Queensland’s economy takes centre stage

By Greg Bell

Knowing a location has a strong economy is a real coup for investors, but finding out this is likely to continue for the next five years is an even bigger advantage. The results of Deloitte Access Economics' latest report show this is where Queensland is currently heading, suggesting there's been no better time to look at industrial leasing in Surfers Paradise.

As with many other resource-rich states, Queensland has been forced to look beyond mining to see what other opportunities are available. So far, this has worked to its advantage, and it seems like a situation that's going to continue for a while longer.

Job prospects move to a new level

Employment is particularly strong in Queensland at the moment, with Deloitte forecasting that jobs growth is only likely to continue growing. An extra 72,000 jobs have been created over recent years, which has more than replaced the 20,000 that were lost once the mining boom came to an end.

This has rubbed off on public sentiment, as the state continues to perform well in terms of its consumer confidence levels. People are more hopeful about what the future has in store, which can only be a good sign for leasing commercial property in the region.

Australian confidence continues to climb

This is also something that's been witnessed on a national scale, as revealed in the ANZ-Roy Morgan Australian Consumer Confidence Index for the week to 21 June.

Confidence hit its highest level in two-and-a-half years, increasing 2.1 per cent from the previous week. People were found to be more optimistic about the outlook for the economy and with Queensland's balance book going from strength to strength, it's easy to see why.

"The economy is in better shape than many Queenslanders realise," said Deloitte Access Economics' director Natasha Doherty.

"As Treasurer Curtis brought down his second budget aimed at building 'investment, infrastructure and innovation' for FY17, Queensland's growth is projected to be comfortably faster than that of Australia as a whole, and the fastest of any of the states."

The next five years are expected to be when Queensland really starts to come into its own. The past few months are just the start of what could be a really positive period for the state economy – providing, of course, that the current trajectory of growth is able to continue.

Businesses make the most of new opportunities

With all this positivity floating around, it's hardly surprising that businesses from all over Australia and beyond are keen to get a slice of the action. Deloitte Queensland managing partner John Greig urged companies to embrace the opportunities they're presented with before it's too late.

One of the main challenges at the moment is making sure there are sufficient skills available. This will give the Gold Coast and other parts of Queensland the longevity they need to thrive and ensure the state stays at the top of its game.

As with consumer confidence, business sentiment is also affected by various external factors. ANZ's head of Australian economics Felicity Emmett explained that there are a number of ways in which future confidence could be affected, including the UK's vote on whether or not to leave the European Union, and the forthcoming Australian federal election.

However, these are external influences that will impact the entire country. If Queensland can maintain its position at the top of the pile, it should be best-placed to deal with any economic or other difficulties that come its way.

For information on why Queensland could be the place for your business, contact our team for details of where to consider office leasing on the Gold Coast.

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