RDACWQ Economic Update Q2 2022
The Central and Western Queensland economy has performed well in Q2 of 2022.
A lower exchange rate relative to the USD and record (or near record) high commodity prices for the region’s major exports will not only ensure the success of existing activity but are also ideal conditions for additional investment in new activity (such as opening new mines).
The strong performance of the region’s economy is reflected in its labour market, where the unemployment rate continues to reduce and remains low relative to the Queensland and Australian averages.
The region’s property market remains strong, with median house prices and rents increasing, producing positive conditions for additional investment in housing in the region – a critical condition of future economic success, considering the record and wide-ranging skills shortages in both Central and Western Queensland.
The visitor economy across Central and Western Queensland, while down on Q4 2021 (Christmas/New Year holidays), is considerably higher than its pre-pandemic levels. In most sub-regions, tourist visitation is double pre-pandemic levels.
Download the report for the full economic update.