The North and North West Queensland economy continues to show significant resilience, according to the latest Townsville and North West Queensland Economic Outlook.
Subscribe now for unlimited access.
$0/
(min cost $0)
or signup to continue reading
Despite total Gross Regional Product declining during 2019-20, many areas within the region achieved positive economic and population growth through the pandemic.
The Townsville and North West Queensland Economic Outlook is a joint initiative by Regional Economic Advisory and Regional Development Australia Townsville and North West Queensland.
Matthew Kelly of Regional Economic Advisory said despite the setback of restrictions imposed over the Easter travel period, initial feedback indicates the region has transitioned successfully from the JobKeeper and JobSeeker subsidy schemes.
"The regional property market has continued its resurgence and the proposed $10 billion re-insurance pool should continue to support strong interest in home ownership," Mr Kelly said.
Regional developments include the $1.8 billion CopperString 2.0 project and a $600 million solar-thermal renewable energy project in Mount Isa are underway with an agreement between state-owned Stanwell Corporation and Vast Solar.
Mr Kelly said the North Queensland economy continued to gather momentum in 2021.
"Unemployment has decreased across the region and a strong pipeline of projects is expected to see strengthening economic conditions continue," he said.
"The outlook for Western Queensland is improving following a difficult 2020. With a turnaround in base metal prices and renewed investment interest in the region, we should see economic indicators improve over the coming months".
RDA chair Cr Frank Beveridge, Chairman of RDA said:the latest Regional Economic Advisory profiled the mining industry which contributed $3.2 billion to GRP in 2019-20.
"Our region has an extensive range of investment and growth opportunities and we look forward to working with REA to highlight these and continue to develop a strong, confident and vibrant region," he said.
READ ALSO: Lee Kernaghan leads Mount Isa Rodeo line-up
Our journalists work hard to provide local, up-to-date news to the community. This is how you can continue to access our trusted content:
Bookmark https://www.northweststar.com.au/
Make sure you are signed up for our breaking and regular headlines newsletters
Follow us on Twitter
Follow us on Instagram
Follow us on Google News