Qld’s economic future bright if we look beyond short-term

I agree with Deloitte’s analysis that Queensland’s medium to long-term economic outlook is strong, as reported at the Brisbane Times website this morning (Queensland’s economic future rests on five ‘super wave’ industries):

The combined economic power of five “super wave” industries are predicted to replace the mining sector in fuelling Queensland’s future prosperity.

Economic analysis company Deloitte, in its Positioning for prosperity? Catching the next wave report, released on Tuesday, said the gas, agribusiness, tourism, higher education and wealth management industries could together prove as lucrative to the Australian economy as the mining boom had been…

…The non-mining sector industries expected to experience the biggest growth in coming years, Professor Harper said, were health care and social assistance, education and training and professional, scientific and technical services.

Clearly health and community services will generate a lot of jobs in the future as the population ages and we all become wealthier and demand better health care. Also, I’ve previously posted on the large economic boost to the Queensland economy expected when LNG exports commence in the next couple of years (LNG the hero of the Budget).

As noted in the Queensland Budget Strategy and Outlook 2013-14 (p.31):

…the ramp up in LNG production by 2015-16 will lead to growth in overseas exports of 23¼% in 2015-16 which, combined with a stronger domestic sector, should boost economic growth to 6% in that year.

Royalties from LNG production will contribution significantly to Queensland Government revenue, with other royalties expected to increase from $479 million in 2013-14 to $924 million in 2016-17, largely due to LNG production.

Update: I was interviewed on Queensland’s economic future this morning by Steve Austin on 612 ABC Brisbane Radio. You can hear me at the link below, after Steve’s interview with Deloitte’s managing partner for Brisbane:

Queensland’s economic future

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