Brisbane economy tips over $200 billion as population growth continues
Brisbane has had the highest rate of people relocating to live there than any other capital city in Australia since 2018. (ABC News: Michael Lloyd)
In short:
Brisbane's economy increased by $28 billion between 2020 and 2024, according to a new report.
The 2025 State of the City Report said employment increased by 274,000 in that period.
What's next?
The city's economy is forecast to reach $275 billion by 2041, according to the report.
Australia's fastest growing capital city has contributed $201 billion to the national economy as the local population continues to surge in growth, a new report has found.
In the four years to 2024 — following the COVID-19 pandemic which triggered global economic slowdown — Brisbane has seen a $28 billion economic increase, representing 16 per cent growth.
Released by the Brisbane Economic Development Agency (BEDA) in partnership with Deloitte Access Economics, the 2025 State of the City Report also said employment has jumped by 274,000 since 2020.
"Brisbane's population has grown faster than any other major Australian capital over the past decade … employment has increased … supercharging the city's skill base across multiple industries," the report said.
As of 2024, total employment in Brisbane reached more than 1.5 million people.
Lower costs for businesses
The report said Brisbane leads major Australian capital cities for skills availability, meaning employers can access workers they need across a range of industries.
"Brisbane’s culinary scene is booming .... Queensland leads the nation in cafe and restaurant growth," the report said.
The report also noted a 76 per cent growth in the sporting and cultural sector over the past decade, and described Brisbane's health sector as a "powerful growth engine".
Supported by stable governance, "a favourable tax environment… and one of Australia's lowest regulatory burdens" the report said those who set up businesses in Brisbane can often do so at a lower cost.
"Brisbane City Council approves development applications 57 per cent faster than Sydney or Melbourne. The city also offers office rents 50 per cent lower than Sydney's and taxes 10 per cent below the national average," the report said.
BEDA CEO Anthony Ryan said the city offers "fertile ground" for businesses.
"From artificial intelligence and robotics to quantum computing and advanced manufacturing, Brisbane is emerging as a global leader in high-growth industries," he said.
A lifestyle that attracts
The report attributed the momentum of Brisbane to its geographical position in two high-growth areas, the state's south-east and more broadly, the Asia-Pacific region.
Adrian Schrinner says Brisbane is booming and has great momentum to drive the coming decades. (ABC News)
Brisbane City Council Lord Mayor Adrian Schrinner said the city is "booming".
"[The city] is full of opportunity and has incredible momentum, this report puts some figures on the feeling that people in Brisbane already have," he said.
"The feeling is real, it's not an illusion, Brisbane is booming."
In the report's foreword, Cr Schrinner said it was an exciting time for Brisbane's future.
"We're attracting more visitors than ever before, with domestic tourism growing three times faster than the next best Australian capital city," he said.
Record visitors are also being welcomed from across Asia, Europe and North America.
The report said a total visitor expenditure of $13.7 billion is fuelling Brisbane's experience economy. (ABC News: Alice Pavlovic)
It's not all about short trips, with migration increasing and more people relocating to Brisbane than any other capital city year-on-year since 2018.
"The city's population is forecast to increase by 2.1 per cent annually through to 2046, while [the south-east region] is on track to reach six million residents," the report said.
But with the growth in population comes growing pains.
Cr Schrinner said the city needs more homes to accommodate the rising number of people who want to live in Brisbane.
"They're good problems to have ... the challenge of growth," he said.
"We need more homes, and we're working with industry and the government [to deliver that]."
He said there was no shortage of jobs for the population, especially to deliver basic construction.
"There is massive demand, we literally can't fill the jobs at the moment," he said.
Brisbane's population has grown faster than any other major Australian capital over the past decade. (ABC News: Michael Lloyd)
Queensland executive Jess Caire from the Property Council of Australia said the city's contributions through the property and construction sector are helping to boost confidence.
"[The sector] has delivered $24 billion to the economy over the last 12 months... that gives us confidence that our growth will be sustainable, and meet the needs of our growing population," she said.