How COVID made Qld a haven for world’s super rich
The jetsetting international rich are seeking out Queensland as a place to live and invest, drawn to the state's lifestyle and COVID-safe reputation.
In an upbeat appraisal of where Queensland's economy in the face of COVID, the Queensland Futures Institute breakfast was also told Australia was shaping for a V-shaped economic rebound but the high-powered panel also warned the state would need to find ways of getting the private sector to join in on spending on infrastructure.
Queensland Treasury head of economics Dennis Molloy said the wealthy would be seeking out safe and secure places to live, which Queensland could deliver.
"There is going to be a premium on safety and lifestyle," Mr Molloy said.
"If we can get our digital infrastructure right and we continue to produce great quality graduates and it's a great place to live, we're going to be a very attractive destination for high wealth individuals from overseas. There's going to be capital coming into the country.
"The fact we are such a great place to live and such a safe place to live and we've handled this health crisis so well gives us a great competitive advantage."
LGIA Super chief executive officer Kate Farrar said Queensland could gain from the decentralisation that had been forced on the economy, with regions offering jobs, lifestyle and more effective use of resources like power and water.
"There are definitely jobs in Queensland. It may be that we need to adopt more of the US model where you move for your job a little bit more to take people into the areas where jobs exist," Ms Farrar said.
Queensland Investment Corporation chief executive officer Damien Frawley said COVID had shown decentralisation could work but it was also being conveniently blamed for problems that had existed before the pandemic.
He said young people wanted more than the gig economy.
"They want a real jobs, a full-time job, they want a career and that pre-dates COVID," Mr Frawley said. "COVID gets used a lot these days as an excuse. There were a bunch of things that were broken before COVID that we needed to fix."
Bank of Queensland chief economist Peter Munckton and Queensland Treasury Corporation chief executive Philip Noble were also positive about Queensland's economic potential.
Originally published as How COVID made Qld a haven for world's super rich