Last week I noted how Nick Behrens of CCIQ made the good point on Steve Austin’s ABC radio show that the Queensland economy is much more than the so-called four pillars of agriculture, construction, resources (i.e. mining) and tourism. In terms of their direct contribution to industry gross value added (GVA), the four pillars account for around 25% of the Queensland economy (see my chart below based on ABS State Accounts and Tourism Research Australia data).
This chart shows the direct contribution the sectors make, without trying to undertake the difficult and conceptually challenging task of also identifying the indirect or flow-on/multiplier effects of the sectors. Peak bodies for the different sectors will of course claim that their particular sector is more important because it underpins activity in other sectors. I’ve previously posted on this argument regarding the resources sector:
Also, see my post How important is tourism to the Queensland economy?, in which I note the calculation of multiplier impacts in controversial. Again, I’ll aim to elaborate on this point in the future.