As of late, Brisbane has been receiving a lot of talk and hype as the new World City of Australia, after hosting the G20 Leaders’ Summit in 2014. This thriving, progressive and multicultural city is ever ready to play an economic leadership role in the Asia Pacific region.
Despite the mining and resources industry facing a challenging time now, Brisbane is supported by many other industries such as higher education and technology, while aiming to become a global hub in scientific innovation, meetings and is committed to strengthening trade and commerce across the globe.
With strong demand continuing for its natural resources from emerging Asia, Australia is in an enviable position. Queensland is perfectly positioned to capitalise on this and consequently the Queensland economy is expected to grow 6 per cent in 2015-16 (Source:Queensland Treasury and Trade, State Budget 2013-14 Mid-Year Fiscal and Economic Review).
Brisbane is also Queensland’s economic engine room – a growth city with a strong history of economic performance and significant infrastructure investment. The economy is predicted to grow to be worth more than $217 billion by 2031 (Source: Brisbane City Council, Economic Development Plan 2012-2031).
Consumer confidence in Brisbane is strong due to its younger and faster growing population than the other capital cities in Australia. South East Queensland is one of Australia’s largest metropolitan regions, comprising of 3.1m people. With such a youthful and skilled population, it will not be surprising that Brisbane will soon catch up to its neighbours – Melbourne & Sydney.
Brisbane will be on the road to becoming an economic powerhouse in the Asia Pacific region in the near future.
This article is contributed by Jooann Tay, from +Vantage group.