2018-08-07 P&E Agenda - Attachment 1 to Item 3 - Noosa Biosphere Reserve 10 Year Periodic Review

                                                                                                                                          Noosa Biosphere Reserve - Periodic Review 2018




Despite slowing population growth, there are signs of a growing economy. The median weekly
household income has risen steadily in Noosa over the past decade from $900 per week in 2006 to
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$1200 - but still below the State average of $1402 per week in 2016. The median house price in
Noosa for September 2017 was $615,000 (up 25% in 5 years). This compares with the State average of
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just $470,000 (up 19% in 5 years) . In the December 2017 quarter, the unemployment rate in Noosa
was 4.4% compared with 6.1% for the State. For the first time in a decade, the jobless rate in Noosa
has fallen below the State average of 6.2%.

Figure 1. - Noosa employment and unemployment rate, 2011-17
                       28,000                                                                                 8


                       27,000                                                                                 7


                       26,000                                                                                 6




                                                                                                                  Unemployment rate (%)
    Employment (no.)




                       25,000                                                                                 5


                       24,000                                                                                 4


                       23,000                                                                                 3


                       22,000                                                                                 2


                       21,000                                                                                 1


                       20,000                                                                                 0
                                Sep-11         Sep-12   Sep-13      Sep-14    Sep-15     Sep-16      Sep-17

                                         Noosa (lhs)      Noosa (rhs)        SEQ (rhs)        QLD (rhs)

Source: QGSO (in Lucid Economics Noosa Economic Profile 2017, p.3)

Major growth sectors
According to the latest economic report by Lucid Economics for the NSC, the Noosa economy has
performed well with GRP in 2016-17 increasing by 1% p.a. to a total of $2.8 billion. This growth has
been driven by a combination of factors: the ageing population profile, increasing revenues from tourism
and non-tourism sectors, and economic diversification:
•                           Rental, hiring and real estate services (up 8% or $12.6 million)
•                           Education (up 5 % or $7.5 million)
•                           Healthcare (up 3% or $8.5 million), and
•
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                            Finance and insurance services (up 2% or $4.1 million) .

The key economic trends for Noosa between 2011 and 2016, based on ABS Census 2016 data are:
•                           Noosa’s median age continues to grow, increasing from 46 years (2011) to 48 years (2016),
                            which is far above the median age at the State level (37 years).
•                           Education and Healthcare continued to demonstrate strong growth, increasing local employment
                            by 15% (2011) and 23% (2016).
•                           The Accommodation sector had the strongest employment growth overall with 25%,
                            demonstrating growth in the Tourism sector since 2011.
•                           Growth in Retail employment (another sector heavily influenced by Tourism) was much slower at
                            1.7%.
•                           There was strong employment growth across Agriculture, Construction, Transport, Professional
                            services, Arts and Recreation as well as Rental, hiring and real estate services, Administrative
                            services and other services which would confirm growing diversification in the local economy.
•                           Noosa’s self-containment rate (the percentage of local resident workers that are employed
                            locally) increased from 63% (2011) to 66.4% (2016).




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                       2016, ABS Quick Stats
33
                       Tony Wellington, ‘Housing squeeze’ in From the Mayor, Noosa News, 6/4/18
34
                       2018, Lucid Economics, Noosa Economic Profile 2017 Update (prepared for NSC), p.1



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