Queensland population growth is on the road to recovery, with interstate migrants flocking to the sunshine state as infrastructure investment and higher resource prices act as major drawcards.
Sydney’s “stupid” housing prices has helped underpin this resurgence in population growth, which is now back above the nation’s average, according to Deloitte’s latest business outlook economic report.
Deloitte said that Queensland is well and truly out of the mining investment downturn that plagued the industry over the past few years, with higher prices for the sunshine state’s resource exports and an inflow of tourists revving up the state once more.
And the Queensland government is taking some credit for the surge, with Deputy Premier and Treasurer Jackie Trad pointing to the “once-in-a-generation” $46 billion infrastructure spend and booming commodity industries.
“Queensland offers a more affordable and liveable lifestyle, incredible weather and booming new industries in research, LNG exports and renewables,” Trad said.
“Sydneysiders are saying goodbye to New South Wales and hello to our Sunshine State lifestyle and who can blame them?”
Population growth in Queensland has been faster than the national average for more than a year, hitting its highest level of migration in over a decade.
But it’s not all good news: Queensland’s surge in interstate migrants isn’t necessarily translating into job growth.
“Unlike in some other States – Victoria is a good example – strong population growth has not yet been met with strong job growth,” the report said.
“Queensland’s unemployment rate has been stuck above 6 per cent for most of the past four years, despite improving job market conditions across much of the rest of the country.”
In CommSec’s State of the State’s report, released today, Queensland has once again come in at sixth place – with strengthening construction numbers bolstering otherwise poor employment figures.
Treasurer Jackie Trad was quick to dismiss the report as “looking backwards”.
“CommSec’s report looks backwards, comparing Queensland now to Queensland at the height of unprecedented mining and investment booms,” Trad said.
“With 186,400 new jobs created since 2015 and most major forecasters predicting strong economic growth in the coming years we are building an economy that works for everyone.
“A state with an inclusive, growing economy is the kind of state that people want to visit, live, work and raise their families.”