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Sebastian Ozturk Queensland Research Analyst s.ozturk@oliverhume.com.au

The Queensland economy remains resilient despite much higher interest rates. The unemployment rate remains around record lows (below 4%) and employment growth remains steady.

Economic growth has been underpinned by strong population growth.

Queensland’s population increased by over 116,000 people (2.2%) over the year ending 31 December 2022.

Net overseas (up around 58,000 people) and net interstate migration (up around 34,500 people) drove population growth.

Queensland’s diverse economy remains a source of strength with the state’s key industries also including mining and resources (especially coal and natural gas), tourism, healthcare and social assistance, retail trade, education and training and construction.

Employment Growth

Source: ABS, Queensland Treasury. Change in the number of persons employed on either a full-time (at least 35 hours per week) or part-time (at least one hour per week) basis, in Queensland, during a monthly period.

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