CHRONICLE COLUMN – STATE ECONOMY – 13 FEBRUARY 2023
How do you feel about reported economic headwinds?
Another interest rate hike was announced and the RBA reported more to come. Costs of living pressures still heading northward. Surging inflation. All placing increasing pressure and anxiety on the capability of individuals and businesses to meet their needs.
Media, like Nine news report that these factors alone are raising the risk of corporate insolvencies. The report, a perfect storm is brewing.
A property downturn, increasing administrative burdens and red tape, slow local infrastructure growth, and an ominous national portrait for 2023 is being reported with regularity.
The Qld Economy is not all Bad
But hold on! It is not all gloom and doom!
Despite the constant media barrage articulating concern and risk, Tamika Seeto recently reported that the best-performing economy in Australia, according to CommSec’s latest state of the state report is Queensland. Yes, Queensland. Number 1 in the CommSec’s report for the first time in its 13-year history. The reason articulated is the strong mining, energy, and tourism sectors and continued population growth.
In my view, Toowoomba is punching well above its weight in contributing to this Queensland first, being the Number 1 economy in the State.
Let us reflect. Toowoomba, as the capital of the Darling Downs, has resource growth with the next stage of New Acland back on track, a clear energy focus with the enormous growth in wind, solar, and hydrogen power opportunities in the region, is the gateway to the east, west, north, and south tourist and a predicted population expected to surpass a conservative 204,000 by 2041. All are directly aligned with the core findings of the CommSec report for why the State is No. 1.
But we have added advantages such as the local leadership in our education sector, including one of the nation’s top universities, UniSQ, led by the dynamic Professor Geraldine MacKenzie, with a motto to build your own. A healthy agriculture sector. A pipeline of major development and ongoing airport transformation.
I am left with no doubt, that we are primed to weather the reports of storm clouds building on the horizon and gale-force headwinds impacting day-to-day operations.
What is critical now, is we continue with our region’s competitive edge. We know from the outcomes of the Performance Business Sentiment Index, this edge is our connectivity to each other and support of each other. Looking locally first, before heading outside our region to find the support we need.
The Economy and your Business
Have you put in place any strategies to manage the economic events that are unfolding? What would enable you to withstand the current economic factors at play?
Let us know by emailing admin@toowoombachamber.com.au.
Todd Rohl | Toowoomba Chamber
