DIVERSITY CALL: Police Commissioner Ian Stewart, Racing Queensland chairman Kevin Dixon, QIC's Damien Frawley, Opera Queensland artistic director Lindy Hume, Brisbane Catholic Archbishop Mark Coleridge and Premier Campbell Newman. Picture: Marc Robertson Source: The Courier-Mail
THE resources boom will leave a lasting legacy for Queensland's economy regardless of when it runs out of steam, the state's leading money man has told The Courier-Mail's leadership forum.
Queensland Investment Corporation chief executive Damien Frawley, whose organisation manages almost $68 billion in client funds, has cautioned Queenslanders against relying on a "one-trick pony" to keep the state's economy going, instead urging a greater focus on sectors such as agriculture and construction.
"Queensland's a bit of a one-trick pony around resources," Mr Frawley told the forum, which also included Premier Campbell Newman, Police Commissioner Ian Stewart, Catholic Archbishop of Brisbane Mark Coleridge, Opera Queensland artistic director Lindy Hume and Racing Queensland Limited chairman Kevin Dixon.
"I think we've got to get out of that mindset because there's a lot of other things that we do in Queensland and we do as a nation that frankly contribute."
But Mr Frawley said the impact of the boom had changed Queensland forever.
"We concentrate on the hole in the ground and things are slowing up in the hole in the ground," he said.
"But over time there's been this build-up of support services for resources, which I think has changed the economy of Queensland and changed the make-up of the economy of Queensland, particularly the (Brisbane) CBD, enormously . . . and that's the thing that I've noticed in the 12 years since I've been away.
"The extended industries that have benefited from the resources boom . . . you see it here in Brisbane first-hand.
Pick up Tuesday's print edition for a full transcript of The Courier-Mail Leaders' Forum.
"Great companies like (engineering and project management company) Ausenco, who are now exporting their (intellectual property) and their technology out of this country. You've got law firms here setting up offices in Mongolia."
Mr Frawley told the forum - which covered topics from what the state's most influential leaders do in their spare time, to how they carry the burden of the jobs they have been given - that he believed the Newman Government was on the right track when it came to spruiking its four-pillar economy.
"I don't think it's a bad thing that we've taken a bit of a breather in resources because it switches the focus on the other stuff that we do," he said.
"I think construction, agriculture . . . these things are much overlooked as being big levers for our economy, and I think they're the things that, frankly, we've got to focus on."
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