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Local, national and world news for Mackay, QLD | Monday 10 November, 2008Gloom hangs over world economy but Mackay region has $36b worth of jobs and hopeNovember 10, 2008


THE spectre of the global economic downturn may be spooking investors and businesses in other parts of Australia, but boom-town Mackay is steaming ahead with $36 billion worth of projects under development in the region.

Latest figures from the Regional Economic Development Corporation (REDC) show the region's economy is still growing strongly, with investment in new projects increasing by 6.76 per cent on the last quarter.

REDC chief executive officer Narelle Pearse said it showed the Mackay region has maintained its economic stability and growth for now.

"The Mackay-Whitsunday economy is performing very strongly at present despite the current unrest in global markets," Ms Pearse said.

"I wouldn't say we are totally protected but we do have a buffer."

That buffer is the mining industry which has continued to be a powerhouse for the region.

REDC's development register showed $8 billion had been earmarked for expansions and new ventures in the region, a 20.9 per cent increase on the last quarter.

Almost $2 billion worth of new mining projects are already under way.

Manufacturing and industrial projects also account for a significant proportion of regional development.

There are more than $7 billion worth of industrial projects and land developments under study. Big projects include the proposed Queensland Biodiesel plant, for Mackay, and the Chalco Aluminium refinery, for Bowen, as well as the Ammonium Nitrate Park confirmed for Moranbah.

Government is also spending big on the region's infrastructure.

Main Roads and the regional councils have put in a combined $413 million for road projects, with $131m committed for Mackay.

The news on private and public investment in the region may be good but Ms Pearse said it was unknown how the economic downturn would affect the region long-term.

"This type of recession is something we have never seen before, so it is difficult to predict how our regional economy will react; but we have very low unemployment and interest rates are on the decline.

"Overall I am confident that as long as the coal mining industry continues to grow and prosper, then our chances of surviving a recession are good."

The biggest challenges were to attract and retain skilled workers and find accommodation for the people who moved to the region, Ms Pearse said.

"Should Australia go into a recession, we would be looking at picking up skilled resources from other areas; however, we need to ensure that we have enough affordable housing to provide them with."



from the dailymercury in mackay