Queensland Economy Comes Out On Top In Latest Report
First time in 13 years
Queensland has recorded the country’s best performing economy according to the CommSec State of States quarterly report.
It is the first time the state reached the top spot in the report’s 13-year history – a population boom, impressive job market and strong overseas demand for emergency resources contributing to the result.
The state’s economy grew 21.4 per cent over the year, the fastest of any state.
Stay up-to-date on the latest news with The Queensland Briefing - keeping you in the loop with news as it hits:
According to the Australian Bureau of Statistics, Queensland’s population increased by 104,400 people in the year ending in June 2022.
Its growth was the biggest for the state since 2013 and the most of any other states according to the report.
“Queensland has benefited from an inflow of migrants since the pandemic — especially people moving from NSW and Victoria,” the CommSec report stated.
“As a result, home loans and retail spending have been boosted together with economic activity more generally.”
According to the report, Queensland also had the strongest job market with trend unemployment just 3.6 per cent — 39.4 per cent below the decade average.
A spokesperson of the State Government in response to the reported lauded the state’s “nation-leading economic recovery plan” for “delivering good jobs, better services and a great lifestyle for Queenslanders”.
The full CommSec State of States quarterly report can be viewed here.
Introducing The Science Briefing: a podcast about the science of everything and your new go-to podcast for your snapshot of science news. Hosted by Dr Sophie Calabretto and featuring journalists from Cosmos Magazine. Hear is on the LiSTNR app now.