Region’s wealth at standstill

TOWNSVILLE residents are only marginally wealthier than they were 15 years ago, according to a government report.

The State of the regions 2018- 2019: Trade, Jobs, Growth and Inequality report released in Canberra yesterday, found Australia’s regions were lagging behind as the nation’s long- term economic growth will be driven by innovators flocking to the major cities.

The report found action needed to be taken by all tiers of government to address infrastructure deficiencies, particularly in transport and cultural/ community infrastructure.

Local wealth grew only 0.4 per cent in the last 15 years. Average wealth per household in 2018 is $ 417,000, compared to $ 391,000 in 2003.

Townsville also experienced the greatest annual average decline in household wealth in Queensland at - 3.9 per cent per annum.

The Sunshine Coast had the highest increase in household wealth, at an average annual rate of 0.6 per cent.

Sydney and Melbourne had the top 10 wealthiest regions found in the country.

In major cities, average household wealth is $ 1,018,000.

In regional cities it was substantially less, trailing behind hundreds of thousands of dollars for an average of $ 613,000 and for rural regions that dropped further to $ 565,000.

The report stressed the importance of maintaining levels in infrastructure investment, with engineering construction per annum falling 40.02 per cent.

The unemployment rate sits at 9.9 per cent, an increase from 6.4 per cent in 2012.

Townsville economist Colin Dwyer said action should have been taken much earlier.

“I’ve been saying this for over a decade … during the boom we should have been putting in place policies to support regions,” he said. “It’s time to focus on more ways of attracting the private sector into our regions.

“It would be useful to have a North Queensland economic centre to have that research to provide to government to make better decisions.

“Brisbane and Canberra were happy to take our profits from the mining boom but didn’t reinvest that money into the region.”

Herbert MP Cathy O’Toole said the report was outrageous but not surprising.

“We need infrastructure funding … infrastructure equals jobs,” she said.

“The Turnbull Government has done nothing for this community.

“Labor is very aware that regions need help.

“Considering this report in the context the Federal Government gave an $ 80 billion tax cut to big businesses and the banks, it’s outrageous.

“How out of touch can this government be? Certainly with the people in the electorate of Herbert.” the