RDACWQ Economic Update – Q3 2022
The September Quarter of the Central and Western Queensland economic update highlights the strengths and the stability of the regional economy.
Although global uncertainties including rises in the cost of living and slowing economic growth are causes for concern amongst our community, record job vacancies and unemployment rates lower than Queensland averages highlight the region’s resilience and strong economic fundamentals.
Our key commodities of beef, cotton, coal, wool and electricity continue to drive the regions’ growth and prosperity with high global demand and subsequently high commodity prices.
As times are favourable for the regions major industries, it also accentuates the needs to invest in opportunities that drive economic diversity, particularly in a permanent ADF presence within the region, connection of Inland Rail to Gladstone, and value adding local industries (such as fibre/textile manufacturing), to diversify and strengthen the regional economy against future shocks.
Driving the Central and Western Queensland economy is a fantastic businesses community and I hope this economic update highlights to our community and external investors that the region is primed for future economic growth and investment.
Grant Cassidy OAM, Chair, RDACWQ