ANZ report predicts robust growth for Queensland's economy by 2032

Banking & Financial Services
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Ben Kelleher Chief Risk Officer BMS (Hons), MMS | Australia and New Zealand Banking Group

Queensland's economy is projected to grow significantly by 2032-33, according to a report commissioned by ANZ and prepared by Adept Economics. The report, titled "Queensland: Future State," suggests that the state's economy could expand by 31 percent, with potential growth reaching 46 percent if new opportunities in sectors like critical minerals, hydrogen, and agtech are fully realized.

To achieve this optimistic scenario, the state will require approximately $1.3 trillion in private sector investment over the next decade leading up to the 2032 Olympics. Adept Economics estimates that an additional $230 billion in private sector investment will be necessary to seize these opportunities.

ANZ Group Chief Executive Officer Shayne Elliott expressed confidence in Queensland's economic prospects. He stated, “As a dynamic and growing state, there’s a great opportunity for Queensland to accelerate its already strong economic growth.” Elliott highlighted the state's natural resources, tourism industry, connectivity to Asia Pacific, and growing population as key strengths.

Adept Economics Director Gene Tunny emphasized the credibility of the aggressive growth outlook if Queensland builds on its existing strengths while attracting further investment. Tunny noted that sustainability solutions and critical minerals for a low-emissions economy are among the critical advantages Queensland should leverage.

The report was supported by the Queensland Futures Institute as part of the ANZ Insight series. It underscores both opportunities and challenges facing Queensland's economic future.