Lord Mayor Adrian Schrinner of Brisbane highlighted the issue of a lack of accessible and affordable housing in the rapidly growing city. A report by Deloitte Access Economics projected that Brisbane’s economy would grow by 34% to $275 billion by 2041, with factors such as a strong post-COVID tourism recovery, increased manufacturing, and surging health exports driving this growth. The population of south-east Queensland was expected to reach six million by then, with two-thirds of overseas migrants coming from the Asia-Pacific region. Despite being Australia’s leader in working-age population growth and net migration, the city is facing housing shortages that need to be addressed.
Schrinner emphasized the need for more housing developments to accommodate the growing population of Brisbane and to keep housing prices manageable. He noted that while there is a focus on building social housing, more privately owned housing options need to be made available, as they make up the majority of housing in Australia. The Lord Mayor stressed the importance of freeing up the housing system to allow for more private development in order to meet the demand for housing in the city. The lack of available homes is seen as a significant obstacle to Brisbane’s continued growth and development.
The Deloitte Access Economics report outlined Brisbane’s strengths, with close proximity to the Asia-Pacific region being highlighted as a key advantage for the city. Brisbane’s strong economic prospects are attributed to factors such as post-COVID tourism recovery, manufacturing growth, and health exports. However, the lack of affordable and accessible housing is seen as a major challenge that needs to be overcome in order to fully capitalize on these opportunities. Ensuring that there are enough homes to accommodate the growing population is crucial for sustaining the city’s economic growth.
The Brisbane Economic Development Agency commissioned the State of the City report, which highlighted the need for increased housing development to support the city’s expansion. Anthony Ryan, the agency’s chief executive, emphasized the importance of Brisbane’s close proximity to the Asia-Pacific region as a key advantage for the city’s economic growth. The report’s findings underscored the urgent need for action to address the housing shortage in order to enable Brisbane to fully realize its economic potential. By focusing on increasing housing supply and promoting private development, the city can better meet the needs of its growing population and ensure sustainable economic growth in the years to come.
In conclusion, the lack of accessible and affordable housing is cited as a major impediment to Brisbane’s continued growth and economic development. The city’s booming economy and projected population growth highlight the need for increased housing supply to accommodate the influx of residents. Lord Mayor Adrian Schrinner and other city officials are calling for action to address the housing shortage and enable Brisbane to fully capitalize on its economic opportunities. By prioritizing housing development and promoting private ownership, the city can ensure a sustainable future for its residents and businesses. Brisbane’s close proximity to the Asia-Pacific region is seen as a key advantage that can be leveraged to drive economic growth and prosperity in the years to come.
