Australia Economic Strategy Report Australia Economic
Strategy Report
Chapter 1

Macroeconomic overview

Referred to as the “Sunshine state”, Queensland is one of Australia’s most vibrant and diversified states. Due to the trends of population growth, resource investment boom and an increase in its LNG exports, the state’s economy has demonstrated a strong economic growth of 3.5% in FY18, which is above the national average.42 Queensland has a large population of 5 million Australians, with its capital and largest city as Brisbane.42 It has five of Australia’s eleven World Natural Heritage sites, including the Great Barrier Reef. Queensland is the country’s second largest market for tourism.42

Mining is an important contributor to the state’s economy and the state has the largest reserves of high-grade coal and bauxite in the world.42 Apart from mining, the state’s strengths in construction, tourism, education and training, financial and professional services also contribute towards the state’s growing output.

Queensland is positioning itself to capitalize on investment opportunities across a broad range of sectors such as ICT, mining equipment and technology, life sciences, property and construction, aged-care, bio-futures, biomedicine, tourism, advanced manufacturing, aerospace, etc.43 Backed by its Advancing Trade and Investment Strategy 2017-2022, Queensland is focusing on the development of new businesses and innovation. Moreover, Queensland has the lowest payroll tax in Australia, offering investors with ample cost-effective business opportunities.

In the past, the State Government of Queensland has taken initiatives to build stronger ties with India. The Government has set out an India Strategy with key focus areas including:

  1. Increasing inbound and outbound tourism between countries
  2. Supporting an increase in Queensland’s exports to India
  3. Growing education and skill development exchanges with India
  4. Exchanging expertise in mining and mining equipment, technology, agri-business
  5. Inviting Indian investments towards Queensland’s healthcare services

In addition to this, in 2019, the Queensland Government signed an MoU for 3 years with the Government of India on mine safety.44 This agreement focuses on implementing risk-safety management plans, modernizing R&D, providing training and seminars to reduce occupational risk and hazards involved in mining in India.

42 Queensland Government Website
43 Trade and Investment Queensland, Australia
44 Cabinet approves signing of MoU between India and Australia on mines safety, Times of India