Brisbane, the capital of the Australian state of Queensland is according to Dun & Bradstreet Global Risk Indicator, one of the safest cities for investment not only in Australia but also across the world. Brisbane is by far amongst the strongest and the major business hubs in Australia. With the reputation of a top performer, Brisbane is outshining the others with untraceable speed. Not only the top notch Australian companies, but also the many eminent International companies have their offices located within the territory of Brisbane making it a common Economic zone for the countries around the world. Along with far reaching businesses, DHL Global's Oceanic distribution warehouse as well as the Asia Pacific Aerospace's headquarters is also located in Brisbane, making it the centre of focus not only for Australia, but other countries as well.
The internationalisation of the economy along with the abundantly available pool of regional talent, competitive nature of the economy and collaborative business culture provides Brisbane a strong hold on the economic environment and conditions which are favourable for its growth and development, allowing it to outperform other economies of the world. With its progressive approach and far-sighted business vision, Brisbane has gained the confidence of the investors, making them believe that investing here will help them in their quest to increase return on investment. The roots of this confidence uprise from the political stability, its controlled population growth rate and committed private and public sector directed towards building a stronger and impactful capital base. Apart from all the above adding to the successful economic results, many of its home grown companies are not unknown on the international platform. Some of these are Virgin Australia, Boeing Australia, Suncorp-Metway Limited, Krome Studios, Thiess Pvt Ltd.
The economic expansion of Brisbane’s economy has expanded to a remarkable worth of $135 billion, making it one of the fastest growing and progressing regions in the continent of Australia, with an average growth of 4.7 percent. Brisbane as an individual unit accounts by itself for 48 percent, amounting to almost half of Queensland’s economic output and 9 percent of Australia’s. The annual average rate of growth is 4 percent, which is 1 percent more than the average growth rate of Australia itself. Brisbane also accounts for the fourth highest median household income at AUD 57,772 of the Australian capital cities.
With a goal to attain long term economic prosperity, Brisbane continues to move towards a knowledge economy for the city. The city is leaving no stones unturned to maintain the same reputation of growth and with the same aim the economy is being injected by a competitive base for business, technical innovations and by far the largest public spending programs on infrastructure in the history of Australia.
Speedy growth of local economy
Brisbane is the economic powerhouse of Queensland which is popularly known for its strong economic performance and significant investment ratios. Due to the rapid expansion of Brisbane’s economy, it is predicted by experts that the economy is likely to grow to be of a worth of more than $217 billion by 2031.
It is not an unknown fact that Australia has maintained commendable stability and has remained steadfast in every challenging as well as turbulent situation composing itself with remarkable resilience. During the global financial crisis, Brisbane’s economy remained unaffected unlike other advanced economies of the world, helping Australia to maintain a strong growth and achieving the 22nd consecutive year of recession free performance and growth. For long, its economic growth has been fuelled by migration of people coming into Brisbane from mostly Southern states attracted by the employment opportunities available. With consistent economic structure and manufacturing services as a primary income generator along with specialisations in industries such as Agriculture, Mining and other business services has to a great extend helped Brisbane achieve its present growth. Along with this, there has been an evolution in the field of intensive knowledge oriented services, government policies and investment along with boom of resources has helped Brisbane’s economic growth. Brisbane is also the centre of concentration of white collar industries which includes the Information Technology Sector, Financial services, public sector administration which is concentrated around the central business district of Brisbane along with many recently developed and established office areas.
Blue-collar services such as petroleum refining, stevedoring, paper mining, QR railway workshops which are located along the Brisbane River running along the new industrial zone have provided the required boost to the economy along with tourism which is an equally important part of Brisbane’s economy in its own individual capacity and as an access passage to the other areas of Queensland. Further, it is of importance to add that irrespective of the on-going strength of the Australian dollar, Brisbane individually has managed to increase its export volumes in 2010-2013, where more than 70 percent of the exports were shipped to the Asian region. It further aims to single-handedly embrace the global online market with the release of its digital strategy framed to capitalise 20 trillion dollars by which it will be able to double the number of the local business engaged in the selling of goods and services.
Prospects for the future
Brisbane has some of the strongest economic prospects in the world of the developed countries. The demand for the city’s natural resources has brought Brisbane to an enviable position. Due to its positioning it is able to capitalise on its present position of strength and consequently an estimated growth of 6 percent in 2015-16 is not an impossible target. Further, it should not be left unnoticed that the Queensland State Government has been determined towards developing science and technology industries not only in Queensland but also in the cities that compose it, in particular Brisbane as a part of its ‘Smart State’ development initiative. Along with this, the government has made a big investment in the establishment of various biotechnology, research and analysis facilities in many of the prestigious universities in Brisbane with a motive to help maintain the swift development and progress of its economy. Some of these Institutes are The Institute for Molecular Bioscience, Saint Lucia Campus and in respect of its initiative for research and innovation the same is currently being emulated at the Queensland University of Technology (QUT)