Agribusiness is one of the industries set to help Queensland's economic prosperity. Photo: Rob Homer
The combined economic power of five "super wave" industries are predicted to replace the mining sector in fuelling Queensland's future prosperity.
Economic analysis company Deloitte, in its Positioning for prosperity? Catching the next wave report, released on Tuesday, said the gas, agribusiness, tourism, higher education and wealth management industries could together prove as lucrative to the Australian economy as the mining boom had been.
"Half the world is having an industrial revolution and in historical terms it's occurring in the blink of an eye," report co-author Chris Richardson said.
"The basic story is an obvious one, Asia is changing and the initial rise is great for Australia and great for Queensland."
Mr Richardson said Queensland, like Western Australia, was in the unique position of having benefited from the mining boom and was now well placed to also reap the rewards of the coming "super waves".
"Queensland was an outside beneficiary of the resources boom, largely with coal fields," he said.
"But as you look ahead Asia's boom will change because Asia will mature.
"As they do they will want better education, they will often want to travel more, they will want to eat better food and one thing that is clear already is they will want cleaner air.
"They are going to need gas."
While gas production is already well under way in Queensland, Mr Richardson said the coming boom was less likely to create the two speed economy that mining produced.
"It will be a more balanced boom, everybody will get a share, from New South Wales to Victoria to Queensland," he said.
"We have already started to see the impact: on interest rates, exchange rates and looking ahead the drivers of the five sectors have the same basic recipe for success of all past Australian booms.
"The big factor is the rise in the Asian middle classes and the people willing to spend."
The report, subtitled Beyond the Boom, comes after Deloitte Access Economics released its state of the Queensland economy report in August.
Then, Deloitte's Ian Harper said a resurgent non-resources sector was expected to play an equal part with mining in powering the state's economic prosperity moving forward.
Professor Harper said while mining would continue to sustain Queensland's population for decades to come, the halcyon, big spending days were over.
In its place, he predicted re-invigorated construction, retail, tourism and health sectors would become the state's big employers.
The non-mining sector industries expected to experience the biggest growth in coming years, Professor Harper said, were health care and social assistance, education and training and professional, scientific and technical services.
"The 'Smart State' strategy is likely to continue to pay off for Queensland," he said.