Deloitte have placed Sydney’s “stupid housing prices” as a significant driver for a resurgence in Queensland’s population growth, which now outpaces the national rate.
Deputy State Premier Jackie Trad commented on Deloitte’s report saying, “Sydney-siders are saying goodbye to NSW and hello to our Sunshine State lifestyle, and who can blame them?
“Queensland is more affordable, more liveable, has better weather and booming industries in research, exports and renewables.
"Tourists are also flocking to our beaches, cities and regions, with the longest period of sustained tourism growth since the 1990s delivering a welcome boost to the retail and hospitality sectors."
Ms Trad said the report also highlighted significant investment in new infrastructure being delivered in Queensland, both by the public and private sectors. The report also states that Queensland has now recovered from its period of low resource investment just a few years ago.
While leading party MPs have been quick to take credit for the good news, the report has also suggested that the state may not be ready to handle the growth.
“Unlike in some other States – Victoria is a good example – strong population growth has not yet been met with strong job growth,” the report states.
“Queensland’s unemployment rate has been stuck above 6 per cent for most of the past four years, despite improving job market conditions across much of the rest of the country.”
CommSec’s State of the States report also reveals a promising future among unclear waters.
"The key area of strength in Queensland is new dwelling starts that now sit in third spot nationally, with starts up 20 per cent on decade averages," CommSec chief economist Craig James said.
Queensland, however, was positioned sixth on four of the eight economic indicators: retail spending, housing finance, unemployment and construction work done. The state also ranked seventh on equipment investment.
Ms Trad doesn’t believe these indicators reflect the true state of the Queensland state. In fact, she thinks that the CommSec report looks backwards, comparing the state to its success at the height of unprecedented mining and investment booms.
"With 186,400 new jobs created since 2015 and most major forecasters predicting strong economic growth in the coming years, we are building an economy that works for everyone," she said.