Gold Coast Emerges as Economic Powerhouse Outpacing Nation’s Capitals

The Gold Coast’s population, currently at 666,000, is forecast to reach one million by 2040.

The Gold Coast is solidifying its position as a national leader in economic growth, with a new report revealing it outpaced all mainland capital cities in 2023. The Gold Coast Economic Outlook 2024, launched during Gold Coast Business Week, highlights the city’s rapid rise, driven by diversifcation, population growth, and robust business investment.

Exceptional Economic Growth

The report shows the Gold Coast’s Gross Regional Product (GRP) grew by 3% in 2023, almost double the forecast of 1.6%, making it Australia’s fastest-growing economy in the post-pandemic era. This positions the city ahead of Greater Perth, Brisbane, Adelaide, and the Australian Capital Territory in GRP growth.

Between 2021 and 2023, the Gold Coast achieved a cumulative reimbursed affected workers while implementing signifcant changes to its payroll processes. The company has also committed to investing in its payroll systems to ensure full compliance with NSW Industrial Relations’ requirements moving forward.

This case highlights the importance of businesses maintaining compliance with NSW legislation.

The government encourages employers to proactively self-report systemic non-compliance to NSW Industrial Relations to avoid similar issues.

Premier Chris Minns emphasized the signifcance of businesses taking responsibility for their workers’ entitlements, ensuring fair treatment, and avoiding the potential pitfalls of payroll mismanagement.

For more information on Long Service Leave entitlements in NSW, visit the QR code below.

Minister for Industrial Relations Sophie Cotsis says:

“The NSW Government is committed to ensuring workers receive their correct entitlements.

“This outcome is a reminder to employers, big and small, to make sure they are following the rules and that they can proactively selfreport non-compliance to NSW Industrial Relations.

“I would like to acknowledge Coles’ commitment to ensuring they pay long service leave correctly.” https://www. industrialrelations. nsw.gov.au/employers/ nsw-employer-essentials/ long-service-leaveentitlement-nsw/ growth rate of 5.5%, more than double Sydney and Melbourne’s 2.5%, and exceeding Brisbane’s 4.5%. The city’s economy is now valued at $45.38 billion, surpassing forecasts by $630 million.

Per Capita Productivity

The Gold Coast’s economic contribution per capita stands at $68,134, exceeding forecasts by 13%. This impressive fgure is attributed to increased effciency and a growing number of high-income residents.

Diverse and Resilient Economy

Mayor Tom Tate attributes the city’s economic success to its diversifed economy, strong population growth, and record employment levels.

“The Gold Coast has become much more than just a tourism destination,” says Tate. “Our city offers diverse employment opportunities, strong business investment incentives, and a favourable environment for economic activity, creating a sustainable cycle of growth.”

• Employment growth surged 6.93% in 2023, driven by new businesses relocating to the region and existing ones expanding.

• The Gold Coast’s population, currently at 666,000, is forecast to reach one million by 2040.

The city’s diversifed economy provides resilience against sector-specifc downturns, enabling faster recovery from economic shocks, such as those experienced during the pandemic.

A National Leader in GRP Growth

The Gold Coast is poised to maintain its economic momentum, with the report forecasting 10.07% GRP growth between 2024 and 2028, outpacing Greater Brisbane (9.04%), Queensland (7.93%), and the national average (7.9%).

Business Confdence and Investment

The city leads in business capital reinvestment, recording a 13.3% reinvestment rate in 2023 compared to negative rates in Greater Brisbane and Queensland. By 2028, this rate is projected to climb to 14.3%, signifcantly outpacing Brisbane (5.47%) and the national average (9.2%).

“Reinvestment signals confdence in future growth prospects and enhances productivity, driving overall economic output,” the report states. Sectoral Growth Highlights Technology

• Leading economic growth with a 50% growth rate in 2023, up from 20% in 2021.

• Forecast to grow by over 90% annually by 2028.

Screen Industry

• The flm and television sector is projected to grow by over 40% annually by 2028, supported by city-led initiatives like a Creative Industries Precinct in Miami and new flm studios at Yatala.

Sports

• Growth set to double from 30% in 2023 to over 70% annually by 2028.

Professional Services

• Driven by population and business growth, this sector is on track to become the third-fastestgrowing industry in the region.

Legacy Industries

• Tourism, Manufacturing, and Health remain critical to the economy despite slower growth, contributing signifcant dollar value to the region.

Case Study: Ryan Aerospace

Gold Coast-based Ryan Aerospace, a leading developer of high-tech flight simulators, demonstrates the city’s innovation-driven growth.

The company, which won the 2024 Queensland Premier’s Export Award in Advanced

Technologies, recently made major capital investments to enhance supply chain control and productivity.Positioning for the Future

The report emphasizes the Gold Coast’s competitive advantage due to its untapped economic capacity compared to larger cities.

“While cost-ofliving pressures are felt nationwide, the Gold Coast mitigates these through diverse employment opportunities and strong business growth,” says Mayor Tate. “It’s no surprise the Gold Coast continues to attract investment, residents, and visitors.”

With its robust growth trajectory, diversifed economy, and strategic investments, the Gold Coast is well-positioned to sustain its momentum and redefne itself as a key player on Australia’s economic map.