Queensland economy diversifying as mining boom gives way to energy transition and tech

Queensland's economy is undergoing a structural diversification that is reducing its historical dependence on thermal coal export revenues and building new pillars in renewable energy, clean technology manufacturing, tourism, and knowledge-intensive services — a transition that is creating new industries and employment patterns while managing the gradual decline of thermal coal's contribution to export income.

The Queensland Treasury's latest economic outlook projects the state's Gross State Product will exceed $400 billion for the first time in the coming fiscal year, with the growth distributed across a wider range of industries than at any point since the coal boom of the 2000s. Tourism has surpassed $32 billion in annual spending, professional services have grown to account for 14 per cent of employment, and renewable energy investment has reached $8 billion annually.

The 2032 Brisbane Olympics is functioning as an accelerator of the diversification, with the infrastructure investment, international media profile, and business event activity generated by Games preparation driving growth in construction, professional services, hospitality, and technology sectors. Queensland chief economist Michael Anthonisz said the pre-Games period was creating economic activity that would have its own momentum beyond the Games themselves.

Thermal coal still contributes approximately $12 billion annually to Queensland's export earnings but its share of total export value has fallen from 38 per cent to 24 per cent over the past decade, as LNG, agricultural produce, metals, and services have grown faster. The Queensland government has committed to managing the thermal coal transition through a Just Transition Fund that supports affected communities and workers, without accelerating the timeline of existing coal operations.

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