The State of Central West Economy

1
The State of Central West Economy

• Tom Murphy
• Western Research Institute
• Charles Sturt University
• Tuesday 18 September 2007

2
Outline

• Where it is
• Demographics
• Household Income
• Industry Structure
• Industry Performance
• Employment
• Strengths
• Opportunities

3
Geographic Location
4
Population Change 2001 vs. 2006- by Selected
Regional Centres
Source ABS Census 2001 2006
5
Population Change 2001 vs. 2006- by Selected
Regional Centres
6
Age Structure
Source ABS Census 2001 2006
7
Average Income NSW
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Average Income by Selected Regional Centres
Parkes 38,518
Orange 43,293
Bathurst 42,189
Lithgow 44,204
Forbes 36,495
Source Taxation Statistics, ATO 2004-05
9
Industry Structure
Source ABS Census of Population and Housing,
2001.
10
Mining

• Contributes an estimated 800-900 million to the
  GDP in Central West region
• Gold, Copper and Coal
• Demand from China
• Shortage of skilled labour
• Shortage of water

Shift change via the truck access platform at the
Cadia Hill truck bay. Source Newcrest Mining
Ltd 2007
11
Economic Performance of Agribusinesses June
Quarter 2007
Source Westpac CSU Agribusiness Index for June
2007
12
Sales Performance Tourism Manufacturing
Industries
Source Reliance Credit Union Central West
Business Survey
13
Domestic Tourism Central NSW Regions
Source Tourism New South Wales
14
Sales Performance Selected Industries
Source Reliance Credit Union Central West
Business Survey
15
Overall Sales Performance
Source Reliance Credit Union Central West
Business Survey
16
Employment Central West Business Survey

• Over the period of June 2006 to June 2007,
  average levels of employment in the Central West
  region were
• 65 for full-time employment
• 13 for part-time employment and
• 22 for casual employment

Source Reliance Credit Union Central West
Business Survey June 2006 June 2007
17
Employment Trends Central West Business Survey

• Over the period of June 2006 to June 2007, the
  net changes in staffing levels for businesses in
  the region were
• Net 1 of businesses increased full-time
  employment
• Net 2 of businesses increased part-time
  employment
• Net 10 of businesses increased casual staff
  employment

Source Reliance Credit Union Central West
Business Survey June 2006 June 2007
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Employment Trends Department of Employment
Workplace Relations
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Staff Training

• Businesses in the Central West region reported
  investments in staff training of
• 1 5 of turnover (44)
• 6 10 of turnover (7)
• Over 10 of turnover (2)
• Of those reinvesting in staff training
• 35 of businesses utilised short courses
• 36 utilised other types of training including
  in-house and industry-based training and
• 28 utilised apprenticeships and traineeships.

Source Reliance Credit Union Central West
Business Survey of March 2007
20
Change in Capital Expenditure Central Western
Source Reliance Credit Union Central West
Business Survey
Source Orana Business Survey
21
Strengths

• Skilled stable workforce
• Diversified economy
• Lifestyle un-congested, culture, education and
  health
• Enormous contribution to the States economy

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Opportunities

• Unrealised business opportunities (look East)
• Four Lane Expressway over mountains
• Export Orientation
• Transport Logistics Hub

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• Central West a place of Vibrancy, Lifestyle
  and Opportunity