Regional labour force and unemployment data released last week shows that prior to COVID-19, North Queensland’s economy was heading in the right direction but will need to get back to work as soon as possible to recover the positive trend evident before the crisis.
With the unemployment rate trending downwards as of March 2020 (pre-COVID-19 period), the local regional labour force figures have seemingly bucked the national and state trends which have both experienced an increase across the same data period.
Townsville Enterprise Director - Policy and Investment Wayde Chiesa said the results were a positive indication that the united advocacy efforts across the community to deliver jobs was working to build a stronger regional economy, but also highlighted there was now more to be done to get back on track as a number of key industries have taken a battering as a result of the pandemic.
“Prior to COVID-19, the Townsville North Queensland region was seeing positive employment growth, indicating a trend towards an economic resurgence,” Mr Chiesa said.
“Within an eight-month period prior to COVID-19, the region was seeing jobs growth, increased participation in the labour force, and a general downward trend in unemployment figures, putting the regional economy in a strong position to recover faster post the pandemic.
“We know our region has taken a hit during this period, and we are all working hard to support our businesses through this unprecedented time; and this is why we launched our Economic Action Plan which outlines a number of immediate and ongoing measures to help our business community get back on its feet.”
With North Queensland’s economic strengths aligning with the nation’s strategic advantages, the region will need to lean on the assets of its key sectors in mining, agriculture, advanced manufacturing, health and medicine, and Defence to not only aid the local recovery efforts but also to assist the nation.
It is important to also acknowledge that the Townsville economy is founded upon a strong Defence, public administration and health sector which contributes to over 30% of the total jobs in our region and we will need to leverage these industries to assist with the nation’s recovery efforts.
“Rebuilding the national economy post-COVID-19 will start in North Queensland, and with State Government recovery discussions already underway, we are optimistic about our future and the role we can play in this new world," Mr Chiesa said.
“We are keeping the health and well-being of our community at the forefront of our minds and in all future considerations. It is critical that, health advice allowing, we can work with governments to reopen as much as possible, as early as possible, and ensure our region is in a strong position to rebuild on the other side of COVID-19.
“The sooner the North can get back on its feet to support the Queensland and national economy once more, the greater the return will be long-term.”
