Queensland’s economic strength rests on its mix of industries, proximity to Asia and enviable population growth. The Sunshine State is in a fortunate situation with strong prospects, bountiful natural resources and relatively low debt levels.

Since 2000, the Queensland economy has grown at an average annual rate of 3.4 per cent compared with 2.7 per cent nationally. And the number of residents grew more than 2.3 per cent in the year to March 2023, above the national average according to the Australian Bureau of Statistics.

With a mix of interstate and overseas migration, the pull of the Sunshine State is losing none of its lustre. Its population could hit as many 8.3 million by 2046.

These factors give Queensland a tremendous advantage to not only boost existing industries but develop new ones to capitalise on the economic and energy transition facing the country in coming decades. Opportunities include sustainability solutions, critical minerals, hydrogen production and agriculture.

The Queensland Government has announced an $62 billion Energy and Jobs Plan to transform the power system by 2035 – including providing 70 per cent of the state’s power from renewables by 2032.

ANZ is supporting the renewables transition with a target of funding and facilitating $100 billion of sustainable solutions for customers by 2030.

Queensland is also key to Australia’s trade diversification. It is already a well-diversified exporter to major partners like Japan and Korea and is well placed to expand exports to already strong markets like India, the world’s most populous nation.

ANZ wants to help further diversify the Queensland economy. If our proposed acquisition of Suncorp Bank is completed, ANZ is committed to establishing a technology hub in Brisbane to hire or place 700 technology specialists over a five-year period.

Housing Queensland’s workforce presents an opportunity with government plans to increase the supply of housing, including social and affordable homes through new investment and partnerships with the private sector. In June the government committed an extra $1.1 billion to the housing portfolio. When you think of the investment and population boom heading Queensland’s way when Brisbane hosts the Olympic Games in 2032, the future could not look brighter for the Sunshine State.