Central Highlands economic profile grew $2.4 billion in 2019-2020

The 2020 Central Highlands Economic Profile puts the Gross Regional Product (GRP) at more than $6.3 billion, compared to more than $3.9 billion the previous financial year, an increase of almost 61 percent.

Central Highlands Development Corporation (CHDC) Business and Investment Attraction Manager, Peter Dowling said this is attributed to the significant increase to growth in the resources sector.

"For example, the output generated by mining is estimated to be more than $7 billion last financial year, which is about $2 billion more than 2018-19 and reflects the strong ongoing coal demand," Mr Dowling said.

However, the report also predicts a contraction in the GRP of -4.4 percent by March this year, as a result of job reductions and other effects of COVID-19.

"While the Economic Profile does reflect some ramifications of the global pandemic, it only began in the latter stages of that financial year, so we need to wait for the next annual profile to get a deeper perspective of the impacts," he said.

Federal member for Flynn Ken O'Dowd said the region was more affected by the ongoing drought, than the pandemic.

"Agriculture, mining and tourism have been very import to the Central Queensland economy and in creating jobs for the region," Mr O'Dowd said.

"Coal continues to be a vital part of the Central Queensland's Economy. Even with the China deal, Australia continues to sell 'High Quality, Low Ash' coal continues to be in high demand and are looking to expand further in the Asian and Middle Eastern Market."

"According to the latest trade data, Australian resources and energy exports were valued at a phenomenal $272.5 billion in the 12 months to December."

"With overseas travel still off the cards, we hope that this pushes Australians to holiday in their own back yards and visit 'outback Queensland.

Agriculture continues to be a major contributor to the Central Highlands economy.

The Profile estimates the value of agriculture was $1.03 billion in November 2019, up from $839 million 12 months' prior and the first time it has ever surpassed the billion-dollar mark.

Mr O'Dowd said critically low dam levels were and continue to be a major concern to agriculture and mining in the region.

"We are pushing for the agricultural sector to grow past their current annual revenue of $65b and hope to reach $100b by the year 2030," he said.

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