2022-11-14 GC Agenda - Item 4 - Attachment 1 - Short Term Accommodation Monitoring Report 2022

      The Covid-19 crisis has seen an amazing acceleration in medical innovation and
       astounding accomplishments in the early roll out of vaccines
      This disruption has created space for entrepreneurs and innovators to develop
       solutions to drive productivity.
Mobility
      …proof that knowledge workers can be productive away from the office, the
       geographical link between employer and employee was broken. Job opportunities are
       now highly mobile. It is now feasible for someone to live in a regional location and work
       for organisations based on the other side of the country or the world.
      Whereas Noosa residents were once limited to the employment opportunities offered
       locally, they now have the potential to participate in a far larger job market where having
       the appropriate skills is far more important to an employer than proximity to the office.
      Socio-economic impacts of this professional mobility on Noosa is profound, with a
       rapidly growing proportion of the community earning a living from employers, clients or
       markets based elsewhere and the influx of knowledge workers who are choosing to
       relocate to Noosa and bring their jobs with them.
      While in a global context the movement of people has put pressure on labour markets
       (we are seeing this trend locally particularly in the accommodation and food services
       sector), and goods has put pressure on supply chains, according to the Regional
       Australia Institute, in the March 2021 quarter, Noosa Shire saw the largest annual
       percentage growth in inward migration from capital cities among all LGA’s across the
       country in the March quarter 2021.
      From an investment mobility perspective, Smart Company report that the value of
       investment funding was up in the second quarter of 2020 in Australia. Additionally
       Deloitte’s suggest that $13 billion in private equity funds is poised to be deployed.


The economy and employment impacts continued throughout 2020 and 2021 however
generally improved following the initial impacts felt in the June 2020 quarter. Id. Demographic
Resources noted however, the annual economic information doesn’t show the full picture as
the impact of COVID-19 on June Quarter 2020 is averaged out by the previous three quarters
in the financial year.


3.4.2 Gross regional product June 2021
.id Community Demographic Resources data showed Noosa’s gross regional product was
down the year ending June 2021 at $2.96 billion, growing -0.9% from the previous year,
following the impacts from COVID-19. The healthcare and social assistance sector continued
to be the most productive industry generating $271 million in 2020/21. Refer to Section 2
Figure 6 in this report.
Noosa Shire experienced its biggest drop in gross regional product during the June 2020
quarter and steadily improved over time to the June 2021 quarter to pre-COVID 19 figures of
$762million. Data was not available for the 2021/2022 year as shown in Figure 24 in Appendix
11.


3.4.3 Employment
3.4.3.1 Employment by industry
.id Community Demographic Resources data showed that between the 20019/2020 year and
the 2020/2021 year the proportion of jobs in construction fell from 11.9% to 10%,
accommodation and food services also fell slightly from 14.5% to 13.8% with increases in the

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Noosa Council Monitoring Report 2022/23