12:31 AM Wed 21 Jan 2009 GMT
It's official! The Qld government has released figures in a new report that show that the Mackay and Whitsundays are experiencing strong economic growth, led by the marine sector.
Queensland's Bligh government is on a mission to shine the spotlight on the region, praising the region as a high growth centre with more resilience than major cities like New York or London.
The main aim, according to Tourism, Regional Development and Industry Minister Desley Boyle, speaking at the release of Vital Signs - the economic health snapshot and business attraction plan for the region - is to create more economic and employment opportunities for the region.
'We are in the grasp of some of the toughest economic conditions ever experienced so we must work harder than ever to provide security for Queenslanders," she said. 'Some of the world's biggest economic centres are doing it pretty tough at the moment. But if I had to pick between London, New York and Mackay to ride out the economic storm, I'd be choosing Mackay. Mackay is coming off a very high growth period."
Boyle said the Bligh Government's number one goal was to not only protect current jobs but to also create new employment opportunities.
"While the local economy may slow, relatively speaking, it would only be in the s hort term. Most reassuring is that the Vital Signs economic report card for the Mackay Whitsunday broader region showed a strong and resilient economy.
'The strong economic mix of sectors like mining, retail trade, primary industries and tourism provides a strong future platform."
While mining continues to fuel Mackay and Whitsunday's growth, diversification across industries is beginning to insulate the region from the market fluctuations that occur from time to time.
'Construction, property, and business services and finance are three of the fastest growing sectors in relative terms. The Whitsunday islands are already a world-class tourist destination, but boosting the tourism industry remains a focus for the whole region.
'Capitalising on the region's competitive advantages in the marine industries is another aim, with large-scale marine infrastructure servicing commercial and recreational vessels at Airlie Beach , Shute Harbour and Mackay.'
Member for Mackay, Tim Mulherin said an example of local economic diversification is the production of bio-commodities, such as ethanol and the planned production of furfural, a liquid chemical made from sugar-depleted cane fibre.
'Primary industries remain an important driver as the region produces 30 per cent of Queensland's sugar.
'However complimentary industries like ethanol and the expansion of CSR's distillery in Sarina were becoming increasingly important.
Mulherin also added that major local infrastructure projects currently underway, including a $20m new Convention Centre to open in Mackay in 2009; the $500m Port of Airlie project with a marina, hotels, retail and residential development; and the $85m Dent Island Golf Course Resort, west of Hamilton Island, would provide a range of additional economic and employment opportunities before and after completion.
'Marine and mining services and techno logy will continue to be a key focus of the Bligh Government.
'My congratulations go to business leaders in these sectors who are pushing these local industries forward. These varied industries will be essential for safeguarding our local economy and employment for future generations of Mackay and Whitsunday residents.
'The Mackay and Whitsundays region is no longer just a place to come and play, it has cemented its reputation as a place to come and stay,' he said.
Member for Whitsunday, Jan Jarratt said the Regional Profile also provided greater detail about regional lifestyle characteristics and key economic and social information.
'What is important for the longer term is that our community is attractive to people and we use the strong work lifestyle mix as a key drawcard.
'This will be useful in years to come as councils and business look to attract skilled labour.
'Mackay and Whitsunday, like other high growth area s of Queensland, is fast maturing, with not only new business and employment opportunities emerging but fantastic recreational facilities,' she said.
'With a great climate and lifestyle there is no question that Mackay and Whitsunday region should be on the radar of businesses and people looking for a sea change.'
Ms Boyle said the economic vital signs snapshot and plan were the second of five Growing Liveable Regions initiatives being released by the State Government for high growth regions of Queensland.
'This new initiative involves a number of strategies including international and domestic promotions designed to entice investors and businesses to move to regional Queensland,' she said.
Those on the ground know the region is a bastion of marine pursuits and has even more potential for growth in the sector.
Randall Jones, Dealer Principal of R Marine Queensland, said the Whitsunday region has strong long-term potential for luxury cruising.
'We already have an office at Airlie Beach offering both sales and service for clients,' he said. 'We are able to support both local Riviera owners and many who travel to the region regularly from ports further south. The entire region is a boating mecca and I know that with Government support, it will continue to grow. Riviera and R Marine are committed to supporting the boating community in the region over the long term.'
Meridien Marinas is also strong in the Whitsundays. CEO Warwick Bible said the company has confidence in the resilience of the Mackay-Whitsunday's economy despite the world-wide downturn.
"Like the Queensland Government, Meridien believes the diversification of the region's economy especially with its focus on marine industries will help it ride out the economic crisis gripping the world," he said.
The Meridien CEO said its 486 berth Abel Point Marina and the Port of Airlie development is proof positive of the marine industries strength.
"Meridien predicted the strength of the marina industry some years ago and had positioned ourselves to buy, build and operate marinas right across Queensland," he said.
"At Port of Airlie it is just not marina berths on offer, all 191 of the apartments released in Stage One were sold mid-2008 in just six weeks. The integrated resort and marina will boast 141 luxury resort hotel suites, retail and 365 residential apartments when completed so filling the 240 berth marina will prove easy.
"Meridien's vision is to create a chain of marinas in popular boating hotspots. This means we have excellent regular commercial and leisure use of our marinas but enjoy high demand for visiting boats as well.
"There is definitely a shift to marina berths as a solid long term investment. Even those who have never been on a boat are interested in marina berths, especially with investors looking for strong capital growth and 8% rental yields.
"We had a retired couple walk in and buy four marina berths at our Horizon Shores development on the Gold Coast. They're not boaties, they simply bought the berths for their superannuation fund and to diversify away from the volatility of the stockmarket.
"It makes sense when you look at the numbers. What's keeping the marina market buoyant in choppy times is the limited supply of marina berths combined with strong demand where boats remain greater than the marinas to moor them.
"At the end of October 2008, total boat registrations in Queensland rose above 225,000, up 5% on an annualised basis.
"To some extent its simple economics of demand and supply - places to park yachts or the family boat, whether its 10 metres or 30 metres, is in hot demand and marinas are in short supply. There are 'No vacancy' signs hanging from most marinas and with no room left in Sydney Harbour, boaties are looking to Queensland's warm waters to moor their boats.
"Australia's growing desire to live on or near the water also keeps demand for boat berths on the increase.
"Top-dollar waterfront properties are continuing to sell in the current market conditions and while there's a thirst for waterfront real estate, marina berths will stay in demand."
Facts & Stats on the Mackay and Whitsunday region:
* Mackay and Whitsunday is home to over 142,000 people
* Almost 1,100 new people move to the region each year
* There are about 13,000 businesses currently operating in the region
* Retail trad e, construction and mining are the largest industry employers
* Mackay and Whitsunday has one of the state's highest amount of sporting, recreational and specialist interest groups, including art, music and migrant clubs.
* The wider region's economy has been growing steadily since 1995, taking advantage of the resources boom.
* In 2006 the mining sector accounted for 60 per cent of the local economy.
* The region produces 30 per cent of Queensland's sugar.
by Jeni Bone
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