales. Foreignbackpackers and students onworking holiday visas make up a large proportion of international visitors. The tourism industry in Queensland employs 5.7% of the workforce, or about 119,000 people and accounts for 4.5% of the state's GSP,[47] directly generating A$$8.8 billion to the state's economy.[48]Tourism Queensland is the government agency responsible for the development of the state's tourist industry.
As a result of its many varied landscapes, warm climate and abundant natural beauty, tourism is Queensland's leading tertiary industry with millions of interstate and international visitors visiting the state each year. The industry generates $8.8 billion annually, accounting for 4.5% of Queensland's Gross State Product. It has an annual export of $4.0 billion annually. The sector directly employs about 5.7% of Queensland citizens.[47] Accommodation in Queensland caters for nearly 22% of the total expenditure, followed by restaurants/meals (15%), airfares (11%), fuel (11%) and shopping/gifts (11%).[49]
The most visited tourist destinations of Queensland includeBrisbane (includingMoreton andSouth Stradbroke islands), theGold Coast, theSunshine Coast, theGreat Barrier Reef,Cairns,Port Douglas, theDaintree Rainforest,Fraser Island and theWhitsunday Islands.[50][51][52]
Brisbane is the third most popular destination in Australia followingSydney andMelbourne.[53] Major attractions in its metropolitan area includeSouth Bank Parklands, theQueensland Cultural Centre (including theQueensland Museum,Queensland Art Gallery,Gallery of Modern Art,Queensland Performing Arts Centre andState Library of Queensland),City Hall, theStory Bridge, theHoward Smith Wharves,ANZAC Square,St John's Cathedral,Fortitude Valley (includingJames Street andChinatown),West End, theTeneriffe woolstores precinct, theBrisbane River and itsRiverwalk network, theCity Botanic Gardens,Roma Street Parkland,New Farm Park (including theBrisbane Powerhouse), theKangaroo Point Cliffs and park, theLone Pine Koala Sanctuary, theMount Coot-tha Reserve (includingMount Coot-tha Lookout andMount Coot-tha Botanic Gardens), theD'Aguilar Range andNational Park, as well asMoreton Bay (includingMoreton,North Stradbroke andBribie islands, and coastal suburbs such asShorncliffe,Wynnum and those on theRedcliffe Peninsula).
TheGold Coast is home to numerous popular surf beaches such as those atSurfers Paradise andBurleigh Heads. It also includes the largest concentration ofamusement parks in Australia, includingDreamworld,Movie World,Sea World,Wet 'n' Wild andWhiteWater World, as well as theCurrumbin Wildlife Sanctuary. The Gold Coast's hinterland includesLamington National Park in theMcPherson Range.
TheSunshine Coast includes popular surfing and beach destinations includingNoosa Heads andMooloolaba. It is also home toUnderWater World andSteve Irwin'sAustralia Zoo. Its hinterland includes theGlass House Mountains National Park.
Cairns is renowned as the gateway to theGreat Barrier Reef,Far North Queensland (includingPort Douglas) and theDaintree Rainforest.
TheWhitsunday Islands off the coast ofNorth Queensland are a popular tourist destinations for theirresort facilities, access to the Great Barrier Reef and natural beauty.
Although there was a rise in the number of unemployed people, the labour market expanded 2.2% in the 2008–09 financial year.[3] The Queenslandlabour market was hit by skilled labour shortages in 2007.[3] A lack of people completingapprenticeships in the construction industry is a current concern.[54] The problem is particularly acute because the state is already dealing with an inadequate supply of new housing to cope with itspopulation growth. In the past there have been shortages of doctors, nurses, teachers as well as shortages in the agriculture and hospitality sectors. A lack of university places is another factor limiting that is affecting the availability of skilled labour in some regions.
Theaverage weekly earnings for a full-time adult person in Queensland in 2009 was $1,177.00.[55] While Queensland generally does not have highcost of living, housing is expensive compared to other states. Housing in Queensland is the least affordable of any state or territory.[56] The average Queensland homeowner had to pay 40.5% of theirhousehold income towards home loan repayments and tenants on average paid 26.5% for rent during the first quarter of 2008.[56] Average wages rose by 7.5% in 2009, three times the national inflation rate.[57]
One of the first industries to spread across the state waspastoralism. Starting in the Darling Downs in the 1840s,squatters and pioneering families established cattle stations up until the 1870s, as far north as theGulf Country.[29] The early settlers of Queensland faced many problems, including a lack of labour, a lack of transport facilities to markets, attacks byAboriginals, a climate that was too wet, drought and falling commodity-prices.[29] An Australia-wide trend towards recession hit Queensland particularly hard from July 1866.[58]Immigration faltered, unemployment rose and business activity contracted. It was not long before gold discoveries signaled a turnaround in Queensland's economic activity.
Gold was discovered[by whom?] in the state in 1861 atPeak Downs nearClermont and in 1867 atGympie. Many gold miners left the Victorian goldfields in the 1870s - surface gold had become scarce in that state - and moved to Queensland to try their luck.[59] During theAmerican Civil War (1861–1865) a shortage ofcotton in Europe caused a cotton boom in Queensland.[29] Copper was discovered at Cloncurry in 1869.
In 1863 the first sugar-cane plantation was established and the first South Sea Islanders, referred to askanakas, arrived, providing cheap labour[29] - compareblackbirding. The sugar-cane industry expanded northwards along the coast with a plantation and mill operating atInnisfail in 1881[29] and in the following year a mill opened inBundaberg.[60] By 1890 developments inrefrigeration technologies had opened new markets for types of produce which would previously have spoiled on the two-month-long journey to England.[59]
During the early 1880s theDingo Fence was constructed[by whom?] to protect livestock in south-east Australia. It protected southern Queensland, aiming to stop attacks on sheep from Australia'snative dog. The fence was maintained up until the 1970s.[61] As of 2009[update] experts estimated that $60 million in losses occurs annually in Queensland due to dingoes that have penetrated the barrier.[62] In 1886 theintroduced rabbit crossed into southern Queensland,[63][failed verification]causing yields from pasture production to decrease. The rabbit also contributed tosoil erosion throughovergrazing.[63]
Adrought in 1902 drastically reduced agricultural productivity.[58] By 1906, maize covered 25%, sugar cane 23.8% and wheat 20.5% of cropping land in the state.[64] In 1908, 700 bores were supplyingartesian basin water to western Queensland, transforming an otherwise mostly arid landscape into a more productive area.[65] Refrigeration and regular steamer services between Brisbane and London allowed Queensland to become Australia's largest exporter of meat in the same year. TheFranco-British Exhibition of 1908 was a good opportunity for Queensland to promote itself, particularly the desirable climate and expanses of fertile land. Tourism was promoted under the banner of "the Winter Paradise of the Southern Hemisphere".[65] A souvenir guide from the show boasted that Queensland cultivated the richest of fruits including pineapples, bananas, mangoes, grapes and citrus fruit.[65]
Australia's largest airline,Qantas was founded asQueensland and Northern Territory Aerial Services inWinton in 1920.[66] Silver, copper and lead were being mined from Mount Isa by 1925.[59] Wool became an important export for Queensland during the early 20th century, contributing to half of the state's total exports by 1930.[67] The 1950s saw a resurgence of whaling in Australia. A new whaling station was set up atTangalooma onMoreton Island to process slaughtered whales.[59] In 1963 the world's richest deposit of bauxite was discovered at Weipa.[59] Dairying, once an important local industry in the state, declined towards the end of the 20th century. The Queensland economy last contracted during the 1990–91 financial year at a rate of -0.7%.[68]
In 2004, acitrus canker outbreak forced farmers to destroy everycitrus tree in theEmerald region. This amounted to half a million commercial trees being destroyed during an eradication program that lasted five years.[69] The banana industry was devastated in 2006 from the flooding and crop destruction left in the wake ofCyclone Larry. 90% of the country's banana crop was destroyed. The price of bananas doubled to A$6 a kilogram as a result.[70] In the 2006–07 financial year, the nominal value of the Queensland economy surpassed A$200 billion for the first time.[34] In early 2009, Queensland'scredit rating was downgraded by rating agencyStandard & Poor's to AA+ after the state's budget deficit increased to more than A$1.5 billion.[71]
{{cite episode}}:|transcript-url= missing title (help)[...] experts are warning that there are significant and growing numbers of dogs within the barrier fence, causing more than 60 million dollars in losses just in Queensland every year.
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