Lord Mayor’s Brisbane Economic Snapshot
First quarter 2015 – key facts
Value of the Greater
Brisbane economy (June
2012)
Per capita income – Greater
Brisbane (June 2012)
Population (30 June 2013)
Population projections (30
June 2036)**
Employment (September
2014)
Local Government Area^
N/A
Greater Brisbane^^
$135 billion*
N/A
$63,432*
1,131,191^
1,440,223
2,171,314
3,315,184
824,300#
1,157,800
^
Refers to the Brisbane City Council Local Government Area (LGA). ^^ Greater Brisbane includes all of Brisbane City Council,
Logan City Council, Redland City Council, Ipswich City Council and Moreton Bay Regional Council. # The LGA employment figure is a
Brisbane City Council estimate of people working in Brisbane, which includes commuters living outside of the Brisbane LGA. * Source:
Brisbane City Council estimate. ** Figures sourced from Queensland Government Statistician’s Office medium series population
projections by Local Government Area (March 2014). Source (all other): Australian Bureau of Statistics (ABS).
Brisbane Economic Snapshot
The Australian labour market is showing signs of improvement. In the past 12 months, employment growth
was 1.9%, the highest it has been since mid-2011. Employment growth for the Brisbane Local Government
Area (LGA) was 2.3% over the year, higher than the Australian rate. Growth in employment is trending
above population growth. If this is sustained, the unemployment rate is expected to decline. Brisbane’s
unemployment for January 2015 remained steady at 5.3%. This compares favourably with the
unemployment rate of 6.4% for Queensland and 6.1% for Australia.
In housing, Brisbane’s median house price ($477,352) is more than 40% below Sydney’s median house
price ($811,837), 23% below Perth’s ($619,532) and 21% below Melbourne’s ($607,721)1. This makes
Brisbane one of the most affordable cities in Australia for housing. Over the past six months, apartments
and houses have had their strongest growth in approximately five years. Market commentators expect
house prices will continue to rise in 2015.
This quarter's snapshot focuses on the knowledge economy and its vital role in Brisbane's economic
growth. A knowledge-based economy is one where production, distribution and the use of knowledge drive
growth, wealth production and employment across the economy2. Brisbane's knowledge corridor includes a
number of health, education and research facilities or institutions of economic significance. This corridor
features a number of specialised centres running from Royal Brisbane and Women's Hospital in the north
to The University of Queensland in the south. This area has enormous potential as a world-leading hub
within innovative health, research, education and knowledge-based industries.
Brisbane City Council is preparing a Neighbourhood Plan for the Dutton Park-Fairfield area to support and
promote the area's role and competitive advantage as an economic and employment area of citywide and
regional significance. For further details visit www.brisbane.qld.gov.au and search 'Dutton Park-Fairfield
Neighbourhood Plan'.
The Knowledge Economy
Developed economies increasingly attribute their strong growth and success to knowledge and information.
Knowledge is now recognised as a driver of productivity and economic growth. Modern economies trade
services and other information based goods. An example of this can be found in most Central Business
Districts (CBDs) which operate around knowledge-intensive services, including analysis and advice
services. This has led to a new focus on the role of information, technology and education in economic
performance. The Organisation for Economic Co-operation and Development (OECD) coined the term
‘knowledge-based economy’. This describes economies where production, distribution and the use of
knowledge drive growth, wealth production and employment3.
In Australia, the past two decades have seen a shift in the contents and components of production from
industrial and manufacturing to knowledge-intensive goods and services. Knowledge does more than
increase economic growth; it can also drive change across the whole economy3. A move towards a more
knowledge-intensive work structure is generally achieved through technological change and innovation,
which affect production methods and consumption patterns. These changes can affect the way people
within a business interact and how they share knowledge, improving processes and creating new business
models. Within a knowledge-based economy, all industries can become knowledge-intensive, including
traditionally labour-intensive industries such as agriculture and manufacturing.
Australia has already developed into a highly skilled, knowledge-based economy. Across the country,
knowledge-based occupationsΔ account for 35% of employed persons. In employment, stronger growth is
occurring in higher-skilled industries (see Figure 1) and in individuals who have higher levels of education.
From November 2004 to November 2014, employment for managers and professionals within the
Australian and New Zealand Standard Classification of Occupations (ANZSCO) grew at an average annual
rate of 3%. This is above the average annual rate of growth of 2% across all occupations 4. In its most recent
Knowledge Economy Index, The World Bank ranked Australia in ninth place, ahead of both the United
States of America (12th) and the United Kingdom (14th)5. In Brisbane, strong examples of knowledgeintensive industries include health and life sciences, professional services (e.g. engineering design and
consulting) and international education.
The strong growth in the knowledge economy is reflected in Brisbane, with knowledge-intensive
occupations accounting for 35% of employment as at November 2014. Employment within knowledgebased occupations had an average annual growth rate of 3.9% in Brisbane. This is higher than the
knowledge-based occupation average annual growth rate for Queensland (3.2%) and Australia (3%). It is
also markedly higher than the average annual growth rate of 2.4%6 from November 2004 to November
2014 across all occupations within Greater Brisbane◊.
To strengthen knowledge-based industries, cities require strong knowledge clusters. Knowledge is
produced through communication and interaction among people to share ideas. Co-locating and clustering
is important in fostering an environment of research and education to facilitate this interaction among
people from multiple disciplines. One of Brisbane’s well-known clusters is its knowledge corridor.
Figure 1: Greater Brisbane Change in Employed Persons by Industry from
2006-2011●
Brisbane’s Knowledge Corridor
Knowledge precincts are integrated centres of knowledge generation, learning, and commercialisation.
They have an important role in producing and attracting Investment and talent. These precincts are created
through a partnership between all tiers of government, the research and education community, the private
sector, skilled professionals and the public. Brisbane has a concentration of knowledge intensive precincts
within its knowledge corridor. Extending from the Royal Brisbane and Women’s Hospital in the north to
The University of Queensland in the south, the knowledge corridor provides a local example of clustering
and knowledge integration across facilities.
Few areas in Australia have so many internationally significant scientific, educational and tertiary health
facilities in one location. A cluster of this size and complexity will continue to grow. What makes clusters
such as this unique, is not just that companies with similar or corresponding interests, capabilities and
needs congregate around each other, it’s that an entire value chain exists within. The combination of
hospitals, educational institutes, research facilities and ancillary industries within this area has led to the
development of a medical technology ‘ecosystem’.
The knowledge corridor makes a significant contribution to Brisbane’s economy. It includes some of
Australia’s premier health and life sciences research facilities including three hospitals, four tertiary
education campuses and a number of research centres.
Figure 2†: Brisbane’s Knowledge Corridor
Business News
Lord Mayor’s Business Forums
Council is holding free business forums across Brisbane in 2015. Hear from Lord Mayor Graham Quirk
and successful business leaders as they share their insights and tips to help grow your business. Council
staff will be available to answer questions and provide information on Council services. Upcoming forums
in 2015 will be held at:



Iceworks, Paddington, Wednesday 22 April
Mt Gravatt Bowls Club, Upper Mt Gravatt, Monday 4 May
Everton Park Hotel, Everton Park, Wednesday 27 May.
Lord Mayor’s Business Excellence Workshops
Council is partnering with Queensland Leaders to deliver the Lord Mayor's Business Excellence Workshop
series. These free workshops cover a range of business topics presented by successful Queensland business
people and provide more in-depth information than the business forums. There will be opportunities to ask
questions and network with fellow business attendees in a small group setting. The next workshop is on
Thursday 21 May at Summit Events Centre, Paddington.
Visit www.brisbane.qld.gov.au/business for information on speakers and to register for both the forums and
the workshops.
Export Growth China
An initiative of the Australian Business Chamber, Export Growth China was established in 2014 to help
small to medium businesses enter the Chinese market. Delivered by Australian Business Solutions Group,
the initiative allows businesses to test their products in a showroom, at a low cost and low risk, to
determine the potential for success in the Chinese market.
Visit http://exportgrowth.com.au/ for more information.
Australian Industry Report
The Australian Government’s Department of Industry’s Office of the Chief Economist has produced their
first Australian Industry Report, with a focus on structural change. Australia has become a highly skilled,
knowledge-based economy, where stronger employment growth is occurring in higher-skilled occupations
and for individuals with higher levels of education.
Visit www.industry.gov.au/industry/Office-of-the-Chief-Economist/Publications/Documents/AustralianIndustry-Report.pdf to read the report.
Industry Skills Fund
The Industry Skills Fund supports investment in training and support services within small and mediumsized businesses. The fund is designed to help build a highly skilled workforce by providing 200,000
training places and training support services over four years.
Visit http://www.business.gov.au/grants-and-assistance/Industry-Skills-Fund/Pages/default.aspx for more
information.
Creative Spaces
Supported by Council, Creative Spaces is a free online resource to help connect creative people with space
to develop and show their work. Property owners, venue managers and real estate agents can also list
spaces to rent for creative use.
If you own or manage an under-utilised property or space, visit www.brisbane.qld.gov.au/facilitiesrecreation/arts-culture/creative-spaces to create a listing.
References
Δ As knowledge-intensive practices can be used across industries, occupations were deemed a better fit for
approximating knowledge contributions to Gross Regional Product and employment.
◊ The methodology for these calculations is based on ABS 1377.0 – Measures of knowledge-based
economy and society, 2003.
● ABS 2011 Census Community Profiles – Greater Brisbane Time Series Profile.
† Map adapted from Queensland Government Department of the Premier and Cabinet, Smart Cities:
rethinking the city centre, Queensland Government Department of the Premier and Cabinet, Brisbane,
2007.
Urban Affairs, House price report June Quarter 2014, Australian Property Monitors, viewed 6 March
2015, http://www.urbanaffairs.com.au/downloads/2014-7-24-1.pdf
1
Real Estate Business Online, Brisbane: A ‘city to watch’ in 2015, Real Estate Business Online, 2015,
viewed 6 March 2015, http://www.rebonline.com.au/breaking-news/8585-brisbane-city-to-watch-in-2015
2
Geoff Speers, 'The Impact of Globalisation on the Regional Economy: measuring "knowledge intensity"
and preparedness for the "knowledge-based economy"', viewed 6 March 2015,
3
http://www.avetra.org.au/abstracts_and_papers_2003/Speers.pdf
Australian Bureau of Statistics, Measuring a Knowledge-based Economy and Society – An Australian
Framework, cat. no. 1375.0, ABS, Canberra, 2002.
4
5
World Bank, Knowledge Economy Index (KEI) 2012 Rankings, viewed 6 March 2015,
http://siteresources.worldbank.org/INTUNIKAM/Resources/2012.pdf
Australian Bureau of Statistics, Labour Force, Australia, Detailed, Quarterly, November 2014: RQ2, cat.
no. 6291.0.55.003, ABS, Canberra, 2014.
6