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Economy of Brisbane

Economy of Brisbane

Skylines of Brisbane CBD from Kangaroo Point, Queensland
Currency	Australian Dollar (A$ or AUD)
Fiscal year	1 July - 30 June
Statistics
GDP	170.5 billion (2017-18)
GDP growth	3.3% (2017-18)
Unemployment	5.5% (December 2018)
Main industries	Health care, professional services, retail trade, tourism, education

The economy of Brisbane is mainly comprised of several industries, including health care, professional services and retail trade. It holds a population of over 2.4 million people in broader urban centres and localities, with a mean age of 35 years. Brisbane's Gross Domestic Product was $170.5 billion in 2017-18, contributing to around half of Queensland's overall economy and 9.4% of national Gross Domestic Product.

Major export categories for the economy include tourism ($7.1 billion, year to September 2018), education ($3.8 billion, 2014) and goods exports through the Brisbane Airport and Port of Brisbane ($16.1 billion, 2017-18). The cyclical downturn of the 2000s mining boom has led to investments being directed towards other industry sectors, with a projected $15 billion infrastructure boom during the early 2020s. Projects include the Cross River Rail project, with the Palaszczuk government expected to fund approximately half of the operation.

The Greater Brisbane region expands over 15,826 square kilometres, covering 8 local government areas and is notable for its 344km Brisbane River. It is the third largest city in Australia.

History

The penal era in Brisbane ended in 1842 and free settlers began to colonise the city, driving the population up to 6000 by 1859. Between the years 1860 and 1865, more than 35,000 free settlers moved to Brisbane after it was declared as Queensland's capital city.

During World War II, Brisbane experienced another population boom, becoming the headquarters for the South West Pacific campaign. The economy experienced significant growth as both US citizens and Australian citizens from other states migrated to the city to contribute to the war effort, almost doubling Brisbane's population and signifying Brisbane as a training area.

"Industry and the population were mobilised to provide workshops, depots, factories and the necessary recreation and medical facilities

Port of Brisbane, Queensland

The Story Bridge

Main article: Story Bridge

The Story Bridge was completed and opened to the public for operation on July 6, 1940. It provided employment for many men during the Great Depression: "The Story Bridge is the largest steel bridge designed, fabricated and constructed in Australia by Australians." Its completion allowed for easier migration for people dwelling in other states and resulted in an influx of a working population.

"The Port is a major driver of the economy, including the trading hinterland of Queensland and large areas of Northern New South Wales. A diverse range of commodities transfer through the port, providing a firm foundation of economic stability."

The Port of Brisbane

Main article: Port of Brisbane

The Port of Brisbane holds historical significance in regards to prosperous economic growth in both Brisbane and broader Queensland. The Port of Brisbane Pty Ltd outlines that, "The history of European settlement in Brisbane is directly tied to the development and evolution of its port," and that it has strengthened international ties, which is crucial if Brisbane is to become a global city.

In 2016-17, it facilitated the export and import of 33.2 million tonnes of commodities.

During the early- to mid-1990s, Brisbane experienced GDP growth at a higher rate than the rest of Australia, however has also been prone to more severe contractions, attributed to the introduction of the Goods and Services Tax.

Industries

The top five industries in Brisbane by employment as of November 2018 are:

1. Health care and social assistance
2. Professional, scientific and technical services
3. Retail trade
4. Education and training
5. Construction

Large population growth over South-East Queensland has led to the expansion of labour-intensive employment including construction, education, government, health and retail, which accounts for over half of Brisbane's total employment.

The Resource Sector

Employment in the mining industry throughout Australia tripled from a low of 75,400 in February 2001 to a peak of 275,200 in May 2012.

Though the resource boom is slowly declining and negatively affecting Brisbane's economic growth, it continues to contribute to the economy's Gross Regional Product. In 2017, Brisbane's Gross Regional Product was valued at $162 billion, with a 16.6% contribution from the resource sector. In June 2017, Brisbane was estimated to home 198,863 businesses, of which 7277 are directly-supported by the resources sector. The sector contributed $25.8 billion to the Greater Brisbane economy in 2016-2017.

Education

The state of Queensland mandates that children between the ages of 6 to 16 receive schooling, with the state offering twelve years of formal schooling and two years of preliminary schooling. Statistic about population of this age

Brisbane is also home to many tertiary institutions, including Griffith University, The Queensland University of Technology and The University of Queensland. These three universities alone have more than 148,000 enrolled students and attract thousands of international students every year. This is in line with national standards, as education is Australia's third-largest export.

Healthcare

There are over 30 private hospitals and 20 public hospitals in Brisbane and its surrounding suburbs

Labour Market

The population of Brisbane totals over 2.4 million citizens and ranks as the third largest city in Australia, accounting for 19% of the country's population. Unemployment in Greater Brisbane was at a rate of 6.1% in December 2018, which is in line with the state's unemployment rate, ranking as the second most unemployed state in the country as of March 2019. The 2016 census shows that the median age in Brisbane is 35, with around 20% of the population being categorised as children aged 0-14. This is an indication of a relatively young population, pointing to the need for a strong education services sector.

The Lord Mayor's Economic Development Steering Committee has identified a need for growth in education employment, detailing that in the years 2012-2031, education will be amongst the fastest-growing industries for job growth. This is outlined in their Economic Development Plan 2012-2031, delineating that there is a strong need for a redirection of resources to improve education facilities and infrastructure across the city.

Brisbane Economic Development Plan 2012-2031

The Brisbane Economic Development Plan 2012-2031 is a council publication that sets out Brisbane's priorities and actions that are required in order to achieve its economic goals by 2031. It has three main pillars by which it measures its success:

• 1.5 million employed citizens
• Achieving a $217 billion economy
• $75,000 per capita income

The plan outlines Brisbane's need to strengthen the city's relationship with Asia, maximised job growth, improve its tourism potential and to develop its digital economy, as outlined by Lord Mayor of Brisbane, Graham Quirk. Four goals are outlined that are necessary to achieve the above successes:

1. Build Brisbane's global reputation
2. Become more productive
3. Attract talented and global connections
4. Become a 'lifestyle city'
   

The XII Commonwealth Games

Main article: 1982 Commonwealth Games

The XII Commonwealth Games, held in 1982, attracted approximately 26,000 visitors to Brisbane, who contributed an estimated $40.21 million of both direct and indirect impacts to the Brisbane economy. These impacts were mainly recognised through visitor expenditure on community services ($27.462 million), trade ($5.44 million) and manufacturing ($3.84 million). The construction of facilities for the Games injected $53.75 million of expenditure into the economy, such as the Queen Elizabeth II Sports Stadium, the Chandler Sports Centre and the Belmont Rifle Range, which alone contributed to $33 million of expenditure; these establishments also have indirectly contributed to the economy over the previous three decades.

Facilities built for the games such as the Queensland Sport and Athletics Centre still generate revenue for the economy today, attracting more than 231,784 patrons in 2013-14.