Growth gap decreases
Regional economies strengthen
TOOWOOMBA is one of the regional centres outpacing Brisbane in economic growth, according to a report released last week.
Research by SGS Economics and Planning revealed the economic gap in growth between cities and regional areas has lessened.
Toowoomba and Brisbane both recorded a 2.7 per cent increase in GDP over the past five years, albeit the capital’s greater output.
Before this, population migration fuelled economic growth in Brisbane, outstripping its regional counterparts.
The Garden City also enjoyed a 3.7 per cent increase in GDP for the 2017-2018 period, significantly higher than the average of the past five years.
Cairns, Townsville, Mackay, Rockhampton and Gladstone also had strengthening GDPs.
CEO of the Toowoomba Chamber of Commerce Jo Sheppard said the regional increases were expected.
“I think regional Australia is starting to come into its own,” Ms Sheppard said.
“For the past decade there has been talk about the importance of regional centres and how they can contribute to our national economy, and now it is all coming to fruition.”
An interactive map released with the report pinpointed Toowoomba’s “population serving industry” as a key factor in the region’s economic growth, which includes retail, construction, accommodation and food services.
“In the past seven years we’ve seen the completion of Wellcamp Airport, the expansion of Grand Central, construction start on the range bypass and the growth of tourism to name a few,” Ms Sheppard said.
“What sets Toowoomba apart from other regional centres is that we are underpinned by six very strong industries instead of two or three.
“Food, agriculture and mining are very important sectors for our region but so is education, health and tourism.”
Ms Sheppard said she expected Toowoomba’s GDP growth to continue.
“Significant infrastructure investments have supported the growth of small and medium businesses across the region, so I think the growth will continue,” she said.
“We will move into an era where we will see more investments come into the region.
“The transition has been coming for some time and it is well and truly here now.”