Economic turnaround predicted for key state sectors
ADVOCATES for Queensland’s four largest industries hope positive conditions will facilitate an economic rebound in 2020.
On the back of a difficult 2019, leaders in Queensland’s mining, construction, tourism and retail industries are optimistic the new year will herald a turnaround.
Despite a state election scheduled for October, they agree the state’s macro economic conditions – low interest rates, tax breaks and population growth – should facilitate strong growth.
The resources industry, which supports more than 372,000 jobs and adds $74.3 billion to the state’s economy, will build on investment in regional communities.
“We know our world-leading commodities are still in demand, including our high quality coal and gas,” Queensland Resources Council chief executive Ian MacFarlane said.
“Queensland has a leading role to play in the development of the critical minerals industry during 2020.
“These new projects will play a strategic role for Australia in terms of defence industries, manufacturing, trade and regional development.”
Master Builders deputy CEO Paul Bidwell tipped the sluggish construction activity that plagued 2019 would continue for the immediate future.
“The indicators we look at, which are building approvals, are still grim,” he said. “I expect things will improve, it’s just a matter of when.”
The state’s “incredibly resilient” $12.3 billion tourism industry is also tipped to record strong growth in 2020.
Queensland Tourism Industry Council CEO Daniel Gschwind said members were “feeling very positive”.
National Retail Association CEO Dominique Lamb hopes the cash registers will ring in 2020 following low consumer spending in 2019.
“The general sense is optimism 2020 will get better and has a better outlook,” she said.
She said economic conditions were right for the state to spend up.