ECONOMIC GROWTH: New figures show the South Burnett economy has increased since last year. Picture: Contributed.
ECONOMIC GROWTH: New figures show the South Burnett economy has increased since last year. Picture: Contributed.

BY THE NUMBERS: South Burnett economy on the rise

NEWLY released figures indicate the South Burnett’s economy is on the rise, after it reached a historical high of $1.84 billion.

The data showed the region’s economy had outperformed the Wide Bay Burnett region as a whole by achieving a 0.4 per cent increase to the size of the regional economy.

In comparison, the Wide Bay Burnett economy decreased by 1.1 per cent, and the Queensland economy decreased by 0.3 per cent.

South Burnett Regional Council CEO Mark Pitt said the region was well placed economically going into the new decade.

“There are good signs in our regional economy, with continued investment across the region forecast,” Mr Pitt said.

“The current drought conditions continue to be of concern and council will monitor the impacts both economically and socially.

“South Burnett Regional Council will also not be resting on these good numbers, and is currently developing a new Economic Development Strategy and Investment Prospectus.”

He said the growth in the regional economy could be largely attributed to growth in the sub industry sectors of professional services, scientific and technical services as well as exploration and mining support services and coal mining.

The South Burnett also recorded four years of full-time equivalent growth, driven by warehousing and storage services and agriculture.

FTEs increased by 1.1 per cent for the year ending at June 2019, surpassing growth of 0.4 per cent for the Wide Bay Burnett.

Despite falling, worker productivity (-0.2 per cent) and household income (-1.4 per cent) statistics were still better than the Wide Bay Burnett region, which showed -1.9 per cent and -4.8 per cent respectively.

Western Downs reported growth of 7.3 per cent, exclusively driven by oil and gas extraction. Toowoomba reported growth of 3.0 per cent and Sunshine Coast reported growth of 2.5 per cent.