LOCATION
Highlights STRONG ECONOMY
Summary Mackay is located approximately
BOOMING RESOURCE SECTOR A primary export from the Mackay Region is coking coal where the spot price is currently sitting well above historic prices, the spot price as at Q2 2024 was $244 USD/tonne which is approximately 2.5x the price in Q1 2020 ($110 USD/tonne). Coking coal is a critical component in steel production, and Australia is renowned for having some of the highest quality coking coal in the world. Our coal is valued for its high energy content, low impurities, and efficiency as a coking agent in steel manufacturing. Global demand for steel is projected to increase by over a third through to 2050 (International Energy Agency). In 2023, 80.8% of the coal exports from Mackay and the Bowen Basin, shipped through the Dalrymple Bay and Hay Point terminals, were coking coal, while the remaining 19.2% consisted of thermal coal (North Queensland Bulk Ports Corporation).
SIGNIFICANT INVESTMENT There are $45 billion of projects either proposed or underway within the Greater Whitsundays Region (Mackay, Isaac and Whitsundays). Within Mackay, over $4.6 billion of projects are underway and proposed including $1.8 billion in construction projects, $1.5 billion in infrastructure projects and $1.3 billion in utility projects(GW3 Regional Projects Development Register). In addition to significant investment in the region, the Mackay State Development Area (SDA) was declared in 2024 and proposes to rezone 907 hectares of land to establish new industrial estates in Racecourse and Rosella. The purpose of the SDA is to promote diversification of industries with a focus on renewable energy and bio-futures industries, The Racecourse SDA is to promote bio-futures (Queensland State Development and Infrastructure) through partnership with the Racecourse Sugar Mill. Rosella SDA is isolated from residential, community areas and aims to promote higher impact industry businesses, (Queensland State Development and Infrastructure).
960 kilometres north of Brisbane and is Queensland’s fourth largest regional city with a population of 127,000 people. The region benefits from a diverse range of economic drivers including agriculture, mining and resources, health, construction, bio-futures, and tourism. The primary economic driver for the region is mining and resources as Mackay acts as a central hub and gateway to the rich coal deposits in the Bowen and Galilee Basins and hosts much of the engineering, manufacturing and mining services industries supporting the resources sector.
With a Gross Regional Product (GRP) of $13.9 billion in 2023 (30% increase over 2022), the region contributes more GRP per capita to the Queensland Government than any other region in the state. Mackay also has one of the lowest residential vacancy rates in Queensland of 0.6% as at Q2 2024 and an unemployment rate of 4.2% in June 2024. The largest employment sector in Mackay is Healthcare and Social Assistance which employs 8,324 people out of the 54,582-person strong workforce (see below chart). With Mackay's growing population and the increasing demand for healthcare services, this sector has seen consistent growth with the sector playing a crucial role in supporting the the regions health and wellbeing.
INDUSTRY SECTOR JOBS
Health Care & Social Assistance Retail Trade Construction Education & Training Manufacturing Transport, Postal & Warehousing Accommodation & Food Services Mining Other Services Professional, Scientific & Technical Services Public Administration & Safety Wholesale Trade Administrative & Support Services Agriculture, Forestry & Fishing Rental, Hiring & Real Estate Services Financial & Insurance Services Electricity, Gas, Water & Waste Services Arts & Recreation Services Information Media & Telecommunications
8,324 5,662 5,006 4,471 3,737 3,635 3,565 3,404 3,160 2,545 2,440 2,383 1,809 1,659
844 654 627 477 180
ABS 2021 Census Place of Work Employment (Scaled), ABS 2021 / 2022 National Input Output Tables, and ABS June 2023 Gross State Product.
QUANTA TENNYSON STREET OFFICE TRUST | Information Memorandum
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