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

Noosa Economic Profile
Final


Data Analysis Summary
           Since 2004, Noosa’s population has grown at a slower rate (average annual rate
            of 1.2%) than SEQ (average annual rate of 2.3%) and QLD (average annual rate of
            2.1%). In 2014, the gap narrowed significantly, with population growth in Noosa
            increasing by 1.4% and population growth slowing in SEQ (1.7%) and QLD (1.5%).

           Population Growth is Important to the Economy
           The population directly drives roughly one-third of the economy, so the growth of the
           population can have a significant impact on the economy, particularly for a community
           like Noosa, where the economic structure heavily revolves around population driven
           sectors.

           Noosa’s population is older than SEQ and QLD and aging quickly. The median age
            of Noosa’s residents was 45.9 years in 2011. This is 7.8 years higher than the median
            age of SEQ Region residents (38.1 years) and 9.9 years higher than the median age of
            residents of the State (36.0 years). Since 1991, Noosa has seen a significant increase
            in the proportion of residents aged 45 years and over. Residents aged 45 years and over
            accounted for 39.3% of the population in 1991, 45.3% in 2001 and 50.9% in 2011.
            Residents aged 65 years and over has grown from 16.5% of the population in 1991 to
            19.3% in 2011. Looking forward to 2036, a projected 57.2% of all residents in the Shire
            will be aged 45 years and older, with almost a third of all residents forecast to be aged
            65 years and over.
           Noosa has lower household and individual incomes than SEQ and QLD. In 2011,
            the Shire reported a median household income almost $200 below SEQ and almost $300
            below the State ($953.5, $1,150.7 and $1,235.0 per week respectively). Between 2006
            and 2011, Noosa’s household income grew at an average annual rate of 2.8%, which is
            below the rate of annual inflation (3.2%) during this time. Conversely, Noosa’s individual
            income levels grew by an average annual rate of 3.8% during this time.
           Noosa’s economic structure is geared towards population driven industry
            sectors and tourism.
              o   The top five employment sectors in Noosa (which provide 60% of all local jobs)
                  are:
                        Retail trade (largest employment sector, 16% of total) – 50% higher than the
                         Australian average
                        Accommodation and food services (14% of total) – double the Australian
                         average
                        Health care and social assistance (12% of total)
                        Education and training (9% of total)
                        Construction (8% of total)
              o   The top five GRP sectors in Noosa (which make up 45% of the economy) are:
                        Construction (13% of total)
                        Health care and social assistance (largest GRP sector, 11% of total) – 60%
                         higher than the Australian average
                        Retail trade (11% of total) – over 50% more than the Australian average
                        Financial and insurance services (9% of total)
                        Rental, hiring and real estate services (7% of total)
              o   The top five employment sectors make up over 60% of total jobs, but only
                  deliver 38% of the value of the economy (GRP).




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