Queanbeyan’s economy follows Canberra, and a major economic forecaster reported in January that Canberra’s only economic bright-spot is the demolition and reconstruction of Mr Fluffy homes.
Deloitte Access Economics found that Canberra’s economy is the slowest in the nation, while business slow-down in Queanbeyan and the region reflects similar struggles with induced unemployment in a region with a high percentage of public sector jobs.
According to Labor candidate for Monaro Steve Whan: “Real estate agents are telling me that house prices have dropped, vacancy rates are up and commercial premises are going unleased in Queanbeyan, Cooma and the region.
“Queanbeyan’s main street now has more vacant shops than at any time since the Howard cuts in the 1990s. Tony Abbott has been a disaster for our region. Cuts to public sector jobs have hit hard.“
That includes current NSW government cuts to jobs in state organisations like the Department of Primary Industries, National Parks, TAFE and other government agencies
The stalling of the renewable energy sector has hit once booming Monaro particularly hard as proposed projects and related jobs have ground to a halt with the federal government still dithering over the renewable energy target. Combined effects of the cutbacks are to reduce the living standards and buying power of many local residents.