Queensland is currently faced with a few competing priorities, to say the least. At one end, an accommodation crisis and at the other, an Olympic Games journey and all the infrastructure that is required. Demands for new hospitals, schools and roads are also in the queue, and the elephant in the room is the huge energy transformation agenda, which is not yet funded or getting much airtime.

Navigating these problems requires public debate and education, followed quickly by decisive action to prioritise the limited labour and resources available to get things done.

Housing has become an economic and business problem as much as a social one. Regardless of business size, workforce availability is a consistent issue across the board. The people resources businesses need to get the job done, require somewhere to live. The shortage in accommodation (both owner-occupied and rental) will keep the pressure on Brisbane property prices and rents for some time to come. This is further complicated by the expected influx of migrants and the lack of capacity in the construction industry.

Prioritising what matters to us may mean we also need to reduce our expectations regarding what can realistically be delivered, including those projects relating to the Olympics. It will be prudent to choose investments and commitments that are most important to us, those things that are of most benefit collectively to all our people and provide value for the money and resources that we currently have available.

It seems these challenges will assist in ensuring inflationary pressures continue for longer than most people think. Interest rates may feel like a blunt tool but before criticising, it is prudent to think carefully about how we got here.

When money is cheap, we try to do too much. We want all our problems solved and desires satisfied immediately. We have not prioritised all that well and have spent a lot of money and resources on projects that may not make sense. Higher interest rates are necessary if for no other reason than to ensure the value of money is appreciated and projects are better prioritised.

Notwithstanding the above, with challenges like this come significant opportunities. Australia, in particular, Queensland, is undoubtedly one of the best places in the world to live and demand for our lifestyle will not fade quickly. Our people and businesses are resilient and can see the huge opportunities that lie ahead.

Even if activity is rationalised as projects are prioritised, Government procurement between now and 2032 will be enormous, currently estimated at $180 Billion. Queensland people and businesses are in pole position to capitalise.