About the Queensland Economy

Queensland’s $349 billion modern, vibrant economy is supported by a range of industries and services. Over the past two decades, Queensland’s economic growth has generally exceeded the national average thanks to developments such as the resources investment boom and the associated upturn in LNG exports.

A diversified economy

The 2018‑19 MYFER forecast Queensland’s economy to grow at a solid 3% in 2018-19, after rising 3.4% in 2017-18. In addition, following the strongest growth in a decade in 2017-18, employment growth in Queensland is expected to return to more sustainable rates, to be 1½% over the year to June quarter 2019 before picking up to 1¾% in the year to June quarter 2020, in line with population growth.

The State recently welcomed the five millionth Queenslander and our population is increasing at one of the fastest rates in the country. At the same time, the State is experiencing rapid change as technological innovations continue to transform our lives.

Mining activity makes up 11.8% ($38.8 billion) of our economy in 2017-18. Queensland’s coal and bauxite reserves are among the largest in the world and are of high grade making them a sought-after product overseas. Overseas exports of coal, LNG and minerals accounted for around 60% of Queensland’s international goods and services exports in 2017-18.

After mining, the largest contribution to the Queensland economy in 2017-18 was from the construction industry, accounting for $29.0 billion (or 8.8%). The construction sector is also the State’s third largest employer, employing 234,000 workers in 2018.

Tourism contributed $11.7 billion to the Queensland economy in 2016-17 (latest available), while the education and training sector contributed $17.0 billion (5.2% of total output) to Queensland’s economy in 2017‑18. Our tourism market is the second largest in Australia, accounting for 23.1% of the national tourism output and directly employing 137,500 in 2016-17 (latest available).

Queensland also has strength in the financial and professional services sectors. Combined, these sectors accounted for $42.0 billion of the Queensland economy in 2017-18 and employed 236,000 people in 2018. These sectors are growing rapidly having benefitted from a rise in demand across a range of industries as well as households.

The largest employer in the state is the Health sector, with 345,800 people recorded as working in the industry in 2018. The Health sector (which also includes social assistance) has been the major contributor to economic growth over the last decade, growing by approximately 67% in real terms. As our population ages and the demand for health services increases, job opportunities in this sector are expected to increase.

Last updated: 3 August 2019