If you work in the mining industry in the Whitsundays, then it’s likely that your earnings are looking very healthy. The Australian Bureau of Statistics’ Average Weekly Earnings release has shown that those working in mining have the highest weekly wages in the country, by quite a long way. With a mean weekly earnings figure of $2,494.50, there are significant opportunities for saving and spending.
But should you enjoy the cashflow or save for the future? We think financial planning is very important, particularly in this region. Here is why.
Booms come and go
The Australian Industry Group released its February Performance of Construction Index (PCI) on March 6, and it indicates further decreases in construction activity across the nation. A rating of 50 on the index means stability, a figure above 50 indicates growth, while a number under this mark shows a decline.
Engineering and construction related to mining fell two points to 42.7, indicating a rise in the rate at which the mining industry is decreasing. This is expected after the highs seen during the peak of the resources boom, but it also means you must be prepared if the downturn continues.
This means putting money towards the future, whether it is through property investment, savings or additional super contributions – all areas where Eclipse’s specialists excel at helping.
Investment opportunities are rife
While construction in mining declines, construction in other areas is actually rocketing forward – particularly in residential dwellings. In a March 3 press release from the Housing Industry Association (HIA), it was noted that approvals for detached homes across the state rose 3.3 per cent in January.
“This means that there is a growing pipeline of work ahead for the home building industry in Queensland,” said Warwick Temby, Queensland Executive Director for the HIA.
“The home building industry can continue to make a substantial contribution to the growth of the Queensland economy over the next year or two.”
On top of this, the Queensland Valuer-General’s report on the property market noted that if projects such as the Galilee Basin development can be met by the necessary infrastructure, then it could mean positive things for the region.
Therefore, it’s important to think long and hard about preparing for the future. Even if mining doesn’t return to previous heights, there are many opportunities for great financial planning through property investment. That’s why it’s important to prepare and save. Contact Eclipse for help with how.
