Economic resurgence gathering speed on the back of City Deal
WHEN it comes to economic growth, momentum is everything.
Townsville’s path towards an economic resurgence may have seemed painstaking, but now appears to be gathering pace.
Long term efforts from Townsville’s corporate and civic leaders to grow and diversify the local economy can be credited with getting this economic ball rolling, which will hopefully continue to accelerate.
Townsville’s ‘ City Deal’ brought together all three levels of government for an unlikely experiment, pioneering the UK’s successful model of infrastructure prioritisation and delivery in Australia. By achieving a crossjurisdictional and bipartisan agreement on the city’s priorities, the City Deal provides certainty for those looking to invest in Townsville’s future.
Milestones and committed time frames within the City Deal framework provide a definitive road map for the delivery of key projects. As long as all three levels of government remain aligned to these outcomes, Townsville will enjoy a significant advantage over comparable cities. For a city that has suffered economic ups and downs, this deal has brought much- needed certainty. The first City Deal Annual Progress Report, released in April, depicts a positive story for Townsville. The latest economic data contained in the report indicates a significant increase in gross regional product, more jobs, and a falling unemployment rate. These results are in no small part due to increased investor confidence that has resulted from the Townsville City Deal.
Construction on the $ 250 million North Queensland Stadium is underway. Townsville City Council has been provided with a significant funding commitment from the state to assist in securing Townsville’s future water supply. Headway has also been made on the Port Channel Capacity Upgrade.
This progress report, which will be produced annually, provides an invaluable tool for the community to hold their representatives to account over the City Deal. Encouraging long- term economic growth through the City Deal framework will require all levels of government to remain dedicated.
For the city’s property industry, the City Deal presents a 15 year window of certainty. The industry will not only benefit from the government- supported construction projects that form part of the Deal, but also from the numerous private sector projects that will be the product of this economic momentum.
The latest quarterly ANZ/ Property Council industry sentiment survey, released last month, also signals positive news for the local economy. The industry’s confidence levels now sit at their highest point since the beginning of 2015.
As we head into the budgetary period for all three levels of government, it is hoped that the momentum towards achieving the City Deal commitments can be maintained, or even accelerated.