Queensland has a diverse and vibrant information and communication technology (ICT) industry, with a reputation for creativity and innovation. The state is rapidly making its mark internationally as a technology hub driven by strong commercially minded expertise, and excellence in groundbreaking academic research and development.
Quick glance at Queensland’s technology landscape
Valued at $5.2 billion with a forecast growth of 5.9 per cent annually
$142 million Advance Queensland innovation roadmap building on $755 million government investment
Sophisticated infrastructure including the fastest international connection point to Asia and 3 cyber security nodes
Recognised by the World Bank as a global innovation hotspot, Queensland has developed an inventive R&D ecosystem that thrives through collaboration.
The state has created several supportive forums designed to grow enterprising and pioneering businesses progress to commercialisation, build global partnerships and healthily scale.
The Startup Muster report, the largest survey of the Australian startup community, found Brisbane and broader Southeast Queensland area, was the second largest for startups, besting Victoria.
World-class resources exposed to world-class educational programs and institutions support a strong pipeline of skilled and specialised talent.
Twelve universities, including seven research-focused institutions (four in the world’s top 250), create a flourishing and invigorated academic landscape prone to discovery and progression across the tech field.
Queensland is acknowledged internationally for scientific education, research, development, commercialisation and innovation.
Queensland’s $150 to $200 million sports innovation industry has significant potential to grow leading up to the Brisbane 2032 Olympic and Paralympic Games supported by major government-led investment.
Queensland prominently leads academic sporting research in Australia (and around the world) in a variety of SportsTech fields and specialties. A vast range of universities in Queensland excel in the field of sports and related activities.
The University of Queensland (UQ) is home to the Centre for Olympic and Paralympic Studies, which is one of only two in the world. UQ is Australia’s top university for sports and ranks second globally.
Queensland’s sports innovation ecosystem is rapidly accelerating in broad areas including exoskeletons and biometrics, AI coaching and talent scouting, virtual training, sustainably supported energy, modular, smart and zero-carbon stadiums. Augmented and virtual reality e-sports, digitised sports equipment present opportunities to innovate athletes, business and government.
Case Study: Smartabase
Queensland has fostered a solid foundation in cyber security with more than 20 years of investment and focus on innovating the sector.
How Queensland leads Cyber Security in Australia:
- Cyber security providers have a strong rate of export, with almost 60 per cent selling their products or services internationally.
- The only state in Australia with three Cyber Security Innovation Nodes, which fosters and accelerates the development of digital security capabilities.
- The Joint Cyber Security Centre (JCSC) was first to launch as part of the Australian Government’s Cybersecurity Strategy.
- Building a strong talent pipeline with over 130 graduate and postgraduate cyber courses available through Queensland’s educational institutions, and $6 million investment into training facilities.
The landscape has produced compelling new startups engaged by global blue-chip companies to safeguard their resilience to cyber threats, including CyberMetrix, Assetnote and SecureStack.
Queensland is primed for investment in Fintech, supported by a sophisticated financial system and a world-leading regulatory sandbox.
Approximately 12 per cent of Australia’s fintech market is based in Queensland according to an Ernst and Young Census, with the country’s number of fintech companies increasing fivefold in just five years.
- Banking – home to Australia’s leading regional banks in addition to international giants like Virgin Money, Queensland banks have moved through a digital transformation, innovating and adopting international technology.
- Superannuation (pension fund assets) – home to one of Australia’s largest retirement funds (AUD 200 billion) and part of the fourth largest pension market in the world.
- Insurance – home to several large insurance groups including RACQ Insurance, Youi, and Suncorp which is one of Australia’s largest general insurance groups with a reported $96 billion in assets.
- Crypto – with nation-wide rapid adoption of digital currencies, the Queensland Government have invested in grant funding to support crypto-friendly business conversions in tourism destinations.
The commercial and residential real estate sector in Queensland is skyrocketing, with the state’s enviable mild winter and natural beauty creating a very attractive and sought-after lifestyle.
The state also boasts the largest market for property technology startup companies at 40.2 per cent.
Vast opportunities exist for further growth and investment in fintech for property, real estate, and construction in Queensland as the sector continues to flourish.
Queensland is home to a rapidly growing indie studio market. Leading global international and home-grown studios including Halfbrick and the world’s number one mobile game developer, Gameloft, have chosen Queensland as their base.
With Australia’s lowest payroll tax and high exemption threshold, combined with the country’s leading games incentive with tax offsets up to 45 per cent of development costs, and it’s easy to see why the digital gaming sector is flourishing.
Prominent companies currently showcasing Queensland’s gaming capabilities include Snap Inc. Dapper, Toast, Krome Studios, With Beam Splash, Prideful Sloth and more.
Read more about why the future of Gaming is in Queensland.