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Hosted at Wild East and delivered in partnership with the Burdekin Chamber, the breakfast session brought together business owners, industry representatives and community leaders to hear forecasts on the economy, workforce pressures and future opportunities across North Queensland. Photo credit: Jacob Casha
Warnings of global economic turbulence were balanced with optimism for the Burdekin’s long-term future at last week’s State of the Region Roadshow in Ayr.
Hosted at Wild East and delivered in partnership with the Burdekin Chamber, the breakfast session brought together business owners, industry representatives and community leaders to hear forecasts on the economy, workforce pressures and future opportunities across North Queensland.
Regional Economic Advisory director Matt Kelly told attendees the global economy was entering uncertain territory after years of rapid post-COVID growth.
“Be prepared,” Mr Kelly said.
“It’s going to be a bumpy ride over the next six to 12 months.”
Mr Kelly said rising fuel costs, inflationary pressures and global instability were placing strain on households and businesses, while warning the world economy appeared to be nearing “the end of the cycle”.
“Every major global oil shock going back past the 70s has ended in a recession,” he said.
Despite the warning signs, Mr Kelly said the Burdekin remained well-positioned due to its affordability, employment opportunities and strong agricultural base.
He said regional areas like the Burdekin were increasingly attractive compared to capital cities facing soaring housing costs.
Jobs North Queensland’s Emma Dobbins said workforce shortages and population trends would dictate the region’s future over the next decade.
She said the Burdekin and broader North Queensland would need stronger skills attraction and migration pathways to meet demand, particularly in construction and infrastructure sectors.
“We have more people in the next 10 years that are going to retire than we do coming into the workforce,” Ms Dobbins said.
“We need adequate skills attraction that are relevant to the jobs that we need, because we do have significant shortages in particular areas.”
Ms Dobbins said projected overseas migration would continue driving regional population growth, while youth unemployment and workforce retention remained key concerns.
Panel updates were also delivered by representatives from NBN Co., Telstra, the Northern Australia Infrastructure Facility and the Department of State Development, Infrastructure and Planning, focusing on infrastructure and investment opportunities across the region.
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