Cairns Economic Monitor - June
Cairns is punching above its weight, boasting a massive 17.4% economic growth since 2019/20, outperforming both the state and the nation. But there’s a storm cloud on the horizon: building approvals are slipping, worsening the region’s housing crunch and potentially stalling future growth.
The RBA’s recent rate cut to 3.85% (with more expected) offers some breathing room. Meanwhile, local unemployment has nudged up to 4.7%, yet strong labour market signals suggest Cairns is still holding its own. The message is clear, momentum is strong, but solving the housing issue is key to unlocking the region’s full potential.