The Queensland Country Bank Townsville Region Scorecard 2021-22 has been released, demonstrating a strong performance throughout 2021 and indicating there is solid optimism for continuing positive results in 2022.
The report, compiled by James Cook University adjunct professor Colin Dwyer in collaboration with local businesses, recognises the crucial connections between environment, economy and society across 28 local variables.
The report echoes much of what we have experienced at Queensland Country Bank throughout 2021 and into the early part of 2022, as we have noticed a visible turnaround in confidence from both consumers and businesses.
Business Banking, which has been a new business line for Queensland Country Bank over the past 18 months, has settled over $20m for the first half of 2021/22, with the majority of these loans being written in Townsville which demonstrates the increased confidence and the willingness to invest within the region.
The increased value of homes (7.4%) is long overdue in Townsville which has been subdued for the best part of a decade, and the increasing confidence encourages movement in the property market in terms of upsizing and renovating. Increased confidence in the regional residential markets has greatly contributed to record breaking lending months for Queensland Country Bank, with $320m in October – December 2021 in loan settlements. Close to 25% of our business originated from Townsville, and with both Ayr and Charters Towers in the surrounding regions being our best performing branches at the half way point of our financial year, which further demonstrates the confidence within the region because of a healthy Townsville economy.
It was also pleasing to see the Queensland Country Bank Stadium was identified as Townsville’s social asset of the year, exceeding expectations in its ability to deliver thousands of jobs, bed nights and millions of dollars into the local economy. The report states that the Stadium diversified Townsville’s tourism profile and provided northern people with better community pride and improved activity options. We are proud to have contributed financially as naming rights sponsor to support this important piece of infrastructure which will continue to benefit the local community.
The report acknowledges there are challenges to overcome, including Covid 19 concerns and skills shortages, but overall points to a very positive outlook. We’re so pleased to have had the opportunity to collaborate with industry stakeholders including Adj Professor Colin Dwyer, James Cook University and PVW Partners Accountants + Advisors to produce this valuable resource for the region. Importantly, funds raised as part of this project will contribute to ongoing research and learnings for students in the JCU College of Business, Law and Governance.
For a full copy of the Queensland Country Bank Townsville Region Scorecard report, visit https://bit.ly/3KSCOj5