Strong foundations for Smart State growth
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The Smart State vision means improved economic conditions for Queenslanders - a superior rate of economic growth, lower unemployment, increased exports and well-paid jobs. Achieving the Smart State vision relies on strong foundations for future growth. This includes a range of initiatives and programs to ensure that the Smart State is built on the base of a progressive and productive economy. The characteristics of our Smart State economy include a highly educated and skilled population; advancing productivity; a culture of creativity and innovation; and opportunities spread throughout Queensland communities, regardless of socio-economic or regional factors. The Queensland Government has been laying the foundations for a Smart State through sound economic management. Queensland's buoyant economic conditions mean there is no better time to invest in the changes that will ensure future prosperity for all. Queensland's strategy for continued economic growth and prosperity focuses on productivity driven by sound fiscal and economic settings, microeconomic reform, infrastructure investment and investments in skills and innovation. |
Your Smart State, your sayWe are now looking to build on these achievements, and develop the next Smart State Strategy to take us into the future. After considering this report, you are invited to contribute your comments to guide the development of the next stage of the Smart State Strategy, to be released in 2008. |
Our Smart State achievements
Queensland has a superior financial position ensuring that the state can meet its current and future obligations. Our economy is growing faster than the rest of Australia; we have the largest infrastructure program per capita of any state to build the future; and Queensland exports are strong, growing 34 per cent from 2004-05 to 2005-06, with this high level maintained in 2006-07.
Although our labour productivity growth is greater than the rest of Australia, the challenge remains to meet and exceed national productivity levels. The current high investment in infrastructure is likely to have a significant positive impact on future productivity.
Queensland's economy is growing faster than the rest of Australia.
Economic growth in Queensland was 4.5 per cent in 2005-06 compared to the rest of Australia at of 2.6 per cent.1
Annual percentage change (%)
More and more Queenslanders of working age are participating in the labour force.
Labour force participation has climbed steadily from 64.9 per cent to 67.1 per cent in the period 1997-98 to 2006-07.2
Real income levels of Queenslanders are growing.
Our Gross State Product per capita has grown by 2.7 per cent per year over the 10 years from 1995-96 to 2005-06.3
Queensland continues to experience strong labour productivity.
Our labour productivity growth was 2.3 per cent per annum compared to the rest of Australia of 1.8 per cent for the 10 years from 1995-96 to 2005-06. Our employed labour and real output were also higher than the Australian average.4
Growth (%)
Queensland enjoys higher growth in household disposable income than the rest of Australia.
On a per capita basis Queensland has enjoyed 4.4 per cent growth per annum compared to the rest of Australian at 4 per cent growth in the period 1997-98 to 2005-06.5
Growth (%)
Queensland has the fastest jobs growth in Australia.
Queensland's jobs growth has been more than double the rate of the rest of Australia during 2006-07, with Queensland at 4.6 per cent and the rest of Australia at 2.2 per cent.6
Annual growth (%)
Queensland has enjoyed the lowest unemployment rate since the 1970s.
Our unemployment is down from an average of 9.2 per cent in 1996-97 to 4 per cent in 2006-07.7
Unemployment (%)
Queenslanders pay less state tax than people in other states.
Queenslanders pay 4.06 per cent of Gross State Product (GSP) compared with the Australian average of 4.7 per cent.8
What does it mean for Queensland?
Queenslanders are enjoying an unrivalled period of economic success. This success has been built through maintaining a strong budget surplus estimated at $2.393 billion in 2006-07, and an infrastructure investment program of more than $146 billion in 2007-08.
Over the past 10 years the Queensland economy has out-performed the rest of Australia and the G7 nations (Britain, Canada, France, Germany, Italy, Japan and the United States).1
Index 1997 - 98 = 100
The Queensland Future Growth Fund, established in 2006, enabled a substantial $3 billion investment in Queensland including an additional $100 million on Smart State research projects, $300 million on clean coal technology research projects and $100 million for renewable energy initiatives.
Queensland's economic and fiscal management framework provides a stable and supportive environment for a culture of innovation in Queensland.
Last reviewed 29 October 2007