REGION HAS SPRING IN STEP WITH $820M IN PROJECTS CREATING JOBS
WHILE WE ARE CURRENTLY SEEING THE DROUGHT IN GOVERNMENT FUNDING SHOWING SIGNS OF PASSING, IT IS VITAL THAT IT ALL DOESN’T JUST GO BACK TO THE PAST AFTER THE ELECTIONS ECONOMIST BILL CUMMINGS
ALMOST $820 million in committed projects could create thousands of Cairns jobs, laying the platform for a new wave of economic growth.
Veteran economist Bill Cummings said the city’s economy was heading in the right direction on the back of several major capital investments, underpinned by GA Group Australia’s $370 million trinity of hotel developments.
“Between GA Group’s $370 million and recently announced government projects, a total of $818 million in capital expenditure is set to take place over the next few years, bringing with it over 1000 direct ‘job years’ with a potential flow-on of up to 4000,” he said.
“The Cairns region’s economy seems set for good growth over the next few years, but what’s important is to make sure it keeps rolling.”
He highlighted the $176 million commitment for the Cairns Convention Centre expansion and $150 million Smithfield bypass as an indication the “terrible drought” in government spending in the city was breaking.
“While we are currently seeing the drought in government funding showing signs of passing, it is vital that it all doesn’t just go back to the past after the elections,” Mr Cummings said.
“The Cairns region has (previously) been very badly treated on a per capita basis.”
But speaking at yesterday’s Cairns Chamber of Commerce July Business Lunch, the Cummings Economics director warned there would be “no surer showstopper” than a rise in the Australian dollar.
“Our interest rates are now down to those of other major countries – it is absolutely essential they remain that way,” he said.
Mr Cummings said indicators were also positive for the region’s “crucial” agriculture, marine and aviation sectors.
Speaking to the Cairns Post, he said the Far North had a “much broader economy” than people gave it credit for.
David Robertson of Bendigo Bank and Herron Todd White research analyst Rick Carr also presented at yesterday’s function. Mr Carr said the tourism upturn was yet to flow into the region’s property market.