Economy
Queensland's economy has enjoyed a boom in the tourism and mining industries over the past 20 years. A sizeable influx of interstate and overseas migrants, large amounts of federal government investment, increased mining of vast mineral deposits and an expanding aerospace sector have contributed to the state's economic growth. The 2008–09 saw the expansion slow to just 0.8% the state's worst performance in 18 years.
Between 1992 and 2002, the growth in the Gross State Product of Queensland outperformed that of all the other states and territories. In that period Queensland's GSP grew 5.0% each year, while growth in Australia's Gross Domestic Product (GDP) rose on average 3.9% each year. Queensland's contribution to the Australian GDP increased by 10.4% in that period, one of only three states to do so.
In 2003 Brisbane had the lowest cost of living of all Australia's capital cities. In late 2005 Brisbane was the third most expensive capital for housing after Sydney and Canberra and just ahead of Melbourne by $15,000.
Primary industries include: bananas, pineapples, peanuts, a wide variety of other tropical and temperate fruit and vegetables, grain crops, wineries, cattle raising, cotton, sugar cane, wool and a mining industry including bauxite, coal, silver, lead, zinc, gold, and copper. Secondary industries are mostly further processing of the above-mentioned primary produce. For example, bauxite is shipped by sea from Weipa and converted to alumina at Gladstone. There is also copper refining and the refining of sugar cane to sugar at a number of mills along the eastern coastline. Major tertiary industries are the retail trade and tourism.
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Famous quotes containing the word economy:
“Unaware of the absurdity of it, we introduce our own petty household rules into the economy of the universe for which the life of generations, peoples, of entire planets, has no importance in relation to the general development.”
—Alexander Herzen (1812–1870)
“The aim of the laborer should be, not to get his living, to get “a good job,” but to perform well a certain work; and, even in a pecuniary sense, it would be economy for a town to pay its laborers so well that they would not feel that they were working for low ends, as for a livelihood merely, but for scientific, or even moral ends. Do not hire a man who does your work for money, but him who does it for love of it.”
—Henry David Thoreau (1817–1862)
“Cities need old buildings so badly it is probably impossible for vigorous streets and districts to grow without them.... for really new ideas of any kind—no matter how ultimately profitable or otherwise successful some of them might prove to be—there is no leeway for such chancy trial, error and experimentation in the high-overhead economy of new construction. Old ideas can sometimes use new buildings. New ideas must use old buildings.”
—Jane Jacobs (b. 1916)