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Queensland has its mojo back although it’s a patchy recovery for some


19 July 2012:  Queensland is on the right side of history and perfectly positioned to sell its resources, tourism and other products into the growth of emerging Asia markets according to Deloitte Access Economics.

But it’s still a case of multiple speeds for different industry sectors and different parts of the state.

The analysis by Deloitte Access Economics’ Chris Richardson is contained in the 2012 Deloitte Queensland Index, the professional services firm’s annual review of Queensland stocks and indices.

“Queensland’s economy sees the two-speed split in Australia writ large,” Mr Richardson said. “Not only are different sectors doing very differently, so are different cities within the State.

“That’s no surprise. The strength of the $A has had downright ugly impacts on some – cities such as Cairns and the Gold Coast as well as sectors such as tourism and manufacturing.”

“Housing construction also remains very weak, in part because big developers continue to struggle for development dollars from their banks and backers.  

“In the wettest two years in Australia’s history – with 2011’s floods and cyclones causing untold damage – it’s no wonder that growth has been pretty sick in a State that has often been at or near the top of the growth leader board.

“Although the patchiness in Queensland’s economy is still very evident, the State as a whole has its mojo back – economic growth is roaring back into life.

“In part that is a rebound in coal and farm sector production from last year’s lows.  But an even bigger part has been played by the resource development boom.

“This upside however also brings with it nearly as many challenges as it does opportunities, causing stresses and strains on where the jobs are in Queensland and what type of jobs they are.

“And the falls in commodity prices since mid-2011 are a reminder that no boom is permanent – and that this State’s wider industrial portfolio will see it in good stead for the longer term.”

2012 Deloitte Queensland Index

The opportunities and challenges in the Queensland economy were clearly evident in the performance of Queensland listed companies on the Index.

During financial year 2012, the Deloitte Queensland Index decreased by 5.1%, but outperformed the S&P/ASX All Ordinaries, which decreased 11.3% over the same period.

Since it began in September 2002, the Deloitte Queensland Index has increased 109.5%, versus an increase of 41.2% for the S&P/ASX All Ordinaries. That’s a 68.3% outperformance by Deloitte Queensland Index.

Of the 209 companies listed on the Index, 81 recorded an increase, 119 companies lost ground, while the remainder were steady.

“Queensland businesses do face ongoing challenges despite the significant benefits of the resources boom,” Deloitte Brisbane Office Managing Partner Tim Biggs said.

“But as we’ve seen compared to the All Ordinaries, Queensland companies have performed strongly.

“And it isn’t just the mining and engineering companies that are winning in the market, like the diversified conglomerate Campbell Brothers and consulting engineers Cardno Limited that grew by almost 81%.

“Super Retail Group Limited grew by 55% and Domino’s Pizza by almost 70%,” Mr Biggs said.

Queensland’s top five companies by market capitalisation were:

  • Suncorp – $10.4 billion
  • QR National – $8.3 billion
  • Whitehaven Coal – $4.2 billion (a new Index constituent)
  • Campbell Brothers – $3.7 billion
  • New Hope – $3.3 billion

The Index report also covers:

  • Agriculture – the competition between food production and natural resources and other issues relevant to the agribusiness sector
  • Infrastructure – financing options in a credit-constrained economy
  • Resources – the imperative of achieving sustainable improvements throughout the entire operational value chain
  • Corporate Leasing – options available in the current market dominated by resources sector-related demand, competition for talent and the need to reduce costs.

For the largest increases and decreases in market capitalisation: FY12 please download the attachment above.

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Simon Rushton
Job Title:
National Manager Corporate Affairs and Communications
Tel: +61 2 9322 5562; M: +61 450 530 748
Jessica Hamilton
Deloitte, Brisbane
Job Title:
Marketing Director
Tel: +61 7 3308 7158, Mobile: +61 4 0728 0023




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