RDACWQ Economic Update Q1 2023/2024
The March 2023 edition of the Central and Western Queensland quarterly economic update highlights the strength and prosperity of the region, especially during a time of a global economic slowdown in advanced economies around the world.
High levels of inflation and rising interest rates have continued throughout the March quarter. However, these headwinds have not hindered the property market as it continues to perform on the back of record housing prices and increased residential building approvals. The unemployment rate continues to decline and job vaccines have increased, highlighting business confidence to continue to expand.
As a slowing global economy is negatively affecting prices for our major export commodities, it accentuates the need to continue to diversify our economy, especially through value adding industries which will strengthen the economy against future shocks and periods of slowed economic growth.
