Burdekin economy is punching above its weight

The Burdekin economy is punching above its weight and growing despite the hard times being faced by many in our community.

Chief Executive Officer Matthew Magin said that despite the lower sugar prices and falling home prices the Shire’s output was growing.

“People will say we’re not doing well, but that is only their point of view and they may only be aware of one aspect of our region’s economy,” he said.

“The data we have received is credible and shows our economy’s output is experiencing solid growth.

“Council’s media release dated September 25, 2015, said the economy was showing solid growth – we have never said it was a boom.”

REMPLAN is independent from Council and uses a suite of different resources, such as the Australia Bureau of Statistics (ABS) Census, National Accounts, Labour Force Survey, Tourism Research Australia and the Australian Business Register, to provide local government with data.

Economic Development Manager Adrian Scott said REMPLAN supplied this sort of data to local governments across the nation.

“The data REMPLAN has supplied is specific to our area and allows us to be benchmarked and compared on a like-with-like basis to other areas,” he said.

“In simple terms, to measure our economy’s output they used the prices received and then multiplying that number by the quantity sold.

“This calculation says nothing about an individual business’ level of profit, but shows that perhaps businesses are increasing production to offset production costs.

“The data we have received does not provide comment on the long-term profitability of businesses.”

Mr Magin said that although there were a number of empty shops in our towns, new businesses had opened.

“There have been a number of new businesses open their doors in our Shire and, yes, there have been some close, but there may have been other factors which have lead to their closure that we are not aware of,” he said.

“Retail boosted its output by $6 million and was one of 12 sectors in our region to increase its output.

“Council has never said the economy was booming, but that retail is doing quite well in these tight times.”

Mr Magin said Council’s rates arrears were also quite low.

“Council’s rates arrears are on a par with previous years which would indicate that our community is travelling quite well considering the downturn.”

 

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