Queensland was badly hit by the global crisis in 2009, followed by severe flooding in 2010-2011, which all led to a high unemployment rate. It has since recuperated and the economy is now growing again - being the second fastest growing economy in Australia - making it an interesting time for investors to get their foot in the door. Also, the diverse opportunities that present themselves across many sectors, including “new” sectors such as tourism and gas are interesting options for the future.
Export & Mining
Queensland is a so-called “resource state” as you find a lot of natural resources there, leading to a great export business. Currently coal, meat and sugar are amongst the main products exported. Queensland exports half of the world’s cooking coal.
Queensland has Australia’s largest onshore reserves of oil and gas and the territory is still fairly unexplored. It is calculated that natural gas will become a main export in years to come, as it provides cleaner energy options in the short term.
81% of Queensland is covered by farms, making agriculture a big part of the economy. As mentioned sugar is a big export and 94% of Australia’s raw sugar comes from Queensland. Queensland also produces a lot of beef, wool, cotton, citrus fruits and wheat and has Australia’s largest production of winter crops.
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