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The infrastructure opportunity in Queensland is vast.
The Sunshine State has one of the most diversified major project pipelines of all Australian states and territories.
According to ANZ Research’s latest Australian Major Projects report, the value of major infrastructure work in Queensland - defined as projects worth $A100 million or more - is set to rise by more than half over the next three years.
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The $A2 billion MacIntyre wind farm and Stage 1 of the Clarke Creek wind and solar project commenced in Queensland in mid-2022, and there is a handful of other $A1 billion plus renewable-generation projects waiting in the wings.
The $A2.5 billion Copper String 2.0 transmission line is likely to get underway this financial year. Potential dam projects could also add to the pipeline.
First gas is expected from Phase 1 of the Surat project in the first quarter 2023 but the final investment decision on Phase 2 has not yet been made. A $A3 billion battery cell manufacturing facility in Townsville could provide substantial upside.
Rail activity has swelled on the back of the $A6.9 billion Cross River Rail, $A1.2 billion Brisbane Metro and $A1.2 billion third stage of Gold Coast Light Rail. Stage 1 of the Coomera Connector is now expected to cost $A2.2 billion, more than $A600 million above previous estimates.
The 2032 Olympic and Paralympic Games could bring forward or lock in additional transport infrastructure investment.
Four major office developments in Brisbane’s inner city are expected to be completed within a year, totalling around $A1.4 billion. The Queens Wharf mixed-use project, also in the Brisbane central business district, is expected to be completed in 2023.
Catherine Birch & Adelaide Timbrell are Senior Economists at ANZ
This story is an edited excerpt from the Australian Major Projects August 2022 Report, published August 17, 2022.
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