- Central Queensland showing resilience in challenging times
- Key sectors In the CQ employment market
- Economic indicators remain positive for the region
This review aims to provide an overview of some key sectors in the Central Queensland region’s employment market. Central Queensland's diverse economy plays a vital role in the region's employment landscape. Throughout the last month and so far this year, Central Queensland's job market has shown signs of resilience, during a challenging economic period due to rising interest rates and inflation.
Mining and Resources
The mining and resources sector remains a prominent driver of Central Queensland's economy. Demand for coal and other minerals continues to bolster employment in the region. Major mining projects and expansions have created new job opportunities in areas such as coal mining, resource extraction, and associated industries. However, environmental concerns and transitioning to sustainable energy sources pose long-term challenges to the sector's stability.
Agriculture
Central Queensland's agricultural sector, known for its cattle and crops, continues to play a significant role in the region's economy. June marked the peak of the dry season, with farmers engaging in activities like mustering, harvesting, and preparing for the upcoming wet season. This period provides temporary employment opportunities in areas such as farm labour, transport, and logistics.
Services
The services sector, including retail, healthcare, and education, continues to be a vital component of Central Queensland's job market. Retail trade has continued to be consistent which is somewhat surprising due to rising interest rates and consumer prices. The healthcare sector is the largest sector of employment in the region and has experienced steady growth, generating employment opportunities for healthcare professionals, support staff, and allied health workers. The education sector has adapted to the post-pandemic environment, with a mix of in-person and remote learning models, requiring teachers, administrators, and technical support staff.
Construction and Infrastructure
The construction and infrastructure sector have witnessed a surge in activity, driven by public and private investment in major projects. Infrastructure development, such as road upgrades, renewable energy installations, and house construction has created job opportunities in various trades and professions. The demand for skilled workers, including engineers, project managers, architects, and construction workers, has seen an upturn, leading to increased employment prospects.
Economic Indicators
Central Queensland's economy is influenced by various indicators that reflect its overall health and performance. In June 2023, key indicators displayed positive trends, suggesting a gradual recovery:
Unemployment
The national unemployment rate was 3.5% as per the last published figures for May and the employment rate in Central Queensland was 3.7%, so slightly higher than the national figure.
There has been significant improvement in employment numbers since 1 year ago where the unemployment rate was 5.2%. Also the participation rate has jumped up from 67.2% to 71.3% in the past year. The participation rate is the number the number of persons who are employed and unemployed but looking for a job, divided by the total working-age population. The strong number of job opportunities across multiple sectors in the CQ has contributed to this positive trend.
Wages Growth
Overall wage growth in the region has been moderate, with some sectors experiencing slight increases. However, wage growth remains a key area of focus to ensure the sustainability and prosperity of the workforce.
Many CQ workers will receive a pay rise of 5.75% after the Fair Work Commission announced its decision for those on minimum and award wages. This means that from 1st July, the minimum wage increases to $882.80 per week or $23.23 per hour. For those workers on the national minimum award, the rise will be 8.6%. The increase is about midway between the 3.8% some business groups such as AiGroup called for, and the 7% sought by the ACTU.
Business Confidence
The Queensland Business Chamber’s “Pulse Survey” is currently open and this measures business confidence. The last results released in March indicated that general business conditions and total sales and revenue had remained satisfactory, however both indices had fallen since the December quarter. Business confidence, measured by outlook for the performance of the National and Queensland economies over the next twelve months, remains at weak levels.
Overall business confidence levels in Central Queensland appear to have remained steady. With a more positive outlook than the national and overall state picture, businesses locally, appear more willing to invest, expand, and hire new employees.
Conclusion
Central Queensland's job market and economy have shown resilience with sectors such as mining, agriculture, services and construction having contributed to employment growth in the region. While challenges persist, particularly in transitioning to sustainable practices and addressing wage growth, the overall outlook is still optimistic for the CQ region. Continued support for key industries and strategic investments in infrastructure and skills development will further enhance Central Queensland's employment market in the future.
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