Lord Mayor Adrian Schrinner of Brisbane recently launched a “prospectus” highlighting the city’s strengths and potential for growth, including a projected 34% increase in the economy to $275 billion by 2041. This growth is expected to be driven by factors such as Australia’s post-COVID tourism recovery, a five-fold increase in manufacturing, and surging health exports. However, Schrinner emphasized that a lack of accessible and affordable housing is holding back the city’s rapid expansion.
The Deloitte Access Economics report identified Brisbane as having the highest growth in working-age population and net migration in Australia. With the population of south-east Queensland projected to reach six million by 2041, there is a pressing need for more housing to accommodate the influx of residents and to keep downward pressure on prices. Schrinner stressed the importance of not only building social housing but also freeing up the system to allow for more privately owned housing to be developed, as it constitutes the majority of housing construction in the country.
Brisbane’s close proximity to the Asia-Pacific region was highlighted as a key advantage in attracting migrants from that area, who make up two-thirds of overseas migrants to the city. This strategic location was described by the Brisbane Economic Development Agency as the city’s “super-power” in terms of economic potential and growth opportunities. However, the agency also acknowledged the need to address the current shortage of homes in Brisbane in order to fully leverage this advantage and support sustainable development.
The launch of Brisbane’s first-ever State of the City report emphasized the importance of addressing the housing shortage to ensure that the city can continue to attract residents and businesses. Deputy Mayor Krista Adams echoed Schrinner’s concerns, pointing out that while there is a focus on building social housing, there is also a need to create more privately owned housing to meet the demand. This balanced approach is seen as essential for ensuring the long-term viability and affordability of the housing market in Brisbane.
In addition to the housing challenges, the report also highlighted opportunities for growth in areas such as tourism, manufacturing, and health exports. These sectors are expected to play a significant role in driving Brisbane’s economic expansion in the coming years. By capitalizing on these strengths and addressing the housing shortage, the city aims to create a vibrant and sustainable environment for residents, businesses, and visitors alike.
Overall, the State of the City report paints a picture of a city with immense potential for growth but also facing significant obstacles in terms of housing affordability and availability. By focusing on strategies to increase housing supply, attract investment, and promote economic development, Brisbane aims to overcome these challenges and position itself as a leading destination for residents and businesses in the years to come.
