Cairns Report - February 2024
It was quite a finish to the calendar year. Our thoughts go out to all those impacted by the cyclone and floods.
As FNQ moves into recovery mode, we can expect to see the economic impact of repairing the $2 billion+ of damages. Housing stock is likely to remain stretched as we look to rebuild the region. There will be plenty of construction, civil and trade jobs created which will be positive for employment in the region for at least the next twelve months.
However, whilst there continues to be housing stock constraints, we must be mindful of how this impacts on the affordability of tourism and the affordability of new developments needed in the region. Locally, pockets of the FNQ economy may benefit from the inflow of capital to the region, however national and global cost of living headwinds remain. Not all businesses will be impacted equally from these disasters, and if struggling please stay vigilant and seek assistance.
You can listen to the radio interview from Michael Wilson at PVW Partners and Nicholas Slatyer from Belle Property Cairns as they chat to 4CA's Gavin King about the state of the local economy.