Queensland's economic report card: Key sectors surge in latest data

Queensland is punching above its weight, ranking third in CommSec’s latest quarterly economic performance report.

Economists say the Prime Minister’s beef agreement with the US could open the door to stronger growth in Queensland, despite fears of competition from Mexican and Canadian originated cattle, by generating economic goodwill with Donald Trump.

Queensland is already punching above its weight, ranked third in CommSec’s latest quarterly economic performance report.

It trails only Western Australia and South Australia, but is showing sharp signs of momentum, with rising housing demand, strong jobs growth, and a surge in US exports.

The Sunshine State’s $4.2 billion export industry to the US grew by a quarter over the past year.

Chief CommSec economist Ryan Felsman said an improved trade agreement could accelerate that even further.

“Without these restrictions and trade barriers, it could be a pickup in two-way trade,” he said. “And with China stimulating their economies and the US easing some of those restrictions, what we could potentially see therefore is that two-way trade with the US pick up even more with a bit of an easing there.”

While Queensland produces more beef than any other state, some have raised concerns about competing with increased supply from other American trade partners.

But economists suggest the broader economic upside, from diplomatic ties to export potential, could outweigh any short-term disruption to cattle producers.

CommSec senior economist Ryan Felsman

CommSec’s report also highlights a state powering through post-Covid-19 uncertainty. Queensland recorded a 39.2 per cent increase in home loan values in the March quarter, second only to Western Australia, and maintains a four per cent unemployment rate, supported by strong health sector demand.

More than 81,700 job vacancies were advertised last month alone.

The report acknowledged setbacks, including coal export delays from North Queensland flooding and global trade turbulence following ex-Tropical Cyclone Alfred.

But Mr Felsman said Southeast Queensland remained one of the country’s brightest prospects.

He described the region as “the growth corridor of the country” ahead of the Brisbane 2032 Olympics, and predicted it would soon rival Western Sydney as a national economic powerhouse.

“WA is going through a renaissance at the moment, certainly post-COVID people have recognised that the isolation of Perth and WA is a positive in an uncertain world,” Mr Felsman said.

“But really that’s probably a short term scenario, whereas South East Queensland is, along with Western Sydney, the potential growth engine of the country going forward, particularly with the Olympic Games in 2032.”

The state rankings listed in order were WA, SA, QLD, Victoria, Tasmania, ACT and NSW, and NT.

Originally published as Queensland's economic report card: Key sectors surge in latest data