Exclusive: Gold Coast building $50 billion economy on youth wave before 2032 Olympics

An extraordinary new report reveals the Gold Coast is on the cusp of a massive influx of young people, bucking trends seen elsewhere in Queensland. Read the full details – and what it means for the city.

The Gold Coast will be Australia’s fastest-growing city leading into the 2032 Olympics – outpacing the rest of Queensland – as it rides a youth population influx, a report reveals.

The State of the City Golden Opportunities report predicts the Gold Coast will be home to one million residents by 2040 fuelled by strong growth in its youth population “bucking forecast trends across the rest of Queensland including Brisbane”.

Deloitte in their report – revealed exclusively by this masthead ahead of its public release on Tuesday – says the Coast is expecting 38.3 per cent growth in its under-20 population by 2046. The youth population boom exceeds Brisbane (5.7 per cent) and Queensland (23.1 per cent).

A new State of the City economic report shows the Gold Coast is headed towards a golden age.

“This will provide the Gold Coast with a strong labour force pipeline and increase demand for educational services in the region,” the report says.

The City’s Growth Regional Product (GRP) is $49.4 billion – $775 million above forecast and the largest of any non-capital city in Australia with a record annual five per cent growth.

The City will release findings at a business breakfast at The Langham Gold Coast on Tuesday with the report guiding the future investment opportunities by Invest Gold Coast.

A new State of the City economic report shows the Gold Coast is headed towards a golden age, with a strong boost in young people arriving. The health industry will be a booming sector.

Mayor Tom Tate said the city was becoming “one of the great lifestyle cities.”

GRP in just more than a decade had increased 50 cent “making us the largest economy of any non-capital city in Australia”. Economic value rose by $4 billion in 2023-24.

“We have a strong economic outlook as a result of higher-than-average population growth and robust business investment which is outperforming Queensland and Australia,” Mr Tate said.

“Economic growth has presented significant opportunities for local employment and inbound investment as well as providing unparalleled prospects for tourism and major events.

Mayor Tom Tate — sees the Coast as one of the “great lifestyle cities of the world”. Photo by Matt Roberts/Getty Images for NBL.

“It’s the enviable lifestyle and these diverse opportunities that are attracting people to our city in droves, whether it’s to live, work or play.”

City CEO Tim Baker said key sectors construction, health, manufacturing, and retail were driving growth supported by years of targeted investment and strategic attraction programs aimed at diversification

“We have established ourselves as national leaders in specialised, high-employment sectors such as screen production, arts and recreation services and the marine industry, particularly in boat building,” he said.

New city entity Invest Gold Coast says it will target investment in six sectors - healthcare, tourism, sport and major events, future industries like marine, screen and gaming plus the knowledge economy with education a stand-out.

Gold Coast City Council CEO Tim Baker (pictured left) with Will Hodgman, the former Tasmanian Premier who is heading up Invest Gold Coast.

Invest Gold Coast chair Will Hodgman said the aim was improving collaboration between public and private sectors to attract greater investment and build a larger workforce.

“Invest Gold Coast is perfectly placed to work with sectors to attract investment and drive sustainable economic development to capitalise on this advantage,” he said.

The 38.3 per cent youth population surge, exceeding the Queensland average, is expected to create a booming education sector.

Education and future skills was one of the city’s fastest growing sectors, with 4.3 per cent growth in employment from 2011 to 2024.

“Such growth has been fuelled by the attractiveness of the Gold Coast to young families and international students, consequently increasing the demand for education and training services,” the report said.

The city boasts a large international student population with more international arrivals than Canberra and Hobart, the report added.

The Gold Coast is headed towards a golden age, according to a new State of the City economic report. Part of that trend is the big contribution by the screen industry, led by the film studios at Oxenford.

Priority sectors identified for future investment by Invest Gold Coast guaranteed to generate the greatest economic dividends are:

• Health and wellbeing - contributed $4.3 billion in 2022-23 with the Gold Coast Health and Knowledge precinct the flagship and ongoing build of the Coomera Hospital;

• Tourism, sport and major events - the city welcomed 13 million visitors in 2024 visiting 30 beaches, the hinterland and major events, spending more than $8 billion at theme parks;

• Building future industries - headlined by the largest leisure marine shipyards;

• Screen and game production - productions at Village Roadshow Studios reached $4.9 billion.

• The knowledge economy - professional and digital services including innovation spaces remain one of the fastest growing sectors;

• Education and future skills - employs 32,000 Gold Coasters and will grow on youth population wave.

Follow @PaulWestonGC 

 

Originally published as Exclusive: Gold Coast building $50 billion economy on youth wave before 2032 Olympics