Local heroes to drive growth for Queensland: Deloitte
Retirees and new technologies to join resources in Queensland’s future
24 March 2014: As new opportunities open up for the state’s gas, tourism, agribusiness and international education businesses in the years ahead, Queensland’s ability to attract retirees and leverage new technologies could be key to its growth prospects. More importantly, these growth pockets are mainly in high job creating areas of the economy.
New research from professional services firm Deloitte has identified 25 sectoral hotspots, the ‘Deloitte Growth 25’ (DG25), with the biggest potential to lift Australia’s prosperity over the next 20 years.
Deloitte Queensland Managing Partner, John Greig, noted that: “We’ve uncovered a great deal of potential for this State across a range of opportunities. Queensland has strengths not just in its resources and its sun and surf, but also in its ability to attract retirees, while new technologies have the potential to reinvigorate prospects in thermal coal and to open up new opportunities off our vast coastline.”
Deloitte’s report identifies a growth cluster at the heart of the collision of megatrends such as rising life expectancies, rising relative health care costs and tightening public sector health budgets. This group contains the biggest sectoral opportunities – both nationally and for Queensland.
John Greig noted: “Our state has a history of attracting retirees from across the country, and the coming surge in the number and the wealth of older Australians is a key opportunity for us.”
This will see a number of sectors leading the pack in terms of the state’s growth, including the likes of residential aged care, retirement living and leisure, community and personal care, and preventative health and wellness. There will also be big opportunities for the education sector which will see growing demand from re-skilling an ageing workforce, and an ongoing shift toward private schooling.
Other opportunities among the DG25 include sectors that will feed off the ‘Fantastic Five’ and are set to benefit from the next wave of demand out of emerging Asia. For example, while clean coaltechnology remains elusive – at least at low cost levels – the benefits for Queensland would be massive. By addressing the environmental concerns that have helped shift demand from coal to gas and renewables, clean coal could provide a renewed boost to the value of Queensland’s thermal coalfields, thereby allowing the State to further ride the resource boom in the years ahead.
Moreover, and almost regardless of the outcomes for coal, Queensland’s world class potential in gas will also provide spin-off benefits for other sectors. This includes further opportunities in gas transport and infrastructure, such as building and maintaining the pipelines, processing facilities and ports that will support major gas projects and help deliver Queensland’s gas resources to the world.
In addition, Deloitte has identified emerging sectors that have the potential to sell into rapidly expanding world markets. New technologies may open up the largely untapped potential of Queensland’s coastline to provide new opportunities for ocean resources, both in terms of aquaculture and the future development of renewable energy through the power of wind and waves.
John Greig added: “Queensland’s resource exports are in global demand, so as a state we have been used to success when it comes to growth. But maintaining our place close to the top of the state growth leader board also means seizing the home grown opportunities of an ageing population and unlocking the power of new technologies.”
The full release of Positioning for prosperity? Catching the next wave, the third in Deloitte’s Building the Lucky Country series, analyses growth prospects across all major parts of Australia’s economy. A companion media release considers the national impacts of these super sectors. However, Deloitte has also extended the analysis to each state, highlighting how Queensland will benefit.
The initial findings from Deloitte’s report, which focussed on the growth potential in export-oriented sectors, found that Queensland’s coal sector had been an outsized beneficiary of the first wave of growth out of emerging Asia.
Yet in addition to extending its current success in mining, Queensland also has much to gain from the next wave as new opportunities open up for the State’s gas, tourism, agribusiness and international education businesses in the years ahead – the ‘Fantastic Five’.
NB: See our media releases and research at www.deloitte.com.au.
Last Updated: Sunday, 23 March 2014
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