Attachment 7- Economic Impact Statement

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                                 Retail spending

                                 Estimates of retail spending propensity by catchment residents are shown in Table 4 for
                                 2023, based on information from the MarketInfo spending propensity model prepared by
                                 Market Data Systems, which combines information from various sources including the
                                 ABS Household Expenditure Survey, ABS Census and National Accounts.

                                 The spending estimates also draw on detailed ABS Retail Sales data and consumption
                                 forecasts prepared by Deloitte Access Economics.

                                 As shown in the table, catchment residents generate average retail spending of $18,999
                                 per capita in 2023, which is 2.5% higher than the Queensland average. A much greater
                                 variation from the average occurs in the Secondary East sector where average spending
                                 is 13.2% higher than the state average overall and 24% higher on Food dining.

Table 4—Average per capita retail spending (2023)

Spending category                      Primary       Secondary       Secondary        Secondary       Secondary             Total          QLD         Comp. to
                                                          East       South East      South West       North West       catchment                        QLD av.
Food, liquor & groceries (FLG)          $7,731           $8,105           $7,487          $7,675           $7,642              $7,672    $7,406           +3.6%
Food dining                             $2,499           $3,171           $2,553          $2,440           $2,339              $2,564    $2,715            -5.6%
Non-food & services                     $3,680           $4,180           $3,660          $3,769           $3,572              $3,720    $3,622           +2.7%
Large format retail                     $4,823           $5,535           $5,060          $5,099           $4,960              $5,043    $4,801           +5.0%
Total                                  $18,733          $20,991         $18,759          $18,983          $18,513         $18,999       $18,543           +2.5%
Comparison to QLD average
Total                                    +1.0%           +13.2%            +1.2%           +2.4%            -0.2%              +2.5%

Source: Deep End Services; ABS; Market Data Systems; Deloitte Access Economics


                                 The information in Table 5 combines the spending propensity data, projected forwards
                                 using broad consumption forecasts by Deloitte Access Economics and analysis by Deep
                                 End Services, and population projections presented previously in Table 3, to calculate the
                                 total spending capacity by catchment residents on retail goods and services over the
                                 period 2016 to 2035.

                                 The analysis shows that total retail spending by all catchment residents is predicted to
                                 increase from $1.84bn in 2023 to $2.14bn in 2027, then reach $2.36bn in 2030. By 2035
                                 total retail spending is projected to be $2.84bn. Note that these figures are presented in
                                 nominal, or current price, dollars, meaning that they incorporate inflation effects.

                                 These are clearly very significant increases in spending capacity, totalling an additional
                                 $518m in annual spending between 2023 and 2030. The additional spending capacity will
                                 support new retail developments while also underpinning improvements in retail
                                 performance for existing businesses. Importantly, significant spending growth has
                                 occurred in recent years during and emerging from COVID, at a time when retail
                                 expansions have not occurred.

                                 Retail spending within the Primary sector is forecast to increase from $448.0m in 2023 to
                                 $511.1m in 2027 (ie +$63m), then increasing to reach $562.3m in 2030.

                                 Of importance to the planned supermarket at Noosa Civic Village is the growth in
                                 spending on Food, liquor & groceries (FLG), which is forecast to increase from $743.2m in
                                 2023 to $850.5m over the four years to 2027 (+$107m) and then reach $922.4m in 2030


                                 Noosa Village Mixed Use Development – Economic Impact Statement for Development Application                      Deep End Services