Looking into the crystal ball: A 10-year prediction

After three tedious years, the world is finally eclipsing the pandemic and starting its journey past one of the most complicated economic periods in history.

So, what better time to get the crystal ball out and take a look forward to see what’s in store for the decade ahead. 

(Just a forewarning - this prediction doesn’t account for Russia, China or the US deciding that a full-blown war is a good idea.)

With Australia’s inflation rate hitting a 32-year high in the last quarter of 2022 at 7.8 per cent, it’s no wonder there will still be concerns going forward about the ongoing rise of cost of living both this year and next. 

But in 2023 and 2024, the world will also be watching the debt ceiling in the US closely as well as the war in Europe and Southeast Asia tensions, all of which will result in a slowing economy and a stronger focus on consolidation.

Assuming we can get through the next two years relatively unscathed, there’s likely to be light at the end of the tunnel with Australia’s economy expected to steadily improve. 

The prediction is that Queensland in particular will see a steady rise in economic activity from 2025 through to 2027, with the main flurry of activity happening from 2028 to 2032 just in time for the Olympics. 

This is backed by the massive figures put forward by Premier Annastacia Palaszczuk in her summary report for the Brisbane 2032 Olympic and Paralympic Games where she suggested the quantifiable social and economic benefits could reach $8.1bn for Queensland and $17.61bn for Australia. 

But as always, what goes up, must come down. Will there be an Olympic hangover? Probably.

So might as well make hay while the sun shines!

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