Economic Snapshot Q3 2014:
Lord Mayor’s Brisbane Economic Snapshot
Third Quarter 2014 – Key Facts
Local Government Area / Greater BrisbaneValue of the Greater Brisbane economy (June 2012) / N/A / $135 billion*
Per capita income – Greater Brisbane (June 2012) / N/A / $61,550*
Population (30 June 2013) / 1,131,191^ / 2,171,314
Population projections (30 June 2036)** / 1,440,223 / 3,315,184
Employment (July 2014) / 820,400# / 1,150,700
^ Refers to the Brisbane City Council Local Government Area. ^^ Greater Brisbane includes all of Brisbane City Council, Logan City Council, Redland City Council, IpswichCity Council and Moreton Bay Regional Council. # The LGA employment figure is a Brisbane City Council estimate of people working in Brisbane, which includes commutersliving outside of the Brisbane LGA. * Source: Brisbane City Council estimate. ** Figures sourced from Queensland Government Statistician’s Office medium seriespopulation projections by Local Government Area (March 2014). Source (all other): Australian Bureau of Statistics.
Brisbane Economic Snapshot
Brisbane has continued to record positive employment growth over the past 12 months, with employment increasing by more than 23,000 people in Greater Brisbane1. Employment in the Brisbane Local Government Area (LGA) has grown by 2.9% over the 12 months, exceeding 820,000 people in July 2014. The city’s unemployment rate has remained steady at 5.1%, which is below the national and state trend levels of 6.1% and 6.5% respectively. Over the past 12 months, Greater Brisbane has experienced the strongest employment growth (measured as a percentage of overall employment) when compared to Melbourne, Sydney and Perth.
Migration from overseas has been a major contributor to Queensland's population growth in the last decade2. From 2006-11, Brisbane welcomed 142,439 overseas immigrants. Over this same period, gross interstate migration to Greater Brisbane was 86,951. Accounting for people relocating to and moving out of Brisbane, the city has the highest net interstate migration (20,000), higher than Perth (8501), Melbourne
(10,363) and Sydney (-47,206)3. Brisbane is expected to become even more popular for interstate migration, as housing affordability improves.
Brisbane’s median house price increased by 6.9% in the year to June 2014 – the third highest growth rate of any Australian capital city. Although the median house price is at a record high for Brisbane ($477,352), it is still below the national median of $627,940, making Brisbane the third cheapest market in the country behind Adelaide and Hobart4.
Brisbane – the Last Decade
In 2003, the mining boom was just beginning and the Australian dollar was worth $0.675 against the United States (US) dollar. Greater Brisbane’s population was 1,780,6506 and employed 864,9007 people. The city was growing fast and the economy was growing even faster. With the median house price in Brisbane
hitting $240,0008, housing affordability was becoming a primary concern for the city.
By 2007, the Australian economy was moving from strength-to-strength. Queensland had strong annual growth of 5.5%, well above national growth of 3.8%9. In June 2007, Queensland’s overseas exports of goods rose for the third consecutive quarter10.
Greater Brisbane had a low unemployment rate of 3.9% and the highest employment participation rate of all Australian capital cities11. Exports were strong with average annual growth of 10% from the Port of
Brisbane from 2003-0712.
With the first signs of distress in US financial markets in 2007, business and
consumer confidence plummeted as Australia waited for the fallout from a global contraction.
However, Brisbane’s diversity and a changing industry structure made it more resilient to economic pressures and China’s appetite for resources unexpectedly emerged on the global stage. Focus turned to the mining boom and how to support mining investment and demand for skilled workers. By 2013 the Australian dollar was worth $0.93 US dollars.
From 2003-13, employment moved from retail and manufacturing industries, which had the highest employment in 2003. The highest growth occurred in Health care and social assistance, and Professional, scientific and technical services13. By June 2013, these industries were the first and third industries for employment respectively. Across the economy, industries are restructuring towards hiring a more skilled labour force.
How did Brisbane change over this time period?
Brisbane’s economy grew to $135 billion14, accounting for 46% of the Queensland economy15.
Brisbane’s population grew by more than 450,000 people, the fastest average annual change on the east coast (2.3%) ahead of Sydney (1.3%) and Melbourne (1.9%)16.
Brisbane had the fastest average annual employment growth rate on the east coast (2.6%) ahead of both Melbourne (2.3%) and Sydney (1.5%)17. Employment was growing faster than population.
Global Brisbane
Global rankings play an importantrole in attracting visitors, students andinvestors, and in building civic pride.Australia continues to perform well,ranking first in the Better Life Index18,third for economic freedom19 andseventh for prosperity20.
As Australia’s New World City, Brisbaneis a strong competitor on the worldstage. This past year has been veryexciting for Brisbane, having beenincluded in the Monocle Quality of LifeSurvey's top 25 cities21 for the first time.Brisbane was labelled 'Australia’s hippestcity'22, and gained 25 places to beranked in the top 15% for innovation23.
Brisbane is no longer listed in the top-50 most expensive cities in the world,having fallen 24 places in the MercerCost of Living survey to 52nd place in2014. This ranks Brisbane as one ofAustralia’s most affordable cities, aheadof Sydney (26), Melbourne (33) andPerth (37), making it more attractive to
global talent.
Brisbane’s enviable lifestyle has led toa ranking of eighth for quality of life,showing particular strengths in the following areas.
1st for Housing
Brisbane ranks particularly well foravailability, diversity, cost and quality ofhousing. This correlates strongly with theattributes of an economically strong city24.
2nd for Sustainability and naturalenvironment
Brisbane ranks well for public park spaceand thermal comfort.
4th for Health, safety and security
Brisbane is well graded for its hospitals,political environment and end-of-lifecare. Good scores in health, safety andsecurity are known to correlate withhaving good quality of life, intellectualcapital and innovation.
For more information on Brisbane'srankings refer to the BenchmarkingBrisbane document which can be found on the Economic Development Program page of the Brisbane City Council webpage.
Airports and Tourism
Brisbane ranked as having the third best airport in the Australia Pacific region25 in the 2014 Skytrax Awards. It attracted almost six million visitors in 2013, adding more than $4.6 billion to the economy through tourism expenditure26. Brisbane has recorded a spike in tourism with international passenger numbers increasing by almost 6% for Brisbane Airport in the last financial year. Asian visitors were the main source of the increase with Brisbane Airport a popular gateway for Chinese, Indian and Singaporean visitors. This confirms Brisbane’s role as an efficient and popular gateway to Asia.
Brisbane Airport is currently undertaking an expansion with the addition of a parallel runway due for completion in 2020. In the meantime, Garuda Indonesia and Jetstar both introduced services from Brisbane while Emirates, Etihad Airways, Hawaiian Airlines and Qantas increased the number of flights or upgraded aircraft on Brisbane routes in the past year27. Brisbane is well on its way to breaking one million annual international visitors28. In July, Virgin Australia announced its intention to increase routes between Brisbane and Los Angeles to increase capacity by 2166 seats per week29. These results provide evidence of Brisbane’s growth and its rising popularity as an international gateway for Australia.
Business News
Lord Mayor’s Business Forums
Council is holding free business forums across Brisbane in 2014-15. Hear from Lord Mayor Graham Quirk and successful business leaders as they share their business insights and tips to help grow your business.
Council staff will be available to answer questions and provide information onCouncil services.
For details on a business forum near you,visit email receive businessinformation and event updates.
Access the Business Masterclass pageon Council’s website to view videos ofprevious forum speakers.
Lord Mayor’s Business Excellence Workshops
Council is partnering with Queensland Leaders to hold four half-day workshops in 2014-15. These free workshops cover a range of business topics presented by successful Queensland business people and provide more in-depth information than the business forums. There will also be opportunities to ask questions and network with forum speakers and fellow local business attendees.
Workshop numbers are limited and registration is essential.
To register for upcoming workshops, visit email receive business information and event updates.
References
1. Brisbane City Council estimate based on Australian Bureau of Statistics, Labour Force, Australia, June 2014, cat. no. 6291.0.55.001.
2. Queensland Treasury and Trade, Treasurer’s Economic Update, 31 July 2014.
3. Australian Bureau of Statistics, Census of Population and Housing, 2011 – generated
through Tablebuilder.
4. Jessie Richardson, Brisbane house prices reach record high, Property Observer, 25 July 2014,
5. Reserve Bank of Australia, Historical data, Exchange rates daily, 2003-06, 30 June 2003,
6. Australian Bureau of Statistics, Regional Population Growth, Australia, 2012-13, cat. no. 3218.0.
7. Brisbane City Council estimate based on Australian Bureau of Statistics, Labour Force, Australia, June 2003, cat. no. 6291.0.55.001.
8. Australian Bureau of Statistics, Residential Property Price Indexes: Eight Capital Cities, June 2003, cat. no. 6416.0.
9. Australian Bureau of Statistics, Australian National Accounts: State Accounts, 2008-09, cat. no. 5220.0.
10. Office of Economic and Statistical Research, Macroeconomics Team National Accounts State
Details, June quarter 2007,
11. Brisbane City Council estimate based on Australian Bureau of Statistics, Labour Force, Australia, June 2003-13, cat. no. 6291.0.55.001.
12. Port of Brisbane, Historical Aggregated Monthly Container Trade Report, July 2000-June 2014.
13. Brisbane City Council estimate based on Australian Bureau of Statistics, Labour Force, Australia, June 2014, cat. no. 6291.0.55.001.
14. Brisbane City Council estimate, June 2012.
15. Brisbane City Council, Brisbane Economic Development Plan 2012-31.
16. Australian Bureau of Statistics, Regional Population Growth, Australia, 2012-13, cat. no. 3218.0 – data from 2003-13.
17. Brisbane City Council estimate based on Australian Bureau of Statistics, Labour Force, Australia, June 2003–June 2013, cat. no. 6291.0.55.001.
18. OECD, OECD Better Life Index 2014, viewed 28 July 2014,
19. The Heritage Foundation, 2014 Index of Economic Freedom, viewed 28 July 2014,
20. Legatum Institute, Prosperity Index, viewed 28 July 2014,
21. Monocle, Quality of Life Survey 2014, viewed 30 July 2014,
22. Lonely Planet, 2013.
23. 2thinknow, Innovation Cities Index 2014: Global, viewed 30 July 2014,
24. PwC, Cities of Opportunity Report, 2012.
25. Skytrax, World Airport Awards 2014, viewed 28 July 2014,
26. Tourism and Events Queensland, Brisbane Regional Snapshot, March 2014,
27. Cameron Atfield, International visitors up 6 per cent at Brisbane Airport, Sydney Morning Herald, 24 July 2014,
28. Tourism and Events Queensland, Brisbane Regional Snapshot, March 2014,
29. Robyn Ironside, Win for Brisbane as Virgin switches international flights from Melbourne
to the Sunshine State, The Courier-Mail, 23 July 2014,
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