Key global insights

UK households are likely to see their first drop in living standard between two elections since WWII, following confirmation that the country fell into recession in the second half of 2023. As well as continued downward pressure on consumer spending (which could dampen Queensland exports to the UK which totalled $773.6m during FY23), the news may further harm the ruling Conservative party's chance of re-election in the next general election, which must be held by 28 January 2025.

Prawbowo Subianto will be Indonesia's new President after securing more than 50% of the vote required to win outright in the first round of Indonesia's Presidential election. The former Defence Minister under outgoing President Widodo, Subianto is expected to continue current policy focus areas including expanding the manufacturing base; incentivising commodities down-streaming as well as green energy development; and improving human resources through education and training.

According to HTF Market Intelligence, AI in the construction market is forecasted to grow 34.1% CAGR during the 2024-2030 period. AI is being used to analyse design data, provide insights into how buildings can be constructed more efficiently, and assist architects and engineers to generate designs that are optimized for specific purposes, such as energy efficiency or structural stability. Future Queensland developments could harness this new technology to assist with their sustainability goals

Jet Zero Australia and LanzaJet have announced the execution of a first-of-a-kind License and Engineering Agreement for Australia. The agreement will progress the development of Project Ulysses, a North Queensland Sustainable Aviation Fuel (SAF) project using LanzaJet’s Alcohol-to-Jet technology that converts the bioethanol into SAF and renewable diesel. This is the first LanzaJet ethanol to SAF plant in the country and will help position Australia as a leader in sustainable aviation.

Global raw sugar prices are expected to rise 20% this year. Due to weather events and a drop in India’s production, the global market is expecting a deficit in the upcoming season. A modest drop in production has also been attributed to some crop mills favouring biofuel ethanol. Since QLD produces 95% of Australia's sugar, QLD sugar exporters could see increased demand.

HD Hyundai will develop a commercial liquefied hydrogen carrier by 2030 in conjunction with global leaders in the sector. HD Hyundai’s shipbuilding holdings company, HD Korea Shipbuilding and Offshore Engineering signed a memorandum of understanding with, Hyundai Glovis, Western Australia’s energy company Woodside Energy, and Mitsui O.S.K. Lines, a Japanese shipping company, to pioneer the global hydrogen transportation market. Queensland could benefit from signing similar MOUs.

Space is the new frontier in military technology, with US intelligence watchdogs in Washington claiming that Russia is secretly developing a new kind of satellite-killing space weapon that could knock out multiple satellites at once. Russia has denied the claims although they have previously jammed signals from Elon Musk’s Starlink satellite network. Many fear space will become the new battlefield for warfare and highlight the need for allied countries to work together and be on the forefront of advances in space technology.

Featured insights

European Union Clamp Down on 'Greenwashing'

  • In a bid to clamp down on companies exaggerating their sustainability credentials (or 'greenwashing'), the EU’s European Parliament has passed new laws to ban misleading or unfounded environmental claims.
  • The use of terms such as 'carbon neutral' and ‘environmentally friendly' will now need to be backed by proof, which will be rigorously assessed by third party auditors to ensure consistency of sustainability labels.
  • Queensland companies who export goods or services to the EU will need to ensure they are compliant with these regulations by 2025.


Queensland manufacturing emerges as top performer

  • According to the inaugural State of the Sector 2024 report released by Manufacturing Skills Queensland (MSQ), Queensland’s manufacturing sector has emerged as one of the nation’s leading performers. 
  • Over the past two decades, the state’s manufacturing capabilities have surged, with its share of real manufacturing value-add rising from 16 per cent in 2003 to approximately 20 per cent in 2023. 
  • The industry is deeply rooted in regional communities, with nearly half of the workforce located outside of Greater Brisbane.

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