RDACWQ Economic Update Q4, 2023
The Q4 2023 economic update again highlights the strength and diversity of the economy in Central and Western Queensland region.
Combined with improving economic growth forecasts (both globally and domestically), price and production trends in the region’s key industries indicate a prosperous 2024 for the Central and Western Queensland region.
Despite national headwinds with record inflation and rising interest rates throughout 2023, local building approvals and property prices remained strong, while unemployment again decreased (while the state average increased) – demonstrating that the Central and Western Queensland region remains an economic growth powerhouse.
Maintaining this growth requires further public investment in infrastructure, such as the Rookwood Weir, which officially opened in November 2023; a crucial piece of infrastructure that will ensure the growth and diversification of the region’s agricultural sector.
The strength of the region’s economy outlined in this update is a result of our amazing business community. I look forward to working with you throughout 2024 to continue driving economic growth in our region.
Grant Cassidy OAM, Chair, RDACWQ
