The key industries on the rise as Brisbane economy hits $200b

In particular, Brisbane’s health industry grew by 6 per cent last year, which is half a percentage point ahead of Melbourne and 1.5 percentage points ahead of Sydney.

“The city is a leading destination for clinical trials, commercialisation and export-led growth,” the report read.

Philip said more than 6 million people were forecast to live in south-east Queensland by 2041, and the number of jobs in the region had risen to match the growth.

The number of hospitality venues has grown by about one-third since 2020, and overall employment in the greater Brisbane region by 22 per cent in that same period, the report found.

“Brisbane’s industries are flourishing, supported by stable governance, a favourable tax environment, the world’s second-highest business freedom ranking and one of Australia’s lowest regulatory burdens,” the report read.

Loading

The average cost of rent for inner-city office rental spaces in Brisbane fell 10 per cent below the national rate – about equal to Melbourne and half of Sydney rental costs.

It found Brisbane office workers spent more time in the office than any other city, choosing to work on-site 88 per cent of the time.

The report also pointed to Queensland’s payroll tax, which is the lowest in the country at 4.75 per cent for businesses with turnover below $6.5 million, and 4.95 per cent for businesses above that.

However, while business costs remained low, the report said Brisbane would have to consider “land constraints” and rely on infill development.

“Brisbane still offers significant inner-urban and suburban development opportunities, providing room to grow,” the report read.

For other challenges, such as cost pressures, the report pointed to the state government’s productivity commission as a remedy.

Schrinner said the council was “getting on with the job” in developing Brisbane across the next eight years.

“With the global spotlight on us in the lead-up to the Brisbane 2032 Olympic and Paralympic Games, our momentum has never been greater, and we’re building a better Brisbane right now,” he said.

Schrinner added the city is undergoing “growing pains” and requires more homes and a bigger workforce.

The Labor opposition hit back on Thursday, saying the findings were despite the LNP council, not because of it.

“Under Adrian Schrinner’s watch, the Story Bridge is crumbling into the river, we’re the most congested city in Australia and we’ve got a housing and homelessness crisis he blames everyone else for,” leader Jared Cassidy said in a statement.

“People who were born and raised in Brisbane are worried that they will be priced out of their own city. We need a council that will rise to the challenge and build a future that people can look forward to.”

Start the day with a summary of the day’s most important and interesting stories, analysis and insights. Sign up for our Morning Edition newsletter.