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REIQ Journal : October 2008
14 FEATURE The most impressive aspect of Queensland’s recent performance has undoubtedly been the incredible level of job creation in the State. Around a third of all jobs created nationally over the past six years have been in Queensland, which equates to an incredible 74,000 full time equivalent jobs created each year over this period. It is this jobs growth that has really supported the State’s population growth when many thought it would fall dramatically as the housing market cooled and the house price differential between Brisbane and Sydney deteriorated. Indeed, the report shows that Queensland has remained above 2 per cent since the Sydney residential market started cooling in 2003 and has remained significantly above national population growth. Over the past 25 years, Queensland’s population has grown at an average of 2.2 per cent per annum compared to national growth of 1.3 per cent over the same period. This has been a strong driver of the State’s economy, boosting both consumption levels and investment levels. Population growth in excess of 2 per cent per annum is forecast for Queensland over the next decade. The third important driver of the State’s economy that cannot be underestimated is massive infrastructure investment. The report analysed state budget data and estimated that for the 2008/09 budget year Queensland is spending almost double per capita on public infrastructure investment than the national average ($3,998 per person, compared to $2,184 per capita nationally). Jones Lang LaSalle director of Sales & Investments and report co-author Geoff McIntyre acknowledges that, to a large degree, the level of investment spending in Queensland reflects decades of underinvestment and a realisation that rapid population growth has made urgent investment imperative. “However, regardless of the reasons for the level of investment, the size of the infrastructure development pipeline is enormous and it is boosting general economic activity, employment and office market demand in the region,” MrMcIntyre said. REIQ Journal October 2008