Business

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




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