More job cuts possible as mining slow down affects economy

Professor John Rolfe from CQUniversity
Professor John Rolfe from CQUniversity Chris Ison

CQUNIVERSITY economics professor John Rolfe believes two key factors are to blame for the latest job cuts.

He said the first was that some projects in the resources industry were coming to an end and no new announcements were likely to eventuate in the current economic climate.

The second was that the mining companies were focused on cutting their operating costs to try to make their existing mines more efficient.

"Both of these factors are reducing expenditure into the business supply chain into Central Queensland," Professor Rolfe said.

The Rockhampton economy will see some flow-on effects of the slow down for another few months, and potentially some more job losses."

Other firms in the supply chain would see less business and cut their costs as well, he said.

He said on the positive side, the operations side of the mining industry should start to stabilise soon.

CQUniversity has announced that 200 jobs will go in order to improve the university's finances.

Job cut plague

Recent CQ job cuts:

200 jobs at Hastings Deering

200 CQUniversity jobs

35 jobs at the Goondicum ilmenite mine near Monto

Topics:  cquniversity, economics, job cuts, john rolfe, mining




Local Real Estate

finda logo
Featured Real Estate
Private, Peaceful Just... $459,000
House 4 2 2
New to the Market, and... $345,000
House 3 2 2
4 Bedrooms And Legal... $315,000
House 4 1 1
6.53% return.. Tenants... $199,000
House 2 1 2

Featured Jobs

finda logo

Rockhampton jobs listed daily


Featured Jobs
Admin Officer... Yeppoon Full Time
KINSHIP PLACEMENT... West Rockhampton Full Time
Glenfords Tool Centre Rockhampton Full Time
Practice Business... Blackwater Part Time
Glenfords Tool Centre Rockhampton Casual
FULL TIME WEB... Fortitude Valley Full Time 75,000 - 90,000
GENERAL MANAGER ... Gladstone Full Time $120 - $150
BRICKIES LABOURER... Rockhampton Full Time


Local Partners

LATEST DEALS AND OFFERS

Free Seed Packets

with token from today's paper
Learn More

Win PBR Tickets!

27 September Rockhampton
Learn More

View today's ePaper!

Read the digital edition
Learn More

Cars For Sale

Find cars for sale online now.
Learn More

Property Listings

Post an ad from $30
Learn More

Local Profile

Stay Connected

Get the news as it happens, in your inbox

You can change the newsletters you are subscribed to when you edit your profile

Edit Profile


Special Offers

Latest deals and offers

Horoscopes

Virgo

You are not feeling too connected to others right now. Don’t try to pretend you are enjoying the conversation. It’s best to bow out...

read more

Marketplace

Special Offers & Promotions

Compare & Save