Region poised to lead state growth
NORTH Queensland will benefit from a $ 1.4 billion boost in major project spending this financial year, providing big flow- on benefits in wealth creation and jobs, a forum has been told.
Senior economist at BIS Oxford Economics Adrian Hart told the forum projects including work on roads, railway lines, water, the port and a football stadium came after weak spending last financial year of a “couple of hundred million dollars”.
BIS charts engineering and construction projects valued above $ 50 million across Queensland.
Mr Hart said North Queensland, as with the State generally, had come through a period of weak spending not just related to the end of the mining boom but a big drop in public investment by governments.
“What we are seeing over the next few years is a bit of reversal of that trend,” Mr Hart said.
“North Queensland is going to be the fastest growing region of the State in terms of major project work over the next five years.”
Mr Hart said the impact from the spending would be large but not necessarily longlasting.
“For every dollar that you spend on infrastructure, you typically get another $ 2 into