Invest now chamber’s leader says
THERE are signs Townsville’s economy is improving and businesses and governments need to invest in the city to maintain the momentum, Chamber of Commerce president Michele Falconieri says.
Mr Falconieri was commenting yesterday after a presentation to its members by Reserve Bank of Australia economist Merilyn Coombs.
Ms Coombs told a chamber breakfast event the city’s unemployment rate had improved markedly from highs of almost 12 per cent in 2016 to about 7 per cent.
The rate was still above the national and state averages of about 5 and 6 per cent respectively.
Ms Coombs said the city’s population growth rate was running about 0.5 per cent, well down on the 2.5 per cent achieved in recent years.
Mr Falconieri said confidence was returning to Townsville and the market was improving.
“It’s slow and it’s patchy but I think things are starting to change,” Mr Falconieri said.
“I think we all need to appreciate that things are starting to change and we need to reinvest in our city.”
Mr Falconieri said it was time for everybody to consider what they could do to make the city better.
He said governments needed to lead by example by supporting local businesses and creating local jobs.
“They need to make sure the infrastructure that can be built is done here by local people. They have some good procurement policies in place but they need to work on the process.”
He said the chamber’s members were indicating recent reductions in interest rates were lifting the property market.
“This is going to be a slow burn and it will take some time but we really need to take advantage of the reduced interest rates,” Mr Falconieri said.
“Unfortunately, we are seeing there is a bit of a resistance (from banks to pass on reductions of the Reserve Bank).”
He said consumers needed to shop around to get the best rates.
THEY NEED TO MAKE SURE THE INFRASTRUCTURE THAT CAN BE BUILT IS DONE HERE BY LOCAL PEOPLE. THEY HAVE SOME GOOD PROCUREMENT POLICIES IN PLACE BUT THEY NEED TO WORK ON THE PROCESS MICHELE FALCONIERI