Brisbane economy posts strongest growth in a decade as population surges past 2.7 million

Greater Brisbane's economy grew at its fastest rate in a decade in the last financial year, posting a 4.1 per cent increase in gross regional product driven by construction, professional services, and an exceptional year for domestic and international tourism.

The figures, published in the Committee for Brisbane's annual economic review, show the region has added approximately 48,000 net new jobs in 12 months, pushing the unemployment rate to 3.2 per cent — the lowest since records began for the metropolitan area. Population growth of 71,000 over the same period, the highest annual intake since the early 2000s resources boom, contributed to sustained demand across housing, retail, and services.

Committee for Brisbane chief executive Barton Green said the economic momentum was particularly notable because it coincided with the national slowdown visible in other capital city markets. "Brisbane is not just catching up to Sydney and Melbourne — it is beginning to set its own pace," he said.

Office market data showed net absorption in the Brisbane CBD turned positive for the first time since 2019, with professional services, technology, and engineering firms leading take-up. The vacancy rate fell to 8.7 per cent, down from 12 per cent three years ago, putting upward pressure on prime rents.

The outlook for the next financial year remains strong, with committed infrastructure construction spending of approximately $18 billion expected to sustain the employment gains as the private sector contribution scales with Olympic preparation.

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