Queensland’s economy is getting a boost thanks to people fleeing “crazy house prices” in southern states.
Deloitte Access Economics’ latest quarterly Business Outlook report argues Queensland’s economy has improved off the back of more gas exports and more tourists.
“[And] the lift in people power it is getting thanks to crazy house prices sending refugees from Sydney and Melbourne up north,” Deloitte partner Chris Richardson said.
The Queensland economy had increasingly recovered from its post-mining boom blues over the past couple of years, according to the Deloitte report, which said exports had surged in both gas and tourism.
“People have finally been moving from interstate in droves, either cashing in the big bucks as they sell up in Sydney or Melbourne, or avoiding those cities altogether and choosing Brisbane as the first option as they move from the likes of Perth, Adelaide or Darwin,” the report said.
The report predicted the flow of people from interstate may soon peak as Sydney and Melbourne’s housing markets became “less scary” but Queensland would still receive a much higher level of interstate migrants than during much of the past decade.
“All in all, this means that the state’s population growth will remain stronger than the national average for the next few years, and that’s gravy for economic growth,” the Deloitte report said.
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