Gold Coast economic data reveals surging city’s $45bn value on back of diversification and investment

The Gold Coast has Australia’s fastest-growing economy, with a new report revealing the city’s fiscal output is now worth an astonishing $45bn. FIND OUT HOW

The Gold Coast has Australia’s fastest-growing economy, with a new report revealing the city’s fiscal output is now worth an astonishing $45bn.

The council-generated outlook report, which will be published on Monday, reveals the city’s economy is growing beyond all projections, with the good times set to keep rolling for at least another four years.

Mayor Tom Tom Tate said the figures revealed the city’s 17.4 per cent economic growth rate, between 2021 and 2023 was nearly double of Australia, which was 9.8 per cent during the same period.

“The city of Gold Coast’s continued investment into a diverse range of industries has led to the strongest average annual population growth in the country at 5.5 per cent between 2021-2023,” he said.

Gold Coast Mayor Tom Tate. Picture, John Gass

“Since Covid, the Gold Coast has flourished with a vast number of work and business opportunities that have created a sustainable cycle of economic activity and this will continue to evolve.

“Our economy is diverse and has become much more than just tourism. We have a favourable employment landscape plus strong business and investment incentives which all contribute to this outstanding growth.

“It’s no wonder the Gold Coast is a place where people want to invest, live, work and visit.”

The report reveals:

* The Gold Coast’s gross region product (GRP) of $45bn was $630m higher than forecast.

* The Gold Coast’s GRP grew 5.5 per cent between 2021 and 2023, the highest in the country, followed by greater Perth (5.4 per cent) and greater Brisbane.

* The city’s high medium-term growth forecast is 10.07 per cent through 2028.

* The city’s unemployment rate sits at 2.8 per cent, below the national rate of 3.9 per cent.

The Gold Coast is a city with a booming economy. Picture by Richard Gosling

The report says there are significant opportunities ahead for existing and new businesses.

“For existing Gold Coast businesses, the results are showing future opportunities for sustainable growth catalysed by an upward economic trajectory,” it reads.

“Additionally, it signals that the local economy has advantage in capacity, relative to larger cities where they are already at capacity, Gold Coast has more room to grow.

“For businesses considering Gold Coast expansion, the City is focused on economic development and investment, strengthening an ever-improving diversified economic base.

“Gold Coast’s strong GRP result is in part driven by high net migration and a favourable employment landscape contributing to the average annual growth of 5.5 per cent during 2021-23 (post-pandemic).

Investment in transport infrastructure helped boost the Coast’s economy, the report reveals. Picture: Department of Transport and Main Roads.

“Furthermore, investment in infrastructure, such as transportation, healthcare, and education have also spurred economic growth.

The report notes the Gold Coast was avoiding the economic peaks and troughs of previous decades.

“Gold Coast’s diversified economy creates a buffer against sector-specific downturns, which help lessen economic shocks and/or impacts,” it reads.

“Gold Coast’s economy also demonstrated how nimble the economy is in responding to stimulus initiatives helping the economy bounce back faster.”