Queensland - Economy

Economy

Queensland's economy has enjoyed a boom in the tourism and mining industries over the past 20 years. A sizeable influx of interstate and overseas migrants, large amounts of federal government investment, increased mining of vast mineral deposits and an expanding aerospace sector have contributed to the state's economic growth. The 2008–09 saw the expansion slow to just 0.8% the state's worst performance in 18 years.

Between 1992 and 2002, the growth in the Gross State Product of Queensland outperformed that of all the other states and territories. In that period Queensland's GSP grew 5.0% each year, while growth in Australia's Gross Domestic Product (GDP) rose on average 3.9% each year. Queensland's contribution to the Australian GDP increased by 10.4% in that period, one of only three states to do so.

In 2003 Brisbane had the lowest cost of living of all Australia's capital cities. In late 2005 Brisbane was the third most expensive capital for housing after Sydney and Canberra and just ahead of Melbourne by $15,000.

Primary industries include: bananas, pineapples, peanuts, a wide variety of other tropical and temperate fruit and vegetables, grain crops, wineries, cattle raising, cotton, sugar cane, wool and a mining industry including bauxite, coal, silver, lead, zinc, gold, and copper. Secondary industries are mostly further processing of the above-mentioned primary produce. For example, bauxite is shipped by sea from Weipa and converted to alumina at Gladstone. There is also copper refining and the refining of sugar cane to sugar at a number of mills along the eastern coastline. Major tertiary industries are the retail trade and tourism.