New report reveals major industries driving Toowoomba’s future economic growth

Toowoomba is well placed to buck the COVID-19 economic recession thanks to investment in key industries, according to a leading analyst.

Toowoomba is well-placed over the next 10 years thanks to growth in key areas, according to a new report. Picture: Kevin Farmer

Agriculture, manufacturing and new technology development are among the key industries that are expected to grow across the Toowoomba region over the next 10 years.

That’s according to RSM Australia’s Toowoomba-based business advisory director Will Laird, whose new report outlines the region’s future growth opportunities until 2030.

Other areas of development outlined in the paper, which was delayed in March due to the outbreak of COVID-19, included education and research, retail and infrastructure.

Mr Laird said the investment in freight and logistics infrastructure had set the agricultural sector up well for the future, particularly when it came to growth in food processing and manufacturing.

“The main advantage of agriculture is that we have the freight and logistics side of things established,” he said.

“We can secure more value for farmers, because they’re selling fresher goods.

“I think it’s also the fact that the supply chain is more secure thanks to (the Toowoomba Wellcamp Airport and the Inland Rail).

“We’re near enough to a significant intermodal connection where we can get goods both incoming and outgoing.

“What’s unique to Toowoomba is we’re ideally placed when it comes to food production – there’s no reason we can’t be involved in food processing.”

Mr Laird said he was major supporter of growing Toowoomba’s burgeoning manufacturing sector, arguing his research showed.

In 2018-19, manufacturing was Toowoomba’s fifth-largest employer (6500 people) and exported more than $1.32 billion in product by domestically and internationally.

“The excitement is around what sort of manufacturing that could come here,” he said.

“If we are to consider ourselves in an era where automation is a major part of any business, there’s no reason we can’t compete on an international stage.

“If you want to establish manufacturing in Toowoomba, why wouldn’t you?

“Toowoomba should be identified as one of the top contenders for someone choosing a location for their business going forward.”

Mr Laird also said technology and communications would continue to grow as an industry, but more as a catalyst for further growth in other sectors.

“The opportunities are largely untapped in new tech (but) what I would like to see is technology as a means to an end rather than being the end,” he said.

“We’ve had a pioneering investment with the Pulse Data Centre (in Wellcamp), but what it’s done is put the city on the grid.

“What I’d like to see is business partnering with the research division of USQ and commercialise the innovative technology they’re developing, right here in Toowoomba.”