What does the Back to Work programme mean for Queensland property?
People are driven by their industry. It's not just about paying the bills and bringing home the bacon, it's about finding a certain level of satisfaction and pride in what you have accomplished; not just for yourself, but for your family and community at large.
However, this can become difficult if you suddenly find that your skills are either no longer in as much demand or that they need re-adjusting to a new change in your industry. In Queensland, we're already seeing this happen with the mining industry, with many regional residents finding it difficult to support themselves and their families as the work dries up.
A new deal
That's a five figure reason for enterprises to help keep people in the regions.
It isn't just the local miners that are affected, it is the whole local economy. Property investors have found themselves with a hiccup in their capital gains as their tenants shift away from regional centres in search of more work.
However, this is just a blip on the radar, if the Queensland government has anything to say about it. If it's employment people want, it's employment people will get, all through the power of offering support payments to businesses who choose to hire an unemployed person in regional Queensland.
Under the Back to Work package, any business that hires an unemployed Queenslander in the more rural parts of the state will receive $10,000, growing to $15,000 for a long-term job seeker. That's a five figure reason for enterprises to help keep people in the regions – and that will help keep demand (and values) growing for property in mining towns.
A shift in priority
However, this is not the only change that could be helping to keep regional Australian industry ticking along nicely. While the construction phase of the mining industry has dropped, the production phase is only just kicking off, particularly in the realm of liquid natural gas (LNG).
It is now officially a $60 billion industry, reports the Queensland government, which is set to grow to $100 billion by the end of the decade. It's one of the main reasons that the 2016-2017 Budget showed a huge jump in overseas exports, and growth in the sector isn't slowing down.
And what does all this mining activity mean for Queensland property? More employment, more opportunities, more demand for attractive local properties. You might not be involved with mining, but your real estate portfolio certainly is! If you want to make the most of it, or get started yourself, make sure you get in touch with the wealth coaches at Think Money today.