CQ’s silver lining after Marcia with more jobs created
ALTHOUGH some are doing it tough in Central Queensland, Peter Munckton believes there's an underlying stability in the local economy.
The Bank of Queensland chief economist on Monday landed in Rockhampton as part of a fast tour through Central and Northern Queensland.
Seeing the damage left by Cyclone Marcia, Mr Munckton said the silver lining to the natural disaster was the number of jobs created in rebuilding infrastructure.
He said there should be a focus on building infrastructure which connects Rockhampton with other major regional centres in the medium-term future.
The region's graziers have benefited from good beef prices, something Mr Munckton said was likely to continue with strong demand from China and other overseas markets.
While construction and agriculture both remain strong sectors in Rockhampton, Mr Munckton said the health and education industries were the biggest employers.
He said this suggested an underlying sustainability and stability in the region's economy.
Several businesses have closed their doors in the wake of Cyclone Marcia, including Blue Truffle, Coco's at Seaspray and the Heritage Hotel.
Mr Munckton said although the cost of the cyclone recovery was a large obstacle, the closure of so many businesses was part of an issue facing the wider Queensland and Australian economy.
"Whenever you get something like a cyclone, it always hits people who've been on the edge for a while," he said.
Mr Munckton said the retail industry had been "doing okay, but not really good" for a while and in that environment things didn't need to go too badly wrong to finish already struggling businesses.
- Health care and social assistance
- Retail trade
- Education, training
- Accommodation and food services
- Transport, postal and warehousing
- Public administration and safety