2015-08-18 Planning and Organisation Committee Attachment 1 to Item 8 AEC Noosa Economic Profile Final Report

Noosa Economic Profile
Final



Key Point Summary
            The Noosa economy is typical of a lifestyle and tourism destination. Like most tourism
            and lifestyle destinations, much of the economy is geared towards tourism and
            population driven industry sectors (i.e. retail, accommodation and food services, health
            care, etc.). Similar to other areas, the local economy is reliant on tourism and population
            growth to generate economic growth.
            The Noosa economy has many inherit challenges including lower levels of population
            growth (important to drive the economy), an older population that is aging faster than
            other communities in QLD (which changes the dynamics of the local economy and
            expenditure patterns – significant again due to Noosa’s economic structure) and the over
            reliance on tourism and population driven industries (which means susceptibility to
            future economic shocks and a lack of economic sustainability and resilience). The current
            economic structure translates through to lower levels of full-time employment, which
            means that local wages and incomes are below the State average.
            Noosa has a strong and significant brand and image, which probably acts as one of the
            area’s strongest competitive advantages. Ways must be found to leverage this brand
            and the amenity and lifestyle of the area to leverage other non-tourism opportunities in
            the economy. By doing so, the economy will become more diverse, create higher levels
            of value and present new and varied opportunities for new job growth.


Important Trends
          The following important trends will greatly impact the future economic development of
          Noosa:
           Population growth: Population growth in Noosa has accelerated for the first time in
            many years, growing 1.4% in 2014 (compared to 1.2% the previous two years). At the
            same time population growth across SEQ and QLD has slowed. Given the importance of
            population growth to the Noosa economy, this is a noticeable and important change.
          Figure KPS.1: Noosa LGA Historical and Projected Population

                       70,000                                                                                      3.0%



                       60,000
                                                                                                                   2.5%



                       50,000
                                                                                                                   2.0%


                       40,000
          Population




                                                                                                                          % Growth




                                                                                                                   1.5%

                       30,000


                                                                                                                   1.0%
                       20,000



                                                                                                                   0.5%
                       10,000



                           0                                                                                       0.0%
                                2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2016 2021 2026 2031 2036

                                         Noosa        Noosa % Growth      SEQ % Growth       Queensland % Growth

          Source: ABS (2015a), QGSO (2015)




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