Key industries drive region’s $11b economic performance

STRONG gains in the resource and health industries have helped the Toowoomba region record gross regional product growth of three per cent.

The Toowoomba region’s gross regional product cracked the $11 billion mark for the first time.

STRONG gains in the resource and health industries have helped the Toowoomba region record gross regional product growth of three per cent, outstripping national and state trends in the past financial year.

New data compiled by ID Consulting, gathered from industry and government sources, has revealed the region cracked the $11 billion mark for the first time.

Mining generated $1.59 billion in 2018/19, up from $467 million in the previous period, while agriculture also performed well despite the ongoing drought.

Jobs in health care and social assistance represented nearly 16 per cent of all workers, remaining the region’s largest employer.

Overall, the Toowoomba region outflanked both state (-0.3 per cent) and national (two per cent) growth in 2018/19.

Toowoomba and Surat Basin Enterprise CEO Ali Davenport said the performance was a sign of the region’s diverse economy and resilience to external factors, such as natural disasters, overseas markets and domestic politics.

“To have three per cent growth on the back of the biggest drought that we’ve ever seen just goes to show how diverse and strong our economy is,” she said.

“It’s a good message for investors – if you’re looking for a regional area that’s strong, stable and diverse, then you can look no further than Toowoomba.

“There are some certain sectors that we should be thankful for, like the energy sector and the health sector.

“The number of jobs (in health) has really grown, and almost 16 per cent of our workforce is employed in health.”

More than 1400 new jobs were created in the 2018/19 financial year to bring the region’s overall workforce to 85,000, with agriculture, forestry and fishing (491) enjoying the largest general increase.

But Mayor Paul Antonio warned that the true effects of the drought wouldn’t be felt until the coming years, especially in agriculture.

“I don’t think the impact of the drought has hit us yet,” he said.

“Many people have sold down their breeding herds, they’ve sold off next year’s income to survive and there are some tough times coming on the land.

“I hope the Federal Government is fully aware of that so they can support people to stay on the land.”

Toowoomba Chamber of Commerce president Harrison Humphries said the new statistics were good news for small and medium businesses.

Mining, agriculture and manufacturing remaining our biggest exporting industries, based on the new data.

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