Building Cairns into a $13 billion per annum economy, creating thousands of new jobs and being recognised as green economy leader are key targets for a new economic agenda endorsed by Council today.
The Economic Development Strategy 2022-2026 provides the framework for continued Council support for economic development in Cairns and builds on the success of the previous strategy.
A report table in Council today outlined the significant progress that was made during the delivery of Council’s Economic Development Strategy 2018-2022.
Notably, unemployment was at an historical low of 4.1% (pre-COVID) in June 2019, Gross Regional Product grew by $550 million between 2018 and 2020, and more than 3,500 jobs were created.
Priority industries and sectors such as aviation, healthcare, defence and tourism are among areas identified to foster continued economic growth in the Economic Development Strategy 2022-2026, along with the recognition of key geographic areas of focus, including the City Centre, FNQ Health and Innovation Precinct and Portsmith Marine Precinct.
The strategy also acknowledges economic initiatives such as the Smart Green Economy, international trade and relations, and investment attractions, as well as the importance of major and economic events.
By focusing on these four pillars, the strategy aims to boost the city’s Gross Regional Product from $10.25 billion as of June 2020, to $13 billion per annum by 2026, create 15,000 new jobs from 2020 to 2026, and ensure Cairns becomes a recognised leader in the Smart Green Economy.
