Business Name

Businesses throughout the region said the insecurity and lack of confidence throughout the region had suddenly lifted with the resolution of the Government's mining tax.

Regional Economic Development Corporation (REDC) Mackay-Whitsunday chief executive officer Narelle Pearse said prior to the resource profits tax controversy things had been going full steam ahead in Mackay.

“Hopefully, this announcement will send things back in the right direction,” Ms Pearse said.

“These taxes have a massive effect on local businesses, those who rely on the mining industry and also those who don't.”

Hastings Deering Mackay regional area manager Darren Woodward said following the compromise on the tax Mackay could now “move forward” with future projects and development throughout the region.

While the positive effects of the revised tax on the mining industry are obvious, other business in the Mackay area are also looking to the future with a positive outlook.

Knight Frank specialises in the sale of commercial property.

Mackay director Bill Doughty said the tax deal should encourage people and businesses to purchase commercial property when, previously, they had delayed their purchases due to the uncertainty the super profits tax had caused.

“Some businesses that needed to expand were reluctant to do so before this tax was sorted out,” Mr Doughty said.

“Now it has been (sorted out) we see that as the catalyst for them to move forward.”

Mackay Chamber of Commerce president Kylie Porter said the news was fantastic and Mackay now could head in the right direction once again.

“A stable resource sector is a stable economy,” Ms Porter said.

“The Government saw a backlash they didn't expect, they realised that everyone was affected by this tax, not only the mining companies.

“We have had six consecutive interest rate rises, as well as the continuing rising costs of electricity, water, food and everything else; maybe now people can stop worrying about mining taxes also.”

Ms Porter said business operators in Mackay and surrounding areas could now have more confidence and again start to plan for the future.

“Our region has always had enormous potential and we need to develop the area and focus on this long-term potential. Mackay is only going to continue to get bigger.”

Ms Porter said although many Mackay businesses would benefit, there were still some which were struggling.

“Discretional spending is still an issue; with the rising costs of living people are still not spending on luxury items and this makes it hard for some businesses.

Hopefully, the Reserve Bank will put a hold on interest rates also; that might makes things a bit easier on everyone,” Ms Porter said.

Source: Daily Mercury