State of the City Report forecasts Brisbane’s economy will rise by 68 per cent between 2021-41

A new report has outlined a rosy future for Brisbane with population increases, a skilled workforce and tourism boom to unlock economic growth over the next 20 years.

Brisbane has Australia’s fastest-growing working age population out of Australia’s major cities, 41 per cent growth in exports to 2031, and the highest growth in room revenue for hotels in the country.

A combination of Brisbane’s skilled workforce, innovation hubs, manufacturing growth and soaring popularity as a tourism destination will unlock the city’s $275bn future, according to a new report.

The inaugural State of the City Report, developed by Brisbane Economic Development Agency, in partnership with Deloitte Access Economics, forecasts Brisbane’s economy will increase by 68 per cent over 20 years to 2041.

That growth will be powered by Australia’s fastest-growing working age population out of Australia's major cities, 41 per cent growth in exports to 2031, and the highest growth in room revenue for hotels in the country.

Brisbane Economic Development Agency chief executive Anthony Ryan said the State of the City report confirmed Brisbane was setting the pace for growth in Australia.

“Brisbane is an economic powerhouse in the Asia Pacific, driven by our strategic location, highly skilled workforce, global innovation hubs and nation-leading capability,” he said.

“The findings of this report articulate the economic opportunities, momentum, and growth in Brisbane which, combined with our unmatched lifestyle, make Brisbane one of the best cities in the world.

“The camaraderie in our business community, underpinned by strong expertise, infrastructure, and ambition, is what continues to attract businesses, talent, and investors to Brisbane.”

The report examines the 10-year growth forecast in priority sectors where Brisbane is driving innovation, including health (36 per cent), property and construction (41 per cent), transport and logistics (43 per cent), advanced manufacturing (29 per cent) and professional services (50 per cent).

Importantly, Brisbane’s population has grown faster than any other major Australian capital city over the past 10 years, by almost 21 per cent since 2013, with the broader South East Queensland region expected to boom to 6 million by 2046.

The report attributes this growth potential to the city’s ability to commercialise emerging industries, with Brisbane boasting more than 140 innovation hubs, the highest density of hubs per capita in Australia, world-leading robotics skills and research, and manufacturing exports growth outpacing the rest of Australia.

Brisbane’s experience economy, forecast to grow 41 per cent in the decade to 2031, was in higher demand than ever before in 2023, with a record breaking $10.1bn visitor spend. This includes Australia’s highest revenue growth per available hotel room (RevPAR), up 47 per cent from 2019, and higher hotel occupancy than pre-Covid, signalling opportunities for businesses and investors.

The city’s culinary boom also saw Queensland record Australia’s highest annual growth of cafes and restaurants in 2022-23.

Lead partner at Deloitte Access Economics Pradeep Philip said Brisbane offered significant growth opportunities for businesses, innovators, and investors.

“Brisbane is the definition of a growth stock, with clear opportunities for innovators, investors and businesses across Australia and internationally in the years to come,” he said.

“This is evident in Brisbane’s talent market, where it has recorded the fastest growing working age population among Australia’s major centres, with 7.7 per cent growth against an average of 4 per cent across major cities.

“This, combined with Australia’s highest ranked university, a 32 per cent increase in university graduates in the past five years, and the highest statewide rates of technical and trades education attainment in the country, positions Brisbane with a highly competitive, skilled, and growing workforce.”

Brisbane Lord Mayor Adrian Schrinner said Brisbane’s economic opportunities and lifestyle offerings were driving growing demand.

“Brisbane is Australia’s lifestyle capital and people from all corners of the globe are chasing a slice of the incredible opportunities we have to offer,” he said.

“Our city is also being increasingly recognised as both a must-do destination and a great place to live, with record visitor spending and the fastest-growing working age population of Australia’s major centres.

“Brisbane’s success hasn’t happened by accident and this report demonstrates Brisbane is just getting started.”