Queensland is open for business, and global investors are taking notice 

Queensland’s economy is gaining undeniable momentum. With a combination of policy stability, fiscal discipline and growth opportunities across multiple sectors, the State has cemented its position as an attractive investment destination.

The drivers behind Queensland’s growth, from economic diversification and large-scale infrastructure development to a vibrant innovation ecosystem and the legacy-building Olympic Games, were on display at our recent Global Markets Conference.

For the eighth time, Queensland Treasury Corporation (QTC) partnered with Commonwealth Bank, welcoming investors – including central banks, asset managers and bank treasuries – to Brisbane. QTC’s Managing Director, Funding and Markets, Susan Buckley, said strong attendance reflected growing investor engagement with Queensland’s growth story.

“It was great to host investors from 20 countries and every region in the world, including eight central banks. It’s a testament to QTC’s strategy to bring a diverse investor base to Queensland to see first-hand the growth momentum and opportunities that underpin the relative value and stability of QTC bonds,” Buckley said.

Chris McLachlan, Executive General Manager Global Markets, Commonwealth Bank, added, “We’re proud to again partner with QTC to showcase Queensland’s dynamic future and opportunities for domestic and global debt investors. We’re seeing strong demand, supported by the State’s robust fundamentals and a diversified, expanding economic base.”

Queensland’s continued economic evolution

Queensland is well placed to navigate global trends, including shifts in trading patterns and rising energy demand.

Strong population growth and sustained investment in transport, energy, and social infrastructure investments are strengthening Queensland’s traditional industries and helping new ones to emerge.

During a conference panel, representatives from Queensland Treasury, Queensland Investment Corporation (QIC) and Queensland Productivity Commission explored the State’s economic prospects and growth drivers.

According to Queensland Treasury, solid economic growth is forecast for the state along with ongoing resilience in labour market conditions. Productivity has moved into sharper focus as a ‘fiscal principle’, aimed at raising living standards and addressing supply-side challenges.

As Michael Anthonisz, QTC’s Chief Economist and panel moderator, said,

“Queensland possesses an already diversified economy and continues to strengthen its established foundations. The state is positioning itself to assume a leadership role in emerging growth sectors, such as the development of critical minerals.”

For the resources sector, this evolution extends to more integrated onshore supply chains. What was once a ‘pit to port’ model is becoming a ‘pit to processing to product to port’, with greater investment across the value chain to capture economic benefits within the State.

Funding the State’s next stage of development

Queensland’s solid economic base is reinforced by disciplined fiscal management and a focus on sustainable investment. In a conference update, Head of Fiscal for Queensland Treasury, William Ryan, outlined ongoing improvements to the Queensland budget, a stabilising debt trajectory, and pathway to a net operating surplus.

The strong economy, institutional framework and liquidity coverage are among Queensland’s key credit strengths. The State has a strong net financial position, with extensive financial assets, and, unlike other Australian states, its defined benefit superannuation scheme is more than fully funded.

State Government borrowings are rising in line with the budgeted capital programs designed to accommodate population growth and enhance the productive capacity of the economy. A four-year, $116.8 billion¹ critical infrastructure pipeline is at the centre, spanning hospitals, schools, housing, energy and transport.

As a result, a historically significant funding effort is well underway. As the State’s central financing authority, QTC continues to take a disciplined approach to issuance as it advances through its $33.5 billion FY26 borrowing program.²

The task reflects the scale of Queensland’s infrastructure agenda, with QTC’s Head of Funding and Investor Relations, Jose Fajardo, saying that the annual program is “ahead of run rate and already 40% complete through just four months of the financial year.”³

Solid and diversifying investor demand highlights QTC’s status as a high-quality issuer with deepening access to global capital markets. Demand is broadening beyond traditional bank investors to a wider base of real-money funds and offshore institutions, evidenced by QTC’s oversubscribed inaugural euro benchmark bond.

Fajardo said maintaining a regular market presence is important, with a second euro benchmark print planned for the current financial year.

Sustainable finance is also part of QTC’s strategy to diversify its investor base and market reach. In line with the State’s goal of building a resilient and sustainable future, QTC has updated its Sustainable Bond Framework.⁴

“The new framework encompasses more eligible green and social project categories, expanding funding options and flexibility for existing and future projects,” explained Dennis Molloy, QTC’s Head of Sustainability, Economics and External Engagement.

Legacy-building initiatives putting QLD on the map

A combination of factors has created a supportive environment for growth and transformation across Queensland. Drawing on its natural advantages, the State is demonstrating global competitiveness and opening new opportunities for the private sector, including unlocking Queensland’s energy transition.

Delivering an Olympics with lasting impact

The 2032 Olympic and Paralympic Games will bring Queensland to the world stage, as well as deliver legacy infrastructure. The event will provide a significant boost to the economy, tourism and trade, and generate substantial employment and social value.

The infrastructure build-out is designed to create lasting utility and value beyond the Games. The Games Independent Infrastructure and Coordination Authority (GIICA) is overseeing the delivery of 17 new and upgraded venues across Queensland⁵, with the government using the opportunity to advance urban renewal and economic benefits. Molloy said that, from QTC’s perspective, the Games will also enhance Queensland’s global profile and appeal as an investment destination.

Fostering a world-class innovation ecosystem

Queensland’s innovation and enterprise ecosystem is emerging as another driver of global competitiveness. Conference attendees heard how the State’s integrated approach to research, development and commercialisation is attracting home-grown entrepreneurs and international market leaders. 

This includes the Queensland Government’s policy framework to support research and development in high growth sectors such as aerospace, biomedicine and quantum computing. The State’s depth of skills in areas such as engineering is helping supply talent to these industries as the economy diversifies.

These advantages have helped attract global healthcare leader, Sanofi, which has chosen Queensland as one of its R&D hubs. Its Translational Science Hub is a strategic partnership between the State Government, Griffith University and the University of Queensland to develop next-generation vaccines.⁶

Similarly, US-based quantum computing company, PsiQuantum, is scaling up its Brisbane operations as it works to build the world’s first useful quantum computer.⁷ The Federal and Queensland Governments are jointly investing in the project to strengthen Queensland’s leadership in this frontier technology.

Creating value for all Queenslanders

As Queensland’s capital program expands, supported by skills development and productivity, it will help cater to a growing population and embed its leadership in strategic growth sectors.

For Queensland Treasury Corporation, these opportunities make the funding task all the more important. As the State’s economy continues to grow, QTC remains focused on broadening investor engagement and making its mark on global capital markets, as it did earlier in the year as the first Australian semi to issue a European-denominated benchmark bond.

Buckley adds that maintaining QTC’s well-managed funding program and reputation as a high-quality issuer remains essential to meeting Queensland’s budget priorities.

“Our vision is to be a world-class financial partner to government to advance the financial interests of Queensland, and that extends from a disciplined borrowing program to helping our government clients manage their financial exposures. Given the breadth of value-creating opportunities across the State, Queensland will continue to remain a great place to invest over the long term,” Buckley concluded.