According to the projections of the Queensland Treasury, the non-financial public sector (NFPS) debt will grow to $81 billion by 2020–21 (Table D1, 2017–18 Budget Paper 2). It is also much lower than the level of borrowing incurred by other economic agents. to protect livestock in south-east Australia. [16] Farms around the coastal town of Bowen produce Australia's largest winter crop of vegetables. The 2019-20 State Budget forecast Queensland’s economy to grow by 2¾% in 2018-19, and strengthen to 3% in 2019-20. international students enrolled in the state, South East Queensland Infrastructure Plan and Program, "2010–11 Annual Economic Report on the Queensland economy", "2008–09 Annual Economic Report on the Queensland economy", "Queensland's unemployment rate now the highest in Australia", "Queensland Economy: Current performance and outlook", "Brisbane business visitor numbers skyrocket", "International students studying in regional areas", "Farmers versus mining on the Darling Downs", "Lockyer food bowl banks on diversification", "Sky is not the limit for September vegetable prices", "The Queensland Economy: Built on more than just coal and sunshine", "Australia floods 'to hit global steelmaking, "Xstrata digs deep to boost Qld mine life", http://www.abc.net.au/tv/programs/landline/old-site/content/2010/s2888078.htm, "Surat Basin to become one of the nation's boom economies", "Farmers fight for their rights in gas battle", "Ports backlog forces Anglo Coal jobs rethink", "2004–05 Annual Economic Report on the Queensland economy", "2005–06 Annual Economic Report on the Queensland economy", "2006–07 Annual Economic Report on the Queensland economy", "2007–08 Annual Economic Report on the Queensland economy", "2009–10 Annual Economic Report on the Queensland economy", "Asset sell-off only decided last week: Bligh", "Economists slam Bligh's asset sell-off bid", "Queensland retailer fears ruin by payroll tax", "Tourism related information and statistics", "The Great Barrier Reef and beyond: a beginner's guide to Queensland's coast", "Earth's Top Travel Destinations Revealed", "Queensland housing industry hit by skills shortage", "Queensland housing now the most unaffordable", "The dingo fence - world's longest fence", "1301.0 - Year Book Australia, 2001: Agriculture, The Early Years", "Economic growth, Queensland, Rest of Australia and Australia, 1986–87 to 2008–09", "Qld loses AAA credit rating after budget blow-out", Office of Economic and Statistical Research, https://en.wikipedia.org/w/index.php?title=Economy_of_Queensland&oldid=977318803, Articles with dead external links from May 2019, Articles with permanently dead external links, Articles with dead external links from November 2018, All Wikipedia articles written in Australian English, Articles with specifically marked weasel-worded phrases from October 2018, Articles containing potentially dated statements from 2009, All articles containing potentially dated statements, Articles with failed verification from October 2018, Creative Commons Attribution-ShareAlike License, Retail trade (11.7%), Construction (11%), Health care & social assistance (10.1%), Manufacturing (8.5%), Education & training (7.6%), Mining, tourism, agriculture, financial services, Coal, beef, aluminium, copper, copper ores & concentrates, fertilizers, animal feed, zinc ores & concentrates, lead ores & concentrates, lead, Japan (29.5%), India (11.8%), Republic of Korea (11.3%), China (9.3%), Taiwan (5.8%), Crude petroleum, passenger motor vehicles, refined petroleum, gold, goods vehicles, civil engineering equipment & parts, rubber tyres, treads & tubes, aircraft, spacecraft & parts, furniture, mattresses & cushions, mechanical handling equipment & parts, China (11.9%), United States (11.1%), Japan (10.2%), Papua New Guinea (7.2%), Malaysia (5.7%), This page was last edited on 8 September 2020, at 05:06. Economic policy priorities for Queensland are to develop a diverse economy, to create more jobs and to manage both urban growth and develop Queensland's regions. As an update, we estimate that a budget deficit close to $3 billion less than the $5 billion deficit predicted for 2018/19 is necessary just to stop Queensland’s public debt growing as a proportion of GSP, that is stabilise debt. 1. [29] Copper was discovered at Cloncurry in 1869. [29] An Australia-wide trend towards recession hit Queensland particularly hard from July 1866. For example, in 2007 there were 50 ships waiting off the coast to be loaded. 90% of the country's banana crop was destroyed. The Gold Coast is home to numerous popular surf beaches such as those at Surfers Paradise and Burleigh Heads. [22], Queensland has the largest onshore oil and gas potential in the country as the state is relatively under-explored. [22] A series of gas pipelines, which began operating in the late 1990s, connects users in Mount Isa and Brisbane to the south west. [22], Gemstones such as sapphire, opal and chrysoprase are also mined in commercial quantities. A diversified economy. The Gold Coast's hinterland includes Lamington National Park in the McPherson Range. Contrary to the recommendations of the 2013 Costello Commission of Audit, the LNP government did not pursue the outright sale of assets the Audit identified for sale — Energex, Ergon, Powerlink and the Queensland Investment Corporation. Probably not. Electronic Component Lead-Times Continue to Rise: What’s Causing These Shortages? [13] Most of the state's sugar crop is marketed through Queensland Sugar, which until 2006 compulsorily acquired all sugar grown in the state under a single desk arrangement.[13]. China’s national debt is currently 54.44% of its GDP, a significant increase from 2014 when the national debt was at 41.54% of China’s GDP. This will support the recovery. [29] The largest ports in Queensland are the Port of Gladstone, followed by the Port of Brisbane and then the Port of Townsville.
Considerable scope therefore exists for pruning industry assistance as the top priority. Unfortunately, these actions caused Japan’s debt level to skyrocket. It was not long before gold discoveries signaled a turnaround in Queensland's economic activity. Poor planning including the canceled Traveston Crossing Dam and cost blowouts in the budgets for the Gold Coast desalination plant, Wyaralong Dam, Tugun Bypass and Airport Link projects has not helped the bottom line. The first thing to realise is that $81 billion is not a very large amount when compared to the size of the Queensland economy. This argument is misleading as it fails to recognise that any asset sale price or lease terms negotiated between the state government and private sector would normally reflect the future stream of returns the government would otherwise have received. This equates to over $1000 per Queenslander per annum. Fabrizio Carmignani is Dean (Academic), a Professor of Finance and Economics in the Griffith Business School, and Vice President of the Economic Society of Australia (Qld). [65] Refrigeration and regular steamer services between Brisbane and London allowed Queensland to become Australia's largest exporter of meat in the same year. Although there was a rise in the number of unemployed people, the labour market expanded 2.2% in the 2008-09 financial year. It also includes the largest concentration of amusement parks in Australia, including Dreamworld, Movie World, Sea World, Wet 'n' Wild and WhiteWater World, as well as the Currumbin Wildlife Sanctuary. China’s national debt is currently over ¥38 trillion (over $5 trillion USD). [59] In 1963 the world's richest deposit of bauxite was discovered at Weipa. [34] In early 2009, Queensland's credit rating was downgraded by rating agency Standard & Poor's to AA+ after the state's budget deficit increased to more than A$1.5 billion. Second, there is no clear indication that Queensland debt is becoming unsustainable. [22] Also located here is Australia's largest aluminium smelter, Boyne Smelters. [37] The current Treasurer of Queensland is Jackie Trad. Moreover, the current rate of growth of nominal GSP (5.8%) is above the interest rate paid by the Queensland Treasury Corporation on interest bearing liabilities (5.2%) . [22] The state's first iron ore mine near Cloncurry will begin production in late 2011 and full-scale operation by early 2013. Little has changed since. One of the largest alumina refineries in the world, Queensland Alumina, was built at Gladstone in 1967. 90%). Greece, Italy, where debt is more than 100% of GDP). In the ten from 2000, about 1200 wells have been sunk in the western Darling Downs, with that figure set to rise to 20 000 over the following decade. It is therefore possible to design fiscal policy in a way that contributes to the fundamental goals of the society, without the need to obsess about debt. According to the terminology used by Treasurer Scott Morrison when presenting the 2017 Federal Budget, this is then “good” debt.
Like Most Things In Government, Anti-Trust Policy Is Terribly Misguided. That said, on the revenue side, the State government could: These revenue measures alone are unlikely to reduce the stock of state debt to a more sustainable level and are the least attractive budget repair option in light of Queensland’s already poor tax competitiveness relative to major Asian trading partners.
Some Central Queensland ports have experienced significant backlogs in recent years.
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