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Last Updated: Wednesday, 18 June 2025 11:06

Published: Wednesday, 18 June 2025 11:00

Toowoomba Regional Council (TRC) this week (Tuesday, June 17, 2025) endorsed a revised 12-month funding deed with Toowoomba and Surat Basin Enterprise Pty Ltd (TSBE) starting from July 1, 2025, as part of a broader review of economic development arrangements.

Toowoomba Region Mayor Cr Geoff McDonald said Council would proceed with the short-term funding deed while undertaking a review of the organisation’s objectives and results.

Mayor McDonald said Council would assess the ongoing relevancy of the controlled entity model under which TSBE was originally established.

“Council needs to be satisfied that we are receiving an adequate return on investment on behalf of our community,” Mayor McDonald said.

“Council will outline Key Performance Indicators (KPIs) for TSBE for the 2025-26 financial year, aligned with the revised deed and Council’s economic development objectives.

“The KPIs will focus on the increase in the number of businesses attracted to the Toowoomba Region, an increase in employment in the Region and an increase in the Toowoomba Region’s Gross Regional Product.

“TSBE was formed in 2012 as a Council-controlled entity to lead regional economic development. Over time, it has evolved into an independent, member-driven organisation that plays an active role in regional advocacy and industry engagement.

Council is strengthening its own internal economic development capability and is in the process of drafting a five-year strategy to guide economic development initiatives across the Toowoomba Region.

This strategy will focus on:
• Positioning the Toowoomba Region as the best regional location in Australia to live, work, visit, play and invest
• Capitalising on the Region’s competitive advantages
• Growing the region’s Gross Regional Product and total jobs against set targets
• Attracting new businesses and investment.

The success of this strategy will depend on strong collaboration between Council, TSBE, and other key regional stakeholders.

Mayor McDonald said the review period provided an opportunity to ensure all partners were aligned in driving meaningful and measurable outcomes for the Region.

“Council is committed to delivering the best possible economic outcomes for our community. This next 12 months is about ensuring our delivery models are fit for purpose and working together toward shared goals,” Mayor McDonald said.

“Council looks forward to working with TSBE and other partners to ensure a strong and sustainable future for the Region’s economy.”