TC Jasper flood event business survey
Conus Consultancy Services Blog
by Pete Faulkner
1w ago
The Cairns Regional Council and their Economic Recovery Sub-Committee have contracted Conus Business Consultancy Services to conduct an Economic Impact Assessment (EIA) to determine the impacts of TC Jasper and the subsequent flooding event. The EIA will consider both the Cairns Regional Council Local Government Area as well as the broader Cairns Region and will be used to assist Council in formulating their Disaster Recovery responses, and to better plan for such events in the future. In order for us to gather as much data as possible to inform this work we have created an on-line Survey. We ..read more
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Cairns and Townsville Trend employment report
Conus Consultancy Services Blog
by Pete Faulkner
5M ago
For the fifth consecutive month Trend employment in Cairns lifted again in August (+600), although we remain 2.1% down from a year ago. The growth was split between full-time and part-time employment, although full-time employment is still down for the year. Once again most of the full-time gains came from males while females saw larger increases in part-time work. Over the course of the year all the decline in employment has come in the female cohort and that in turn has been driven by a steady decline in female participation (reversing the moves we saw during the COVID period). In recent mon ..read more
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Real Estate market in Cairns still strong
Conus Consultancy Services Blog
by Pete Faulkner
6M ago
Despite a string of interest rate hikes that took the Cash Rate from 0.1% to 4.1%, the real estate market in Cairns has remained remarkably robust. In the 7+ years since June 2016 rents for both 3-bed houses and 2-bed units have increased by about 45%, while median prices for house and units are both up about 25%. This 20% gap opened up in the years running up to the COVID pandemic and has remained relatively constant since. The increase in regional migration that the pandemic initiated, combined with the fact that prices is Cairns were at relatively low levels, saw the market rally strongly i ..read more
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Tourism in the Far North
Conus Consultancy Services Blog
by Pete Faulkner
6M ago
The data from Cairns Airport for July shows a very solid pick up in both international and domestic passenger numbers. Our Trend estimate suggests that total monthly numbers are now approaching 400,000 which is only 7.5% below pre-COVID levels at this time of year. Most of this shortfall is from the international sector where passenger numbers, despite some encouraging recovery, are still 20% below their pre-COVID levels. If we consider the running annual total, international passenger numbers now sit slightly above 50% of where they were at this time in 2019. The TRA monthly snapshot tourism ..read more
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Public Sector employment picks up in Queensland
Conus Consultancy Services Blog
by Pete Faulkner
6M ago
Data for the May 2023 quarter shows that while Public Sector employment across the nation has remained relatively static over recent quarters, here in Queensland there has been a distinct move up. Since August 2014 Public Sector employment across Australia has grown by 37.8%, far outstripping the Private Sector which has managed just 19.3% over the same period. However, when we consider things since the start of the COVID pandemic a very different picture emerges. Public Sector employment since Feb 2020 has been virtually static (actually it’s declined by slightly less than 0.1%) while the Pri ..read more
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ANZ Queensland: Future State Report
Conus Consultancy Services Blog
by Pete Faulkner
11M ago
We were fortunate to co-author the Queensland: Future State Report for ANZ with Gene Tunny from Adept Economics. The report was launched in Brisbane on Tuesday by ANZ CEO Shayne Elliott. The report has garnered plenty of interest and you can download it from the ANZ Bluenotes website here. The post ANZ Queensland: Future State Report appeared first on Conus Consultancy Services ..read more
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Trend unemployment rate in Cairns drops to just 3.0%
Conus Consultancy Services Blog
by Pete Faulkner
1y ago
A move lower in participation over recent months, combined with some healthy employment growth, has seen the Trend unemployment rate in Cairns move lower and hit a record low of just 3.0%. Even with this move down in participation, the labour market still looks very strong. Growth in Female participation has been particularly strong over the course of thew past few years and we now see the Trend female unemployment rate at just 1.8% with males at 4.2%. Employment growth, at 6.3%, remains strong when compared to +3.9% for QLD, +4.0% in Greater Brisbane and +3.7% for the Rest of Queensland. The ..read more
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Domestic Tourism in Regional Queensland still very strong
Conus Consultancy Services Blog
by Pete Faulkner
1y ago
The latest domestic tourism expenditure snapshot data from Tourism Research Australia for June shows that the boom in domestic tourism, particularly across Regional Queensland, remains well in place. The monthly snapshot expenditure data is no more granular than “Regional QLD” and “Greater Brisbane and Gold Coast”, so we cannot say precisely what this might mean for TNQ data. However, the most recent overnight domestic tourism for TNQ, which was for the March quarter, showed a 16% increase over the same quarter in 2020. The snapshot data for Regional Queensland over the same period registered ..read more
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2nd Quarter GDP +0.9% q/q, +3.6% y/y. 2021/22 +3.9%
Conus Consultancy Services Blog
by Pete Faulkner
1y ago
The second quarter GDP data released this morning was broadly in line with expectations with a 0.9% q/q increase on the back of the previous quarter’s 0.7% increase (actually revised slightly down from +0.8%, but Q4 2021 was revised up) which leaves us 3.6% up from the same period a year ago. Over the course of the 2021/22 year GDP was up 3.9% having been up 1.6% in 2020/21. This is still robust growth and well above the pre-COVID trend which was closer to 2.5% y/y. Clearly the interest rate rises we have been seeing in the past few months (and are likely to continue to see) will hamper this p ..read more
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Cairns adds to Trend employment again. Unemployment rate at just 4.8%
Conus Consultancy Services Blog
by Pete Faulkner
1y ago
The July ABS Labour Force data released this morning allows us to update the Conus/CBC Staff Selection Regional Employment Trend data for all of Queensland’s regions. Despite the (seasonally adjusted) employment data at the State level showing a decline in employment of 6,200 for the month, Cairns managed to record an increase of 300, and Townsville an increase of 700, to Trend employment levels (both new record highs). The Trend unemployment rate in Cairns now sits at 4.8% while in Townsville it has fallen even further to 3.0% (very close to an all-time low). The increases in Participation s ..read more
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