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

3.4    Economy and employment 2020-2022
The section discusses the economic and employment situation from mid 2020 – 2022 and
includes the relevant impacts from COVID 19 during that period.


3.4.1 Noosa Shire Economic Development Strategy 2021-2030
In 2021 Noosa Council prepared the Economic Development Strategy 2021-2030 (The
Strategy). The Strategy builds on the 2015 Local Economic Plan that sought to pursue
economic diversification to a build a more resilient economy beyond tourism and population
driven economic growth. The Strategy focuses on areas where Noosa has a distinct
competitive advantage, embracing innovation, accelerating industry development and
benefitting from potential opportunities. The core elements from past economic approaches
retained in The Strategy include:
      The desire to strive towards a more diversified and resilient local economy focused on
       knowledge-based and high-value sectors of the economy i.e. “value, not volume”.
      Achieving growth in ‘smart’ industry sectors that have high economic value and at the
       same time have low environmental impact, where there is a competitive advantage.
      Being globally connected and with a particular focus on products and services that can
       be exported outside the region.
      An appreciation of, and strong commitment to maintaining and protecting the quality of
       our natural assets as an underlying driver for much of the investment and economic
       activity in the Shire.
      Importantly The Strategy recognises the world has changed over the last 2 years
       influencing the economic environment both now and into the future, providing
       opportunities and challenges with rapidly changing technologies, a highly mobile
       workforce, COVID 19 and challenges relating to workforce talent and housing
       shortages.
      The Strategy recognises Noosa Plan 2020 as expressing the desired economic
       outcomes for Noosa Shire while The Strategy sets the direction and outlines priorities
       for investment and action to support economic growth in high value, low environmental
       impact and knowledge based industry sectors. The Strategy provides the following
       commentary regarding Noosa’s situation in 2021:

       … the rate of economic growth has been above that of population growth. While the
       economy has performed well over time, it has been traditionally reliant upon tourism,
       retail and the construction industry, all of which can (and have) experienced volatile
       swings up and down.
       The traditional desire to encourage a more diverse economy has paid off with other
       sectors including healthcare and professional business services increasing greatly
       over recent years.
       Even with these gains, our community has median income levels below the State
       average and pockets of high socioeconomic disadvantage. We have an older
       population where the average age is increasing at a faster rate than the rest of the
       State…The negative effects focus around a declining workforce, lower birth rates and
       high service’s needs. The positive, in OECD countries where retirement incomes are
       higher, this can translate to higher spend.
       The housing market has boomed recently as record numbers of residents relocate from
       Melbourne and Sydney as a result of the COVID-19 pandemic. Housing prices have
       increased rapidly, affordability has declined significantly (double the house price to


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Noosa Council Monitoring Report 2022/23