Townsville - Economy

Economy


Economic growth in the region was "not restricted to heavy industry growth attributed to the resources boom under the Howard Government, the region’s tourism growth also outstripped neighbouring regions."

  • Residents in Townsville have average household incomes about 10% above the state average: in 2003/04 it was closer to the New South Wales average than the Queensland average.
  • The city remains popular with tourists, and backpackers are particularly drawn to Magnetic Island and the Great Barrier Reef. The city has excellent diving and snorkelling facilities, with a variety of vessels using the port as a home base for their reef tourism activities.

In 2004, there were 11,762 businesses in Townsville and 4,610 in Thuringowa. There were still "lots of well-paying job opportunities" in the city itself come mid-2008, when the number of unemployed had risen (nationally) by 100,000 workers, including "considerable employment requirements" in the trades (280 job vacancies), engineering (117), administration (100), sales (97) and hospitality (90). Townsville hosted the head office of $4 billion financial advice company Storm Financial, until its collapse in early 2009.

The city also has its own manufacturing and processing industries. Townsville is the only city globally to refine three different base metals — Zinc, Copper and Nickel — and it is currently in strong contention for an aluminium refinery. Nickel ore is imported from Indonesia, the Philippines and New Caledonia and processed at the Yabulu Nickel refinery, 30 kilometres north of the port. Zinc ore is transported by rail from the Cannington Mine, south of Cloncurry, for smelting at the Sun Metals refinery south of Townsville. Copper concentrate from the smelter at Mount Isa is also railed to Townsville for further refining at the copper refinery at Stuart.

Townsville has several large public assets as a result of its relative position and population. These include the largest campus of the only university in northern Queensland, James Cook University, the CSIRO Davies Laboratory, the Australian Institute of Marine Science headquarters, Great Barrier Reef Marine Park Authority, the large Army base at Lavarack Barracks and RAAF Base Townsville.

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