Migration to Queensland has hit a six-year high, and has further to go if history is a guide. Cheap housing is a key attraction – even relative to lower wages in Queensland, houses are ~40% cheaper than in NSW and Victoria. And sentiment in Queensland has risen to the national average (for the first time in six years), suggesting job growth should be buoyant enough to continue attracting migrants. Stock implications: we continue to back Queensland exposure – Stockland, Suncorp (Figures 5-7).
The major issue with this thesis is this:
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David Llewellyn-Smith is Chief Strategist at the MB Fund and MB Super. David is the founding publisher and editor of MacroBusiness and was the founding publisher and global economy editor of The Diplomat, the Asia Pacific’s leading geo-politics and economics portal.
He is also a former gold trader and economic commentator at The Sydney Morning Herald, The Age, the ABC and Business Spectator. He is the co-author of The Great Crash of 2008 with Ross Garnaut and was the editor of the second Garnaut Climate Change Review.
