Toowoomba a stand-out in strong state economy
MAJOR infrastructure projects, increased tourism and greater connectivity are key factors in Toowoomba performing among the best economies in Queensland.
Toowoomba Chamber of Commerce CEO Jo Sheppard welcomed the findings of the latest Deloitte Access Economics Business Outlook Report yesterday which found Queensland would have the strongest economic growth of all the states in each of the next four years.
The report said the state's annual economic growth would not drop below 3.5 per cent, Treasurer Jackie Trad said.
"The Deloitte Report has highlighted that Queensland's economy continues to improve with Queensland forecast to be the nation's second strongest economy next financial year," Ms Trad said.
"It shows specifically that our focuses on building infrastructure, driving tourism and education and encouraging interstate migration are starting to pay dividends."
Ms Sheppard said major infrastructure projects such as the Toowoomba Second Range Crossing continued to deliver economic benefits to the region, as well as the early design works on the Inland Rail project.
"As well, when you drive around Toowoomba and the region, with the road upgrades, upgrades and expansions of our local hospitals, the upgrades to the schools, you can see the infrastructure build is well and truly being demonstrated here in Toowoomba," she said.
"The connectivity through the airport is a major catalyst for opportunities in tourism.
"The drive market has been a fabulous platform for Toowoomba and throughout regional Australia and it's growing, and continues to grow.
"There is also quite a lot of momentum in the community around the quarry gardens, and Toowoomba has become quite an event destination."
While Toowoomba's diverse economy has made it a stand-out region in the state, more work was needed to ensure small to medium enterprises adapted to the "fourth industrial revolution" in digital connectivity.
"We've now come to a place where all business in Toowoomba recognise we're operating in the fourth industrial revolution," she said.
"It's a totally different business environment and that digital connectivity and the infrastructure behind that is paramount to us being able to succeed as a business community."