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AWARD WINNERS WHERE ARE THEY NOW? Young Business Person of the Year Since 1998, the Townsville Chamber of Commerce Business Awards have been elevating and celebrating entrepreneurs, business owners, operators, and employees. Let's take a quick look at some of our YOUNG BUSINESS PERSON AWARD winners and see where they are now!

Cost of doing business crisis  The Townsville Chamber of Commerce CEO Heidi Turner, today acknowledged that the budget focus on the cost of living crisis but emphasised the immediate need to address the cost of doing business crisis. Turner called for long-term strategies to address the financial pressures faced by businesses and highlighted several critical issues impacting the business community in North Queensland. "We need a long-term strategy to ease daily financial pressures. Businesses need equitable costs and the ability to plan and invest for the future. Subsidies and grants don’t provide that certainty or boost business confidence,” said Turner. Turner pointed out the double taxation burden on businesses. "Currently, we are paying tax on a tax and the state is double dipping with stamp duty with most of the GST reallocated to state coffers due to horizontal fiscal equalisation. When GST was introduced in 2000, the intention was that stamp duty would be abolished, but it is still applied,” Highlighting the significant impact of insurance costs and taxation especially for Northern Queenslanders she added, "Insurance is one of the highest costs for business and premiums continue to increase, we pay 19% in tax on top of our premiums. But insurance is an essential service—we have to have it for loans, mortgages, and to do business, so why are we taxed on it at all. “In the north of Queensland we have higher premiums so this means we also pay significantly more in tax on those high premiums than in the South East.  Removing stamp duty is an immediate lever that can be pulled by the state government, reducing premiums by 9% for all Queenslanders." Turner also addressed the recent budget allocation for disaster resilience and mitigation, explaining why it won't effectively reduce insurance premiums. "The $100 million in the budget for disaster resilience and mitigation will not reduce the cost of insurance premiums as insurers don’t drill down to individual property risk,” "The cost-of-living crisis has had a dual impact on businesses increase in operational costs and a decrease in income.  Some of our members have seen a 30% increase in energy costs over the last 12 months. This, combined with the highest wages in history and increasing insurance premiums, is creating immense pressure. These issues are further compounded by low productivity and decreased consumer spending.” Turner warned of the broader economic consequences if these issues are not addressed. "Business owners cannot absorb these escalating costs indefinitely. This will inevitably lead to further increases in costs for consumers, and continued growth in the number of insolvencies which are already at a decade high across the country.”

Chamber Round-table with RBA Deputy Governor The Chamber of Commerce hosted a round-table with the Reserve Bank of Australia yesterday to discuss  pressing economic challenges in our region, including rising insurance costs and labour availability. The meeting, attended by the new RBA Deputy Governor Andrew Hauser, and a range of Chamber members provided a platform for direct dialogue about the economic conditions affecting our community. Chamber President Miranda Mears emphasised the importance of the discussions : “There were a number of opportunities and challenges presented, with businesses in attendance expressing optimism about a solid pipeline of projects, strong growth in property prices, and low vacancy rates in commercial properties, which is welcome news for the region,” Ms Mears said. “However, concerns were raised about labour affordability and availability, insurance costs, stamp duty, and equitable accessibility for regional businesses. “It is critical to ensure that government decisions are made in consultation with an understanding of their impact on industry.” "The Chamber values the RBA's efforts to understand the local economic landscape, acknowledging that no single agency can address all issues alone. We need to allocate funding for outcomes, not just delegations,” she added. The New Deputy Governor of the RBA Mr Hauser expressed his appreciation for the opportunity to engage directly with local businesses and community representatives: “Getting out and about in this way is a really vital part of ensuring we set monetary policy for all Australians, and draw directly on people’s experience as well as the aggregate economic statistics – and of course for me as a relative newcomer to the role, it’s a vital part of my wider education about how all parts of the Australian economy work,” Mr Hauser said. “We had a really rich discussion … hearing about the huge opportunities in the region, but also the challenges, including those around labour supply, housing, costs, and inflation.”

Innovation for Impact In today's rapidly changing business environment, it's crucial for business owners to take time out of their busy schedules to look out and up. Staying informed about emerging themes, opportunities, and challenges allows us to remain competitive and adaptive.  At the Chamber, this has been a central theme in our strategic planning. We are actively engaging with new ideas and innovations this year, and we hope you feel the energy and momentum we're aiming for with our Connect Townsville this week and Raising Regions Conference in August, which will run alongside our long-standing Business Awards tradition. The Chamber has always been, and will continue to be, an independent voice and place for all businesses, regardless of size or industry. Our role is to connect, inform, and advocate, but like all businesses, we need to adapt to the future of industry. This week, I am in Brisbane attending the Queensland Government Public Service Biig Conference and the ACS Tech Summit for my own business. I am certain that the insights from the Tech Summit today will include the need to augment traditional careers with emerging digital skills along with AI and Cyber Security and Governance and I will look to share any insights with members in due course. However, I had so many insights from the Biig Conference yesterday to reflect on the parallels between the insights and the challenges faced by regional Queensland businesses that I would like to share with you. PRESIDENT'S KEY TAKEAWAYS: Queensland Government Public Service Biig Conference #1: Digital Skills are the equaliser and enabler for businesses of the future. Chris McLaren, Chief Customer and Digital Officer for the Queensland Government, brings considerable private sector insights into public service. He emphasised that digital equity is a human right, providing people with the tools to improve their lives. This is especially critical in regional Queensland, where accessibility and skills, particularly in remote and rural areas, are significantly lower than the national average. I have been fortunate to be part of several initiatives addressing the challenge of connectivity and its role in building resilient communities. If you would like to share your experiences with connectivity, I would love your feedback via this survey 2# There is an emerging Future and there is a tension between the future and the innovation and current reality that we find ourselves today. Townsville and North Queensland have significant, once-in-a-decade opportunities that can propel our region into the future. Townsville and North Queensland have some significant once in a decade opportunities that can propel our region into the future in a powerful way. Yet the tension, in the current reality is that there are some issues - housing, crime, insurance, cost of living that need to be fixed and its not going to be fixed if industry, community groups and all three levels of government are rowing in the same direction. Too many cox’s and seat 1’s does not make a smooth boat. We need to be going in the same direction at the same speed. Too many leaders and not enough coordination or doers hinders progress. #3 The future is not a destination that we are hurtling towards - it’s the change that we are making to the way things we are doing now Whether you are talking about big once in a decade pipeline of projects or uplifting business capability to address emerging technologies, cyber security and governance a Three Horizon view is necessary to propel us to that future. There are amazing folk and organisations solving huge problems that are probably not connected in with those that are able to hit the headlines on the regular. At Chamber we are embracing transdisciplinary Innovation and what we can learn by listening to and seeing what other industries are doing. We are currently taking submissions for presenters (as well as sponsors) and are excited to uncover some hidden gems of wisdom. If you would like to share your insights we would love to hear from you.  More about the Raising Regions Conference   #4 No problem worth solving fits neatly into the box of any agency responsibility . We need to allocate funding for outcomes not delegations Frustrations arise when civic leaders and elected officials make unilateral decisions impacting businesses without business input. While I don't have all the answers, I hope that businesses are given the opportunity to participate in decision-making processes that affect them. I want to give a shout-out to our regional State Development Team, including James Doyle, Amy Lever, and Erin Kiernan, and Trade Investment Queensland's Mitch Rawlings. They are incredible at looking at the big picture for Townsville. If you haven't reached out or attended one of their events, please do so. 5: Collaboration is Key I always say, "If you want to go fast, go alone; if you want to go far, go together." This philosophy is gaining traction locally. It's why I was keen on the Connect Townsville event, and why I was so disappointed to miss what looked like a magical evening. As more people move to the region with their partners and families, it's crucial for Townsville to ensure they build strong bonds with our community. A sense of belonging, attachment, and satisfaction will encourage people to stay and grow in the region. We aim to provide a platform for connecting jobs, business opportunities, and partnerships. 6: Shaping the Future Together As we navigate this exciting journey, I encourage each of you to embrace innovation and collaboration. Together, we can shape a bright future for Townsville, where every business thrives, every individual has the opportunity to succeed, and our community stands as a beacon of progress and inclusivity. As we hurdle towards a new financial year and budget period lets make it an impactful year of  innovation and collective growth #ASKCHAMBER The team have launched #askchamber a new initiative where members can email ask@townsvillechamber any business question and if our team don't know the answer someone within our membership will. Together, we are stronger, and together, we will elevate Townsville to new heights. Thank you for being part of this vibrant community. Have a great weekend  Miranda President Townsville Chamber of Commerce