North Queensland has firmly established itself as a major economic force in Australia, with the value of projects planned through to the end of the decade soaring to $33 billion.
Townsville Enterprise has released an outlined portfolio of 63 investment projects, each exceeding $10 million in value. The 2024-2029 project forecast details the growth in both public and private sector investment and construction in the North Queensland project pipeline. The project pipeline includes many sectors, including transport, water, energy transition infrastructure, and mineral resource development.
Townsville Enterprise, CEO, Claudia Brumme-Smith said growth had been driven by investment in the region's abundant natural resources.
“North Queensland has positioned itself globally as a strong player in metals refining, battery manufacturing, green energy production,” Ms. Brumme-Smith said.
“Since the announcement of CopperString in March 2023, we have entered a historic upswing in our industry’s trajectory. There is a big focus on extracting, refining, and manufacturing commodities into high value-add products for world markets.”
“More than 5,000 new ongoing jobs will be required to deliver on these 63 investment projects, and 17,200 construction jobs will be supported by these projects.”
“This forecast is important because it focuses attention on the vital need to manage the challenges associated with delivering this massive pipeline of work including managing costs, the major human and resource requirements, including attracting workers, and the need to lift regional productivity to maximize the value to our region.
Townsville City Council, Deputy Mayor, Paul Jacob said the exciting portfolio painted a bright future for the North as one of Australia’s key engines of growth.
“Our vision as a Council is to grow Townsville and the type and diversity of investment will build greater prosperity for all,” Cr. Jacob said.
“As a council, our focus is on investment in infrastructure and core services to support this growth, which will include the need to cater for an additional 20,000 skilled workers in the region in the years to come.
Report Top Line
The Townsville Enterprise report outlined a portfolio of 63 investment projects, each exceeding $10 million in value. Nearly half (44%) of the projects in the pipeline were worth over $250 million each.
The regional project breakdown:
- Townsville: 39 projects valued at $17.7 billion.
- Townsville Surrounds (Burdekin, Charters Towers, Hinchinbrook): 10 Projects valued at $6.1 billion.
- Queensland Outback (Flinders to Mount Isa): 13 projects valued at $4.3 billion.
The resources and energy sector dominate the project pipeline, with 29 projects valued at an estimated $25.4 billion, representing over 75% of the total project pipeline value.
- The resource and processing sector comprises 40% of the total pipeline value, with an estimated $13.4 billion across nearly 11 projects.
- The green energy sector makes up 36% of the total pipeline value, with an estimated $12 billion across nearly 18 projects.
The North Queensland project pipeline is broken down into five distinct stages to track the status of each project's development progress:
- Proposed: 9 projects valued at $4 billion.
- Under Assessment: 16 projects valued at $13.6 billion.
- Approved: 10 projects valued at $6.5 billion.
- Committed: 9 projects valued at $2.2 billion.
- Underway: 19 projects valued at $6.9 billion.
Exclusive insights will be available to strategic members partnering with Townsville Enterprise, offering detailed dashboards outlining each project's estimated value, job creation opportunities, project overview, and anticipated timelines from commencement to completion.
