Coast rides crest of economic wave

THE Gold Coast economy continues to outperform other parts of the state and Australia as it emerges as an economic powerhouse, according to analysis by the Chamber of Commerce and Industry Queensland.

CCIQ chief economist Marcus Smith said there were positive near-term prospects for the region centred around population growth, infrastructure and accompanying capital inflows.

“There are obvious positive signs around the local economy but challenges of population growth and how policy makers plan the future are key considerations for our members,” Dr Smith said.

Gold Coast Central Chamber of Commerce president Martin Hall said the city now accounted for one in every 10 Queensland jobs and that were now more than 300,000 workers in the region.

“The Gold Coast’s economic performance stands in stark contrast to other parts of the state where growth remains subdued in some areas and non-existent in other,’’ he said.

“The Gold Coast is well above the national average in key indicators. Gross regional output has increased by 30 per cent, more than 300,000 people work on the Coast and an infrastructure pipeline complements a narrative that is broadly positive for the region. The Gold Coast’s gross regional product grew 3.7 per cent in 2018 to $35.3 billion according to research conducted by the Chamber of Commerce and Industry Queensland and it continues to see diversification in industries such as exports, manufacturing and education.”

Mr Hall said the completion of the third stage of the light rail and the upgrade to the M1 were key infrastructure priorities for members while the prospect of having a very fast train connection to Brisbane was now being taken up by councils in southeast Queensland.