March 12, 2021
The Toowoomba Region is well-positioned to capitalise on a decade-long run of growth thanks to a robust and broad economic base, according to local mayor Paul Antonio.
Mayor Antonio and Trade and Investment Queensland CEO Paul Martyn were the guest speakers on Thursday night at a function organised by Toowoomba and Surat Basin Enterprise (TSBE) in Toowoomba.
The mayor delivered his 2021 State of the Region address, highlighting the priority projects which Council, industry groups and the private sector were advancing.
“I’m extremely confident that our region has the resolve and the broad economic base which will drive our future growth,” Mayor Antonio said.
He said the broad view of the region’s economy was a cause for optimism, despite a dip in the yearly Gross Regional Product for the year to June 30, 2020, according to new data.
“The Toowoomba Region’s Gross Regional Product (GRP) as at June 30, 2020 was $11.471 billion. This represents a 4 per cent dip in GRP on the previous year,” he said.
“While this result is not totally surprising, it is counterbalanced by past growth which has seen the Toowoomba Region economy achieve annual growth of 3.3 per cent per annum over the past decade.
“On this measure, the Toowoomba Region’s economic growth exceeds the State’s average growth of 2.3 per cent over the past 10 years. “
Mr Martyn said he expected the economic recovery to accelerate faster than many people had first expected.
“People here in the Toowoomba Region and the Surat Basin are reaching out and taking a gamble and focusing on opportunity,” Mr Martyn said.
“This was one reason that we launched the Invest Toowoomba prospectus with TSBE (and the Department of State Development Tourism and Innovation, the Department of Agriculture and Fisheries and the Department of Regional Development and Manufacturing) in September 2020. There is a cluster of investment opportunities here.
“In addition to the airport (Toowoomba Wellcamp Airport) that has opened a trade gateway, the Inland Rail has the potential to position the region as Australia’s leading agribusiness area.”
Mr Martyn said success for the Brisbane/South East Queensland Olympic bid would be a ticket to global recognition.
A decision on the successful bid is expected in July.
“One in five jobs in Queensland relies on trade. Queensland and Australia are well positioned in a changed landscape post-COVID,” Mr Martyn said.
“Let’s go for growth and take Queensland to the world.”
