Economic resilience evident

THE North and North West Queensland economy continues to show significant resilience, according to a Townsville and North West Queensland Economic Outlook report.

Matthew Kelly of Regional Economic Advisory, who compiled the report, said initial feedback indicated the region had transitioned successfully from the ending of the JobKeeper and Jobseeker subsidy schemes despite social distancing restrictions imposed during Easter.

“The regional property market has continued its recent resurgence and the proposed $10bn reinsurance pool should continue to support strong interest in home ownership,” Mr Kelly said.

“The North Queensland economy continues to gather momentum in 2021.

“Unemployment has decreased across the region and building approvals have surged in Townsville.

“A strong pipeline of projects is expected to see strengthening economic conditions continue.”

The Townsville and North West Queensland Economic Outlook is a joint initiative by the Regional Economic Advisory and Regional Development Australia Townsville and North West Queensland. To obtain a copy, visit rdanwq.org.au.