With Toowoomba one of the most popular spots in the country for first home buyers and with a strong local economy, NAB is backing the community for the long-term by investing $10 million in a new banking hub.
NAB Retail Executive, Chris Francis, said the Toowoomba hub represented NAB’s largest single investment nationally and was a clear demonstration of the bank’s confidence in the Garden City as an important growth corridor.
“We know Toowoomba is growing in popularity as a great place to live and work, with major projects including Inland Rail and Toowoomba Hospital set to provide a major boost to the local economy and community,” Mr Francis said.
“We’re excited to be part of Toowoomba’s future and the success of businesses and families for years to come.”
Business in Toowoomba is booming with construction spending up 11.5% year-on-year, as well as key infrastructure projects the Inland Rail Project and the new Toowoomba Hospital to benefit the region.
The hospitality industry is also going from strength-to-strength, with spend over the past year up 13.9% at cafes and restaurants, rising 13.2% for accommodation, increasing 10.3% at pubs and bars, and up 7.9% for retail.
Toowoomba Region Mayor, Paul Antonio, said NAB’s investment in Toowoomba was a sign the region’s economy was going from strength-to-strength.
“There’s no doubt Toowoomba’s diverse economy, from agriculture to retail, construction to mining, education to health, has meant that NAB has backed a winner with their new banking hub in the city,” Mayor Antonio said.
Construction is led by Built and is employing 16 local businesses and trades. It is expected to be completed in early 2024. The new building will have a Green 5 Star sustainability rating, with net zero emissions when in operation.
It will bring together 100 personal, business and agri banking experts under the one roof. Customers will be able to use SmartATMs, a business deposit machine, coin deposit machine and a quick-change machine, which will be available 24/7.
Note: NAB’s latest data on first home buyer hotspots is available here