Australia News

Published on May 7th, 2013 | by john.weir

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Brisbane’s resources growth attracts global investment

Record business investment driven by the global expansion of Queensland’s resources industry has seen more than 170 global mining and energy companies establish headquarters in Brisbane.

According to a report by Brisbane Marketing, the resource-based economic transformation has led to investment expected to boost the city’s $AU114 billion economy to $AU217 billion by 2031.

Komatsu General Manager of Mining Leo Kaloglou told Brisbane Marketing the company decided to set up its mining division national office in Brisbane because most of the major mining houses were also based in the city.

“Some of our customers are in very remote locations and the quick access to the airport in Brisbane is a real benefit for us,” Mr Kalogou said.

“Brisbane is an attractive place to live and the cost of living is a lot lower than Perth and Sydney. The demand for people in the mining and construction sector is very high and the ability to attract them to a nice city is a huge benefit to our business.”

Each year, the State’s resource sector contributes around half ($25 billion) of a total of $50 billion to Brisbane’s economy.

Deloitte Access Economics forecasts Brisbane’s growing economy will be further boosted during the next decade with $165 billion of investment in major new resource projects expected in Queensland.

Between 2015 and 2035, the expansion of the gas industry is projected to bolster Queensland’s real gross state product by approximately $320 billion.

Employment forecasts indicate that metropolitan Brisbane will grow by 343,000 jobs by 2021 and a further 100,000 jobs by 2031, to reach total employment of around 1.5 million by 2031.

This growth will contribute to the projected doubling of Brisbane’s economy.

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