Queensland’s economy
Over the past 2 decades, Queensland’s economic growth has exceeded the national average. It reflects a range of factors and trends, including strong population growth, the resources investment boom, associated upturn in LNG exports, ongoing strength in mining and solid growth across a range of key sectors including leading service-based industries.
A strong position
The 2026-27 State Budget forecast Queensland’s economic growth to strengthen to 2½% in 2025-26, after rising 2.2% in 2024-25, which was the strongest amongst all states. Economic growth is expected to moderate to 1¾% in 2026-27, due to challenging external environment and tighter financial conditions, before gradually rising to 2¼% by 2028-29.
Despite headwinds from increased interest rates and inflation, Queensland’s labour market has remained strong, with ongoing employment growth, a solid participation rate and a low unemployment rate. Employment is forecast to grow at 1¼% in both 2026-27 and 2027-28 and average 1½% thereafter, while the State’s unemployment rate is forecast to rise from 4¼% in 2025-26 to 4¾% from 2026-27, still well below the long run average rate in Queensland of around 7%.
Queensland’s population totalled 5.7 million on 31 December 2025. Population growth continues to moderate following a surge in recent years, which was largely driven by a rebound in net overseas migration. A normalisation in net interstate migration and a continued moderation in net overseas migration are expected to constrain growth in coming years. Queensland’s overall population growth is forecast to moderate from the 1.9% recorded in 2024-25 to 1¾% in 2025-26, 1½% in 2026-27, and 1¼% in 2027-28.
A diversified economy
Health care and social assistance was Queensland’s largest industry in 2024-25, worth A$48.5 billion in nominal gross value added (GVA) terms (9.8% of Queensland’s total GVA). The health care sector is also the state’s largest employer, with 519,100 workers in 2025.
The health sector has also been the strongest contributor to Queensland’s economic growth over the last decade, growing by 5.9% per annum in real terms. As the state’s population ages and the demand for health services increases, job opportunities in this sector are expected to continue to increase.
Mining was the second largest contributor to the Queensland economy in 2024-25, accounting for $43.8 billion (or 8.8% of total GVA). Reflecting a decline in key commodity prices, mining industry nominal GVA is down from a peak of $85.1 billion in 2022-23. Mining’s share of economic activity is heavily influenced by movements in global commodity prices. Over the past decade, the industry has averaged 11.9% of annual Queensland GVA but fluctuated between a low of 6.6% and a high of 17.9%.
The latest Tourism Research Australia data estimates the tourism industry to have contributed $15.7 billion in GVA to the Queensland economy in 2023-24. Our tourism market is the second largest in Australia, accounting for 23.8% of national tourism output and providing 156,000 direct jobs in 2023-24. Meanwhile, the education and training sector contributed $23.9 billion (5.0% of total output) to Queensland’s economy in 2023-24.
The ongoing diversification of Queensland’s economy is also reflected in the strength of the state’s financial and professional services sectors. Combined, these sectors accounted for $63.2 billion of Queensland’s economic output in 2024-25 and employed 313,100 people in 2025.
The second-largest employer in the state is the construction sector, with employment of 288,000 in 2025. The construction industry contributed $41.2 billion (8.3% of total output) to Queensland’s economy in 2024-25, making it the state’s third-largest industry.
Economic snapshot
The following data provides a snapshot of the key indicators used to assess the economic performance of Queensland. They are regularly updated to reflect the most recent data.
About the Queensland Economy
| Date | Queensland |
|---|---|
| 2016 | -0.8 |
| 0.4 | |
| 1.8 | |
| 3.6 | |
| 2017 | 3.1 |
| 3.5 | |
| 3.9 | |
| 3.4 | |
| 2018 | 4.1 |
| 3.6 | |
| 1.7 | |
| 1.2 | |
| 2019 | 0.7 |
| 0.4 | |
| 1.7 | |
| 2.1 | |
| 2020 | 1.7 |
| -5.1 | |
| 0.6 | |
| 2.3 | |
| 2021 | 2.5 |
| 11.6 | |
| 6.4 | |
| 4.7 | |
| 2022 | 5.5 |
| 4.5 | |
| 3.6 | |
| 3.5 | |
| 2023 | 3.3 |
| 4.4 | |
| 3.3 | |
| 3.7 | |
| 2024 | 3.9 |
| 2.2 | |
| 3.2 | |
| 2.3 | |
| 2025 | 2.1 |
| 2.2 | |
| 3 | |
| 3.1 | |
| 2026 | 3.1 |
Queensland’s State Final Demand (SFD) is an aggregate measure of the economic production of goods and services by Queensland’s domestic economy (which excludes international and interstate trade).
Source: ABS National Accounts
| Date | Metallurgical coal | Thermal coal | LNG | Metals | Agriculture | Other |
|---|---|---|---|---|---|---|
| May-16 | 17269 | 4124.9 | 4854.4 | 8573 | 9320 | 3838 |
| May-17 | 29434 | 4814.6 | 8224.2 | 8377 | 9602 | 3714 |
| May-18 | 34085 | 6346.3 | 10628.8 | 9403 | 9362 | 4087 |
| May-19 | 38078 | 7393.4 | 15418.4 | 10490 | 9852 | 4683 |
| May-20 | 32523 | 5741.2 | 15842.7 | 10104 | 10097 | 4865 |
| May-21 | 20619 | 3780.1 | 9412 | 9978 | 8769 | 4626 |
| May-22 | 54634 | 9691.5 | 18573.2 | 11692 | 11529 | 5737 |
| May-23 | 57843 | 18601.3 | 24158.6 | 10961 | 15064 | 6082 |
| May-24 | 49007 | 9967.7 | 22402.2 | 12201 | 13782 | 6206 |
| May-25 | 36000 | 9395.2 | 21877 | 15110 | 15387 | 6876 |
| May-26 | 33596 | 7963.5 | 17762.9 | 15188 | 17252 | 8091 |
Nominal value of Queensland merchandise exported internationally.
Sources: Unpublished ABS trade data and Queensland Treasury
| Date | Part-time | Full-time | Total |
|---|---|---|---|
| 2016 | 23.3 | -9.2 | 14.1 |
| 15.1 | -10.3 | 4.8 | |
| 7.9 | -11.2 | -3.3 | |
| 4.1 | -14.7 | -10.7 | |
| 5.4 | -21.5 | -16.1 | |
| 10 | -28.2 | -18.2 | |
| 16 | -31.4 | -15.4 | |
| 2017 | 21.5 | -28.3 | -6.9 |
| 25.9 | -19.8 | 6.1 | |
| 30.8 | -8.7 | 22.2 | |
| 37.2 | 2.5 | 39.8 | |
| 45 | 13.3 | 58.3 | |
| 53.5 | 22.9 | 76.4 | |
| 60.3 | 31.1 | 91.4 | |
| 64.1 | 38.7 | 102.8 | |
| 62.3 | 47.9 | 110.2 | |
| 54.5 | 59.1 | 113.7 | |
| 43.6 | 69.3 | 112.9 | |
| 32.6 | 75.1 | 107.8 | |
| 2018 | 24.9 | 74.8 | 99.8 |
| 21.8 | 68.7 | 90.5 | |
| 21.7 | 59.2 | 81 | |
| 22.3 | 49.8 | 72.1 | |
| 21.4 | 42.7 | 64.1 | |
| 17.4 | 39 | 56.4 | |
| 11.8 | 38.4 | 50.1 | |
| 6.3 | 39.2 | 45.4 | |
| 2.7 | 39.1 | 41.8 | |
| 2.1 | 37.1 | 39.3 | |
| 3.4 | 34.9 | 38.3 | |
| 5.7 | 34 | 39.8 | |
| 2019 | 7.1 | 35.2 | 42.3 |
| 5.8 | 38.7 | 44.5 | |
| 2.2 | 42.8 | 45 | |
| -2.2 | 45.7 | 43.5 | |
| -5.1 | 46.3 | 41.2 | |
| -5.6 | 45.2 | 39.7 | |
| -3.5 | 42.7 | 39.2 | |
| 0.6 | 39 | 39.5 | |
| 6 | 35 | 41 | |
| 12.1 | 30.6 | 42.7 | |
| 18.3 | 25.4 | 43.6 | |
| 23.4 | 19.8 | 43.2 | |
| 2020 | 28.1 | 13.8 | 41.9 |
| 33.9 | 7.6 | 41.5 | |
| 41.1 | 1.8 | 42.9 | |
| -27.6 | -73.6 | -101.2 | |
| -22.1 | -73.8 | -95.9 | |
| -17.9 | -71.1 | -89 | |
| -15 | -65.8 | -80.8 | |
| 41.1 | -58.3 | -17.2 | |
| 42.9 | -49.8 | -6.9 | |
| 43.6 | -40.2 | 3.3 | |
| 42.9 | -29.8 | 13.1 | |
| 41.1 | -19.2 | 21.9 | |
| 2021 | 37.9 | -7.4 | 30.5 |
| 33.1 | 6.1 | 39.2 | |
| 27 | 20.2 | 47.3 | |
| 96.7 | 104.8 | 201.6 | |
| 90.8 | 114.3 | 205.2 | |
| 84.2 | 120.4 | 204.6 | |
| 76.4 | 123.1 | 199.5 | |
| 14.5 | 122.3 | 136.9 | |
| 7.1 | 119.7 | 126.8 | |
| 1.8 | 116.7 | 118.5 | |
| -1.4 | 115.4 | 114 | |
| -3.3 | 117.2 | 113.9 | |
| 2022 | -5.4 | 121.6 | 116.2 |
| -8.4 | 126.8 | 118.4 | |
| -10.7 | 131.4 | 120.7 | |
| -10.6 | 133.5 | 123 | |
| -6.4 | 131.3 | 124.9 | |
| 1.7 | 124.9 | 126.6 | |
| 10.6 | 117.2 | 127.8 | |
| 17 | 111 | 128.1 | |
| 19 | 107.1 | 126.1 | |
| 16.9 | 104.2 | 121.1 | |
| 13.9 | 99.9 | 113.7 | |
| 12.9 | 92 | 104.9 | |
| 2023 | 16 | 80.4 | 96.4 |
| 21.5 | 67.6 | 89.1 | |
| 25.6 | 56.6 | 82.2 | |
| 25.3 | 49.4 | 74.7 | |
| 20.2 | 47.2 | 67.4 | |
| 12.7 | 48.5 | 61.3 | |
| 8.2 | 49.7 | 57.9 | |
| 9.7 | 48.2 | 57.9 | |
| 17.7 | 44.5 | 62.2 | |
| 29.9 | 40.4 | 70.2 | |
| 41.8 | 38.1 | 80 | |
| 50.2 | 38.9 | 89.1 | |
| 2024 | 53.9 | 42.4 | 96.3 |
| 53.3 | 47.1 | 100.4 | |
| 51.1 | 51.1 | 102.2 | |
| 49.1 | 53.4 | 102.4 | |
| 48.2 | 53.8 | 102 | |
| 47.8 | 53.9 | 101.7 | |
| 45.9 | 56 | 102 | |
| 41.5 | 61.7 | 103.2 | |
| 34.4 | 69.6 | 104 | |
| 25.2 | 76.9 | 102.1 | |
| 15.5 | 81.7 | 97.3 | |
| 7.6 | 83 | 90.6 | |
| 2025 | 3.3 | 80.3 | 83.6 |
| 3.8 | 74.6 | 78.4 | |
| 8.2 | 67.7 | 75.8 | |
| 13.8 | 61.2 | 75 | |
| 18.5 | 56.1 | 74.6 | |
| 20.8 | 51.2 | 72 | |
| 21.1 | 44.5 | 65.7 | |
| 20.5 | 35.4 | 55.9 | |
| 20.4 | 24.7 | 45.1 | |
| 22.8 | 14.4 | 37.2 | |
| 26.3 | 6.8 | 33.1 | |
| 29.4 | 3.1 | 32.6 | |
| 2026 | 31.1 | 2.9 | 33.9 |
| 31 | 4.8 | 35.8 | |
| 30.1 | 7.3 | 37.4 | |
| 30 | 9.8 | 39.8 | |
| 31.4 | 12.3 | 43.6 | |
| 34 | 16.2 | 50.3 |
Change in the number of persons employed on either a full-time (at least 35 hours per week) or part-time (at least one hour per week) basis, in Queensland, during a monthly period.
Source: ABS 6202.0