Quick Facts
- Population – 21.8 million
- The International Monetary Fund (IMF) puts Australia’s GDP at around US$1 trillion, making Australia the fourth largest economy in the Asia-Pacific region and the 14th largest in the world.
- The country’s annual gross domestic product (GDP) growth rate from 1998 to 2009 is expected to average 3.5 per cent, well above the average world growth rate (3.0 per cent) and ahead of France, Germany, Japan, UK and the USA.
- Australia is positioned in the Asian Time Zone and bridges the closing of the USA and the opening of the European business day.
- Australia is ranked as having one of the highest levels of political stability in the world and highest within the region for industry productivity and quality of life.
- Australia is ranked as the third most resilient economy on the planet – above Singapore, Hong Kong, Japan, USA and the UK.
Economic Snapshot
Australia’s ability to withstand adverse changes in economic cycles is one of the best in the world. According to the 2009 World Competitive Yearbook release by the Institute for Management Development (IMD), Australia is ranked the third most resilient economy globally, above Singapore, Hong Kong, Japan, the USA and UK.
Australia’s reaction to the global economic downturn has been markedly more mild than other developed nations. Its GDP rose by 0.6 per cent in the June 2009 quarter, an incredible result given the fragile state of the global economy. Federal stimulus and macro policy has resulted in the avoidance of a technical recession – going forwards while the major advanced economies have all gone backwards. From June 2008 to June 2009, the USA contracted by 3.9 per cent, the European area by 4.7 per cent, the UK by 5.5 per cent, and Japan by 6.4 per cent. These figures highlight the challenging conditions we face, and really put Australia’s growth of 0.6 per cent into perspective.
Brisbane’s resilience in particular is underpinned by harnessing the past decade’s outstanding financial performance, strong population growth of working age migrants, the residual effects of the resource boom, and a phenomenal infrastructure spend. Brisbane continues to be the engine room of Queensland’s performance. Valued at $85 billion in 2005/06, the Brisbane economy accounted for almost half (46.4 per cent) of the total Queensland economy. And between 2000 and 2006, Brisbane contributed a massive 13.5 per cent to the total recorded growth of the national economy, and increasing its total share of the Australian economy from 8 per cent to 8.8 per cent.
Growth
Queensland is the fastest growing state in Australia. Its capital city Brisbane has reached 1.8 million people and the larger South East Queensland corner is home to over 2.7 million people, and growing by 1300 people per week. This represents over 70 per cent of Queensland’s population growth. The South East Queensland Regional Plan for 2009-31 forecasts the region’s population will increase by 1.6 million to 4.4 million by 2031. Meanwhile, Brisbane’s employment is growing at more than twice the rate of population and will account for over 40 per cent of employment growth in South East Queensland to 2031.
In relation to Queensland’s employment and population growth, Brisbane punches above its weight, contributing 47 per cent of total Queensland jobs growth and 44 per cent of total Queensland population growth over the past decade.
Brisbane's Talent
Brisbane is now attracting larger numbers of international talent, contributing to the city’s increased diversity. With burgeoning population growth, the city is benefiting from the arrival of new skills, capital, ideas, innovation and cultures. Growth is not based solely on population and economic activity alone. Growth can be measured in a maturing culture, city identity and global connectivity. The Brisbane economy is one of diversity, increasing sophistication and internationalisation.
While Australia’s workforce is one of the most highly skilled and multilingual in the world, remuneration levels for management staff in Australia are lower than in the USA, the UK, Germany, France, Canada and Hong Kong. Australia’s net overseas migration is at an all time high and recent data suggests that Brisbane received 57 per cent of all overseas migrants into Queensland. Brisbane is developing a knowledge economy, so it is encouraging to learn that these migrants tend to be in identified skill shortage areas of which many are highly skilled professionals.
Brisbane’s population is not only young – showing a higher cohort of 0 to 17-year-olds and 18 to 49-year-olds than Sydney and Melbourne – but also multicultural. One quarter of the city’s population was born overseas – 25.3 per cent from United Kingdom and Ireland, 19.3 per cent from New Zealand and 10.7 per cent in South-East Asia. Many businesses are utilising this diverse language mix to service global consumer markets from Brisbane.
Whilst the global downturn continues to command the attention of the public and private sectors – innovation should never take a back seat. Business diversity and a city’s growth prospects are inherently linked to innovation, and it remains an essential point of difference.
In February 2009, Brisbane was identified as a ‘Hot-Spring’ for innovation. McKinsey & Company partnered with the World Economic Forum to create an Innovation Heat Map, used to classify cities by their growth and diversity. McKinsey defines a ‘hot spring’ as an “ecosystem with fast growth fuelled by new players in emerging sectors”.
Brisbane’s economic base is moving away from a current dependency on resource and population growth in favour of globally competitive knowledge intensive sectors. We recognise that knowledge is the platform for economic growth and sustainability.
Brisbane is an emerging leader in innovative industries – biotechnology, aviation and aerospace, ICT, clean technologies and mining services. There has been a strong growth in professional services in Brisbane. These companies locate in Brisbane because of the availability of skilled employees, high levels of amenity and access to clients.
Education
Brisbane draws great strength from its tertiary education sector, boasting three world-class universities each recognised for the quality of its graduates and its R&D. Comprehensive undergraduate and postgraduate programs are offered by all, as well as specialist studies. Australia celebrates thirteen Nobel laureates in addition to landmark inventions – from the black-box flight recorder, to the world’s first cervical cancer vaccine.
The University of Queensland (UQ)
UQ is one of Australia's premier learning and research institutions. UQ has 100 years of experience in tertiary education, and is consistently ranked alongside the world’s top universities. In 2009, UQ was ranked 41st in the world by the Times Higher Education-QS World University Rankings. UQ offers Queensland’s most comprehensive range of undergraduate, postgraduate and research higher degree programs. Its graduates are in demand in Australia and throughout the world. On a variety of measures, UQ is considered one of the top three research universities in Australia. It is a founding member of the Group of Eight universities, which conducts two-thirds of all university research in the country.
UQ leads research funding for Australian universities. Its cross-disciplinary research institutes and centres are drawcards, both nationally and internationally, for an ever-expanding community of scientists, researchers and commercialisation experts. Through industry collaboration and partnerships, UQ’s contribution to Queensland, and indeed the rest of the world, can be seen economically, environmentally and culturally. Today, more than 38,000 students and almost 6000 staff, from more than 120 nations, study and work across the four main campuses in south-east Queensland: St Lucia, Ipswich, Gatton and Herston.
Queensland University of Technology (QUT)
QUT's reputation as 'a university for the real world' is founded on the strong partnerships and relationships it continues to develop with business, government and the broader community. It is one of the nation's major universities, and with over 40,000 students, it is the largest provider of bachelor degree graduates into the Australian workforce. Over the past decade, the university has extended its profile in innovative areas of research and development. QUT builds relationships with community, corporate and private partners, to solve real-world problems. Its researchers are committed to collaborating across traditional boundaries to provide high impact solutions to some of the major economic, environmental and social challenges of our time.
The world's largest agribusiness company, Swiss-based Syngenta, chose QUT as its international partner in the commercial development of a sugar cane-based ethanol industry - this is the first time Syngenta has established a partnership of this type with an academic body. QUT is home to major IT research facilities such as the Microsoft QUT eResearch Centre and Information Security Institute (ISI). The ISI multi-disciplinary approach provides QUT with an opportunity to play a leading role in research in the area of Safeguarding Australia. QUT is internationally recognised for its focus on applied research; consequently QUT has produced a significant portfolio of technologies which are commercially applicable, and in many cases industry backed.
Griffith University
Griffith University is regarded as one of Australia’s most innovative tertiary institutions and one of the Asia-Pacific region’s most influential universities. Its multi-disciplinary teaching and research programs are committed to promoting sustainability and community engagement with a strong international orientation. Griffith fosters global perspectives in all students and was the first Australian university to offer degrees in areas considered pivotal today —Asian and environmental studies. Griffith is the headquarters for the National Climate Change Adaptation Research Facility and the ARC Centre of Excellence in Policing and Security, demonstrating the depth and scale of the University's research capabilities.
Internationally, Griffith has formed links with many prestigious organisations including the UN and World Bank, corporations like AstraZeneca and Pfizer, and research organisations and universities including the Karolinska Institute, Pasteur Institute and Peking University. Researchers from Griffith’s highly regarded Griffith Institutes of Health provide a holistic approach to medical research focusing on prevention, early detection, better treatment and efficient delivery. They are also engaging with public private partnerships in the infectious diseases area including the Medicines for Malaria Venture, Drugs for Neglected Diseases Initiative and the Asia-Pacific Influenza Taskforce to deliver outcomes such as novel drug leads, vaccines for combating infectious diseases and healthy living programs.
Tax Incentives
There are a range of funding opportunities and government support available to companies choosing to locate in Brisbane. Brisbane Marketing’s Investment Attraction division is able to assist in sourcing appropriate State and Federal Government incentives to encourage companies to locate their business in Brisbane. In all cases, companies will need to apply to the relevant government body for the grant or subsidy in question. Investment Attraction division can assist by facilitating introductions to the relevant agencies offering these grants and guide companies in making a winning application for funding opportunities.
Queensland Government
The Queensland Government offers a large and diverse range of incentives, which are open to a wide cross-section of industries.
Queensland Investment Incentives Scheme
The Queensland Investment Incentives Scheme (QIIS) aims to secure important investment projects that support current Government priorities and that, in the absence of incentives, would locate elsewhere.
Support may be in the form of State tax rebates or establishment grants depending upon the type of short-term impediment affecting the development in Queensland. All offers are conditional and subject to the fulfilment of due diligence requirements and contractual obligations. For more information please contact our Investment Attraction division.
Other Incentives Schemes
The Queensland Government also offers a range of other incentives programs, primarily focused on innovation and developing the government’s Smart State agenda. For instance, the Innovation Program offers a portfolio of grants with over $3 billion invested to date, targeted at innovative and research orientated projects.
Australian Government
The Australian Government through its AusIndustry department administers grant and incentives for the Federal Government. Some examples are listed below.
AusIndustry Research and Development Tax Concession
AusIndustry’s R&D Tax Concession is the principal Federal Government incentive to enhance and increase the amount of research and development being conducted within Australia. Eligible companies can claim a tax deduction of up to 125 per cent for eligible R&D expenditure when lodging their annual tax return. A 175 per cent Premium (Incremental) Tax Concession and an R&D Tax Offset (Rebate) are also available in certain circumstances.
Commercial Ready Program
The Commercial Ready Program provides financial assistance for companies undertaking industry research and development. The program provides grants from $50,000 to $5million for eligible projects of up to three years in duration. For further information on R&D Concessions and Commercial Ready Programs, please visit, www.ausindustry.gov.au.
Other Incentives Schemes
In addition to those mentioned above, AusIndustry also offers a large and diverse range of alternate incentives schemes, numbering over 35 programs and collectively worth around $2 billion each year. Some of these programs include:
- Commercialising Emerging Technologies (COMET) Grants
- Supports the commercialisation of innovative products, processes and services.
- Targeted at early-growth stage and spin-off companies.
- Renewable Energy Development Initiative
- Supports Australian renewable energy innovation projects which have strong commercial and emissions reduction potential.
- Targeted at Australian businesses involved in research and development, proof of concept, and early-stage commercialisation activities involving renewable energy technologies.
- Industry Co-operative Innovation Program
- Supports projects which encourage industry to develop and/or meet strategic industry sector needs, including those identified through an Australian Government and industry action agenda.
- Low Emissions Technology Demonstration Fund
- Supports the commercial demonstration of technologies with the potential to deliver long-term and large-scale greenhouse emission reductions in the energy sector.
Listed below are a number of links that can assist in setting up a business: