$21.5B in Tropical North Queensland pipeline

BILLIONS of dollars are expected to flow into Tropical North Queensland (TNQ) in the form of major projects, according to the Cairns Chamber of Commerce and Industry.
$21.5B in Tropical North Queensland pipeline $21.5B in Tropical North Queensland pipeline $21.5B in Tropical North Queensland pipeline $21.5B in Tropical North Queensland pipeline $21.5B in Tropical North Queensland pipeline

The claim came during a Regional Economic Forecast luncheon, where the chamber unveiled its major projects and investment list which detailed current and proposed construction projects totalling $21.5 billion.

CEO Deb Hancock said the information would be invaluable to local businesses and boost the region's economy.

The projects listed include commercial and residential towers, resorts, tungsten mines, wind farms and upgrades to council assets.

"The Cairns chamber has access to vast amounts of information related to upcoming major projects and investments, and this information is considerable value to the business community [and] we wanted to showcase the immense number of new projects currently in the Far North Queensland region," she said.

"These projects and investments are expected to create more than 15,790 jobs during construction and more than 37,000 jobs operationally.

"This suite of information is not to be considered exhaustive, but includes the major projects occurring across the region above $5 million in value."

The Chamber said favourable economic indicators confirmed their experience with economic activity for the past three and a half years.

In particular, building approvals for new homes increased 36% from May2014-15 and confidence in Queensland's building industry remains strong, with 43% of builders and those in the industry maintaining a positive outlook.

The median house price in Cairns has remained steady, with a domicile fetching $395,200 while rental vacancy rates remain tight.

Visitors numbers from both home and abroad have increased, international terminal passenger volumes rose 18% from June 2014 which reflects the new flights to Bali and Singapore.

Hancock describes Tropical North Queensland as an investment mecca because of its location, the amenities on offer and the region's vigorous economy.

"Our city attracts 1.55 million domestic and 690,000 international visitors a year, with a total expenditure of $A2.46 billion, we have more than 140 primary and secondary schools and a university ranked in the top 4% in the world," she said.

"Economic growth in the tropics has outperformed the rest of the world over the past 30 years with average GDP growth at 5.3% in the decade to 2010 compared with 3.4% globally."

loader
  • NEW: Digital version of PNG Report magazine - View here
  • Porgera: Barrick-PNG talks go on - Read more
  • Follow the companies investing in the PNG market - Read more