Queensland (Aus) – Economy
Queensland’s economy has enjoyed a boom in the tourism and mining industries over the last twenty years. A sizeable influx of interstate and overseas migrants, large amounts of federal government investment, increased mining of vast mineral deposits and an ever expanding aerospace sector ensure that the state will remain Australia’s fastest growing economy in the foreseeable future.
Between 1992 and 2002, the growth in the Gross State Product of Queensland outperformed that of all the other states and territories. In that period Queensland’s GSP grew 5.0% each year, while growth in Australia’s GDP rose on average 3.9% each year.
Queensland’s contribution to the Australian GDP also increased (by 10.4%) in that period, one of only three states to do so.
In 2003 Brisbane city had the lowest cost of living of all Australia’s capital cities. As of late 2005 Brisbane is the third most expensive capital for housing after Sydney and Canberra and just ahead of Melbourne by $15,000.Primary industries include: bananas, pineapples, peanuts, a wide variety of other tropical and temperate fruit and vegetables, grain crops,wineries, cattle raising, cotton, sugar cane, wool and a mining industry including, silver, lead, zinc, gold.
Secondary industries are mostly further processing of the above-mentioned primary produce: bauxite from weipa is converted to alumina at Glastone. There are also copper refining and the refining of sugar cane to sugar. Major tertiary industries are the reatail trade and tourism.
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