Newspaper article The Observer (Gladstone, Australia)

Tourism Key to Housing; CEO: Qld Economy 'Mixed' Bag

Newspaper article The Observer (Gladstone, Australia)

Tourism Key to Housing; CEO: Qld Economy 'Mixed' Bag

Article excerpt

Byline: Declan Cooley Declan.Cooley@gladstoneobserver.com.au

DESPITE boosting profit over the past year, Bank of Queensland CEO Jon Sutton said Gladstone was still an area of weakness for the bank.

He said overall the Australian economy was performing "reasonably well" but regional towns hit by the mining downturn were still suffering and impacting negatively on the Queensland economy.

"The Queensland economic performance has been mixed...with strength in the south east offset by weaker activity in areas influenced by mining, such as Townsville, Gladstone and Mackay," Mr Sutton said.

But Mr Sutton's speech wasn't all doom and gloom, with the CEO signalling that tourism and LNG production would be a key contributor to growing the economy in Queensland.

He said interstate migration to Queensland had hit its highest level since December 2012 and that export services in tourism and education had "risen to more than 12% in dollar terms".

Last week it was announced that Casper Energy planned to construct an oil refinery and diesel terminal in Gladstone, which would bring more than 1800 construction jobs for both projects. …

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