Gallery Group – News - FEBRUARY 2, 2024
Brisbane’s Moreton Bay region plays a key part in the discussion as to how South East Queensland will keep up with population growth and housing demand over the next two to three decades.
“We must be single minded about attracting new investment that will provide a high level of value to the economy and embracing industry advancement across advanced manufacturing, food and agribusiness, tourism, sport and major events, and knowledge, innovation and entrepreneurship.”
What did the Moreton Bay Council’s Regional Economic Development Strategy 2020-41 say?
It said the region will become bigger, with the economy reaching $40 billion in 2041, more than double its current size. The council said they will be bolder, with the creation of 100,000 new jobs and 16,000 new businesses by 2041, adding that there will be a focus to ensure Moreton Bay residents have the necessary skills and knowledge to access these jobs. The bright future refers to the region’s growth and talent, making it one of the top 10 regional knowledge andinnovation hubs in Australia.
The regional and innovation will be focused around The Mill at Moreton Bay, pitched as a thriving new precinct which will generate thousands of higher education and employment opportunities. The Mill will have the University of the Sunshine Coast campus at its core, as well as an onsite train station.
The plans for The Mill. Image credit: Archipelago
How is the City of Moreton Bay tracking in its targets?
In 2023 alone the City of Moreton Bay, the third most populous local government area in Australia, generated an additional $700 million in gross regional product, with 4,193 new jobs and 857 new businesses.
What did the Shaping SEQ 2023 say about Moreton Bay?
Based on ShapingSEQ’s projections, the population of Moreton Bay will grow by over 308,000 by 2046, the third highest growth LGA in South East Queensland behind Brisbane and the Gold Coast. Population will rise by 62 per cent, from 484,000 to 782,000. To keep up with population growth, the Government is targeting 125,000 new homes for the Moreton Bay region in the same time period.
The baseline employment forecast for Moreton Bay by Queensland Treasury Regional Employment Projections suggests employment to 2040/41 will rise to 234,000 from the current 149,000, a 57 per cent increase.
There will also be upgrades to Gateway Motorway and Bruce Highway, from North Brisbane to Moreton Bay Region, providing for additional capacity and improving safety and network efficiency, particularly for freight. It will also help to reduce peak hour congestion and overall travel time.
https://gallerygroup.com.au/post/how-moreton-bay-is-tracking-to-a-40-billion-economy