Dennis Molloy, the head of economics at Queensland Treasury, told a Queensland Futures Institute breakfast this morning the state continued to perform well and withstand some of the financial pressures that had buffeted other jurisdictions.
Molloy said short, sharp lockdowns allowed spending to “bounce back quickly”. While vaccination had become increasingly important, effective public health responses, such as contact tracing, remained vital.
“We cannot underestimate the importance of effective Covid management to the economy,” Molloy said.
While the economy is expected to end the year stronger than it did in 2020, Molloy suggested Queensland was in a better position to capitalise. He pointed to the strength of agriculture and resources – which will pivot to supply new energies and new technologies – and the resilience of retail, and said interstate migration showed people expected big things of Queensland in the future.
Molloy said the events and infrastructure boom would only get bigger in the leadup to the 2032 Olympics, which would further demonstrate how Queensland “is a place where people want to invest and want to live”.
The challenge, Molloy suggested, was in using those factors and trends to “get great talent, great capitalists to live here” and help grow the state’s economy.
“We’re in a really good position, with good strategies, to leverage that and leverage that to great advantage,” Molloy said.
The breakfast also heard about the Queensland Government’s efforts to support home-grown innovation and entrepreneurship.Jump to next article