10Th March 2017 We Write As the Combined Manning Valley Business

Home , Coffs Harbour, Kempsey Shire

Office Address: Contact Details: Suite 7, River Arcade Phone: (02) 6551-2299 214 Victoria Street Email: [email protected] PO Box 805 Website: www.manningvalleychamber.com.au Taree NSW 2430 ABN 29 382 318 6 48 Incorporating: Taree, Wingham, Harrington, Old Bar and Hallidays Point Chambers

10th March 2017

We write as the combined Manning Valley Business Chamber (MVBC) to present our formal submission in reference to the Senate enquiry into Decentralisation of Commonwealth Agencies.

By way of background The MVBC is the combined Business representative group overarching the villages of Taree, Wingham, Old Bar, Harrington & Hallidays Point. (Plus all points in between) We are a progressive group of business people passionate about innovation in our region and finding ways to grow and support local business. Our membership base stretches over 200 business members and many more corporate and affiliate members.

In recent years MVBC has operated under a Memorandum of Understanding with the former Greater Taree City Council (GTCC) on Economic Development. This ceased at the end of December 2016 with a new partnership being formed with MidCoast Council now embracing a wider group inclusive of Gloucester, Forster Tuncurry, Bulahdelah & Tea Gardens. At the time of writing this partnership is still formative, hence MVBC is the local voice for the combined region.

MVBC are in full support of the push for decentralisation of Commonwealth Agencies. Over recent years The Manning Valley – with Taree at the hub – has lost over a considerable number of jobs and seen our social economic standing slide dramatically. Our Unemployment rate in mid-2016 was over 10.5% or more than double the national average. This figure has continued to blow out as traditional industry left the region and the opportunity to reignite new jobs and sectors failed to occur. Our Economic Development Manager over these years has opened a large funnel of projects with the potential for hundreds of jobs, however, at this stage we have been unsuccessful in attracting the key stake holders to the region.

The following is a brief summary of job losses in the past 5 years within the former Greater Taree district.

• Manning Base Hospital Over 60 FTE • NSW State Forests Over 30 FTE • Hunter Central Rivers CMA Over 30 FTE • Manning Valley Smash & Paint 20 FTE • Gunnebo Safes 45 FTE • Taree Community College 100 FTE and Lecture staff • Go Lo 11 FTE • Kmart 10 FTE • Schaffenacker 200 FTE • Ardarg Group 20 FTE • Office Data Systems 25 FTE • United Rail Group 150 FTE • Wingham Beef 15 FTE • Beta Electrical 5 FTE • Fotheringhams Hotel 15 FTE & PTE Office Address: Contact Details: Suite 7, River Arcade Phone: (02) 6551-2299 214 Victoria Street Email: [email protected] PO Box 805 Website: www.manningvalleychamber.com.au Taree NSW 2430 ABN 29 382 318 6 48 Incorporating: Taree, Wingham, Harrington, Old Bar and Hallidays Point Chambers • Hickmans Nursery 10 FTE • Pizza Hut 15 FTE • Masters Numerous casual

This equates to 761 individual job losses. We must preface that some of these like Wingham Beef have fluctuated with now a higher number of casual employees. Likewise, we believe most of Masters casual workforce were absorbed by the Woolworths group but it did not stimulate any growth and many are in a worse position. True numbers would reach over 1,000 in job losses as our traditional manufacturing base has been eroded and new opportunities remaining unfulfilled.

Our region is conveniently located just 3 hours north of Sydney with easy Pacific Highway access. Only 1 and a half hours to Newcastle which has a major domestic Airport and 45 minutes to Port Macquarie which also has strong transport links.

With good transport links north and south and being one of the more easily accessible access points for transport companies coming via the New England this means we are perfectly located to take advantage of a number of new industries. We also have a strong new council that will be proactive in seeking to finalise a number of long standing Economic Projects to help grow our economy. Our Real Estate from a commercial position is very strong and we do have well priced land for development. We are switched on for NBN and provide Fibre to the Premises ability in most of the Taree area. This is an added advantage over many other regional areas who only go fibre to the node. Such connectivity would be a major benefit for Government Agencies.

Living costs in Capital Cities put stress on working families whereby purchasing a 4-bedroom home on a quarter acre block near The Manning River will only cost around $450,000 - $520,000. With strong links to Sydney, an improving Health system and many public and private school options we are perfect for those seeking to relocate. By way of example I – the writer President Jeremy Thornton – relocated my family to Taree in 2009. We left South East Queensland to work in Professional Services and ultimately start our own business. We purchased a home for less than we sold on The Gold Coast but have double the land and a far superior dwelling. Costs for everyday services are also lower making our quality of life far superior then when located in a larger area.

Costs for Commercial Leases and associated services can be as much as 50% - 60% less in our region then Capital Cities. This on the back of a better lifestyle for families firmly supports our submission that The Manning Valley is perfectly positioned to be a centre for Commonwealth Agencies.

We welcome further discussion on Decentralisation through our member Dr Gillespie or yourself. MVBC works closely with all levels of Government and supports your Senate enquiry. We have attached our most recent Economic Brief as a supporting document to our submission. This is compiled independently by Regional Development Australia (RDA) and has now been done over a 3-year period. This further demonstrates the fragile nature of our region and would not be dissimilar to others in Regional Australia. We trust this is well received and shows our support for Decentralisation and openness to be an advocate and beneficiary of such a policy.

Yours Sincerely

Jeremy Thornton President – Manning Valley Business Chamber

Economic Update Manning Valley

April 2016

Introduction

The Manning Valley Business Chamber and Regional Development Australia Mid North Coast have produced this Economic Update to provide key economic and social indicators for the Manning Valley.

References to the ‘Manning Valley’ refer to Greater Taree LGA and ‘Mid North Coast’ refers to the combined LGA’s of Greater Taree, Port Macquarie-Hastings, Kempsey Shire, Nambucca Shire, Bellingen Shire and Coffs Harbour.

Summary

. Annual population growth of 0.4%, (June 2015) taking the estimated population to 49,095. . Over 65 year olds forecast to grow from 22% of population (2011) to 34% in 2031 – a net increase of 6,550. . Gross Regional Product (GRP) of $2.17b (June 2015), contributing 17.13% towards the GRP of the Mid North Coast. . Total economic output of $4.08b (June 2015), representing 17.40% of the total Mid North Coast regional output. . Exports out of the Manning Valley of $1.19b (June 2015) with the Manufacturing sector producing 57.22% of exports. . Tourism revenues of $150.21m (June 2015), an increase of 4.23% from 2014 and employing 6.1% of the Manning Valley workforce. . Median property price of $255,875 for houses and $187,500 for units (March 2016). . Rental yields of 6.1% (units) and 5.8% (houses) at December 2015. . 10.2% unemployment rate - a 1.7 percentage point increase in 12 months.

Contents

1. Population ...... 1

2. Gross Regional Product ...... 2

3. Economic Output ...... 3

4. Exports ...... 5

5. Registered Businesses ...... 6

5.1 Number of Employees ...... 7

5.2 Turnover ...... 8

6. Tourism ...... 9

7. Employment ...... 11

8. Unemployment Rate ...... 13

9. Housing & Construction ...... 14

9.1 Dwelling Approvals ...... 14

9.2 Median Property Price ...... 15

9.3 Rental Yields ...... 16

9.4 Median Weekly Rents ...... 17

9.5 Land Values ...... 17

10 Summary of Economic Indicators ...... 18

List of Tables

Table 1: Population Projections ...... 1 Table 2: Manning Valley: Economic Output by Industry ...... 3 Table 3: Registered Businesses by Industry ...... 6 Table 4: Manning Valley Visitor Profile ...... 9 Table 5: Manning Valley: Tourism Accommodation Table ...... 9 Table 6: Manning Valley Labour Market ...... 11 Table 7: Employment by Industry ...... 11 Table 8: Building Approvals ...... 14 Table 9: Median Property Price ...... 15 Table 10: Rental Yields ...... 16 Table 11: Median Weekly Rents ...... 17 Table 12: Land Values ...... 17

List of Figures

Figure 1: Population Change, Mid North Coast, Greater Taree and NSW...... 1 Figure 2: Manning Valley: Gross Regional Product (June 2012 - June 2015) ...... 2 Figure 3: Manning Valley: Economic Output by Industry (June 2015) ...... 4 Figure 4: Manning Valley: Regional Exports (%) June 2015 ...... 5 Figure 5: Business Counts: Staff ...... 7 Figure 6: Business Counts: Turnover ...... 8 Figure 7: Mid North Coast Workers by Age ...... 12 Figure 8: Mid North Coast Unemployment Rate ...... 13 Figure 10: Rental Yields ...... 16

1. Population The population of the Manning Valley in 2015 was 49,095 – an annual increase of 190 or 0.4%. The Manning Valley has grown more slowly than the Mid North Coast (0.62% and 1.39% respectively) between 2014 and 2015.

Figure 1: Population Change, Mid North Coast, Greater Taree and NSW.

Source: Australian Bureau of Statistics, Regional Population Growth, Cat. 3218.0 (2014-15 data was released on 30 March 2016).

Between 2011 and 2031, NSW Planning estimates that the Manning Valley will see a decrease in the population aged less than 65 years and an increase of 6,750 people over 65. This forecast growth will take the proportion of over 65’s in the Manning to 34% (2031), compared to 22% of total population in 2011.

Table 1: Population Projections Population 2011 2031 Population Change Average Annual % (2011-2031) Change % (2011- 2031) Manning Valley 48,100 51,900 7.9% 0.4% Mid North Coast 255,600 294,750 15.32% 0.75% New South Wales 7,218,550 9.228.350 27.84% 1.3% Source: NSW Department of Planning.

2. Gross Regional Product Total Gross Regional Product (GRP) for the Manning Valley at June 2015 is estimated at $2.17 billion; a $180 million increase on the previous year and a 7.03% compound annual growth rate between 2012 and 2015. The Manning Valley contributed 17.13% towards the total Gross Regional Product of the Mid North Coast ($12.66b) and 0.42% to New South Wales Gross State Product ($513.30b).

At an industry level, the largest contribution to GRP was made by the Health Care & Social Assistance sector, with 11.2% of total GRP for the Manning Valley, followed by Manufacturing (10.09%); Retail Trade (7.09%); Education & Training (5.63%); Financial & Insurance Services (4.28%); and Construction (4.16%).

The largest increase in contribution to Gross Regional Product (% terms, on a compound annual growth rate basis) between June 2012 and June 2015 was seen in the Rental, Hiring and Real Estate Services (16.85%); Electricity, Gas, Water & Waste Services (16.02%) and Administration & Support Services (13.82%). In dollar terms, the Health Care & Social Assistance sector experienced the largest increase ($37.44m), followed by Manufacturing ($33.07m) and Retail Trade ($32.01m).

Arts and Recreation Services led the decline in contribution to Gross Regional Product between June 2012 and June 2015, with a compound annual decline of 1.04%; followed by Wholesale Trade which experienced a 0.22% compound annual decline rate over the 3 years. Figure 2: Manning Valley: Gross Regional Product (June 2012 - June 2015)

Manning Valley Gross Regional Product

June '15

June '14

June '13

June '12

0 0.5 1 1.5 2 2.5 $ Billion

3. Economic Output The total economic output (turnover) of the Manning Valley at June 2015 was $4.08 billion – representing a 5.73% compound annual growth rate from June 2012 to June 2015. Manning Valley output represents 17.40% of total regional output at June 2015, down slightly from 17.45% in June 2012.

At the industry level, the three sectors experiencing the largest compound annual growth rate in output between June 2012 and June 2015 were Electricity, Gas, Water & Waste Services (14.81%); Administration & Support Services (10.46%) and Retail Trade (8.44%).

The only industry on the decline between June 2012 and June 2015 was mining, with a compound annual decline rate of 5.39% p.a. from $16.27m to $ 13.78m. Table 2: Manning Valley: Economic Output by Industry

Manning Valley: Economic Output by Industry 2012 ($ m) 2015 ($ m) % of total 3 year avg % p.a. change Manufacturing 847.27 995.35 24.34% 5.52% Rental, Hiring & Real Estate Services 84.31 102.24 2.50% 6.64% Health Care & Social Assistance 304.08 316.11 7.73% 1.30% Construction 251.93 307.9 7.53% 6.92% Retail Trade 203.58 259.61 6.35% 8.44% Electricity, Gas, Water & Waste Services 116.23 175.91 4.30% 14.81% Agriculture, Forestry & Fishing 163.31 170.7 4.17% 1.49% Wholesale Trade 145.26 164.58 4.02% 4.25% Education & Trading 147.55 161.43 3.95% 3.04% Accommodation & Food Services 140.73 156.12 3.82% 3.52% Transport, Postal & Warehousing 134.09 150.77 3.69% 3.99% Financial & Insurance Service 124.14 139.57 3.41% 3.98% Professional, Scientific & Technical Services 128.15 137.22 3.36% 2.31% Public Administration & Safety 106.35 128.23 3.14% 6.43% Administration & Support Services 86.46 116.54 2.85% 10.46% Other Services 71.12 80.62 1.97% 4.27% Information Media & Telecommunications 68.83 76.8 1.88% 3.72% Arts & Recreation Services 28.08 31.42 0.77% 3.82% Mining 16.27 13.78 0.34% -5.39% (Ownership of Dwellings) 292.21 404.87 9.90% 11.48% TOTAL 3,460 4,089 5.73%

Figure 3: Manning Valley: Economic Output by Industry (June 2015)

4. Exports The Manning Valley exported a total of $1.19 billion in goods and services during 2014-2015. This represents a 6.63% compound annual growth rate from June 2012 to June 2015.

Over half (57.22%) of all exports out of the Manning Valley came from the Manufacturing sector, which had a compound annual growth rate of 7.84% between June 2012 and June 2015.

Figure 4: Manning Valley: Regional Exports (%) June 2015

5. Registered Businesses At June 2015, there were 3,255 registered businesses in the Manning Valley. Agriculture, Forestry & Fishing tops the registrations at 677 or 20.80% of all registered businesses, followed by Construction at 17.91%. Administration & Support Services grew 15% in the number of registered businesses from June 2014 to June 2015, followed by Information, Media & Telecommunications at 8.33%. Mining saw a 33.33% reduction in the number of registered businesses, followed by Education & Training reducing by 22.58%. Table 3: Registered Businesses by Industry Industry Count June Count June % of total June % Increase / 2014 2015 2015 Decrease June '14 - June '15 Agriculture, Forestry & Fishing 692 677 20.80% -2.17% Mining 9 6 0.18% -33.33% Manufacturing 128 125 3.84% -2.34% Electricity, Gas, Water & Waste 3 3 0.09% 0.00% Services Construction 591 583 17.91% -1.35% Wholesale Trade 94 91 2.80% -3.19% Retail Trade 244 241 7.40% -1.23% Accommodation & Food Services 167 166 5.10% -0.60% Transport, Postal & Warehousing 195 202 6.21% 3.59% Information, Media & 12 13 0.40% 8.33% Telecommunications Financial & Insurance Services 169 177 5.44% 4.73% Rental, Hiring & Real Estate Services 274 272 8.36% -0.73% Professional, Scientific & Technical 204 199 6.11% -2.45% Services Administrative & Support Services 80 92 2.83% 15.00% Public Administration & Safety 6 6 0.18% 0.00% Education & Training 31 24 0.74% -22.58% Health Care & Social Assistance 157 156 4.79% -0.64% Arts & Recreation Services 45 37 1.14% -17.78% Other Services 162 158 4.85% -2.47% Non Classifiable 29 27 0.83% -6.90% Total - Manning Valley 3292 3255 Annual % Change - Manning Valley -1.12% Total - Mid North Coast 19405 19332 Annual % Change - Mid North Coast -0.38%

Source: Australian Bureau of Statistics, Counts of Australian Businesses, including Entries and Exits, Cat. 8165.0 (Jun 2012, Released May 2015. Jun 2013, 2014 & 2015, Released 26 Feb 2016)

5.1 Number of Employees At June 2015 the number of non-employing businesses in the Manning Valley was slightly higher than the Mid North Coast and NSW – 59.7% and 58.6% respectively.

In The Manning Valley:  61.5% (2003) of businesses had no employees,  27.1% (882) employed 1-4 staff,  9.6% (314) employed 5-19 staff,  1.7% (56) employed 20-199 staff  There were no registered businesses employing more than 200 staff.

Figure 5: Business Counts: Staff

Source: Australian Bureau of Statistics, Counts of Australian Businesses, including Entries and Exits, Cat. 8165.0 (Jun 2012, Released May 2015. Jun 2013, 2014 & 2015, Released 26 Feb 2016).

5.2 Turnover At June 2015 just under half (45.7%) of Manning Valley businesses turned over $100,000 p.a. or less which is in line with the Mid North Coast result of 44.5%.

In the Manning Valley:  29.4% of businesses (956) turnover $0-$50k  16.3% (532) of businesses turnover $50k-$100k  16.9% (550) of businesses turnover $100k-$200k  19.2% (627) of businesses turnover $200k-$500k  13.4% (437) of businesses turnover $500k-$2m  4.7% (154) of businesses turnover $2m or more

Figure 6: Business Counts: Turnover

Source: Australian Bureau of Statistics, Counts of Australian Businesses, including Entries and Exits, Cat. 8165.0 (Jun 2012, Released May 2015. Jun 2013, 2014 & 2015, Released 26 Feb 2016).

6. Tourism Estimated Tourism output (gross revenues) for the Manning Valley at June 2015 was $150.21m, an increase of 4.23% from 2014 and representing 3.67% of Manning Valley’s Economic Output. The percentage growth in Tourism revenues for the Manning is the same as the result for both the Mid North Coast and New South Wales rate (also 4.23%).

There are an estimated 839 people employed by the Tourism Industry in the Manning Valley, representing 6.1% of the Manning Valley workforce. 43.91% of the Tourism workforce is from the Accommodation & Food Services sector. Tourism revenue from the Manning Valley accounts for 12.87% of Mid North Coast regional tourism revenue.

Table 4: Manning Valley Visitor Profile

Visitor Profile Domestic Day Domestic Overnight International Average stay (nights) - 3.0 8.0 Average spend per trip ($) $109 $333 $315 Average spend per night ($) - $115 $42

Table 5: Manning Valley: Tourism Accommodation Table

Taree Tourism Accommodation June Quarter 2014 June Quarter 2015 Annual % Change Establishments (15+ rooms) 15 14 -6.67% Bed Space 879 859 -2.28% Room Occupancy 49% 54% 5% Takings from 2,413,480 1,345,282 -8.69% Accommodation Source: ABS 8635: Tourist Accommodation, Australia, 2014-15.

Note: The figures in Table 5 represent Taree city only. This differs from the data presented in the March 2015 report which included the combined areas of Old Bar, Manning Point, Red Head, Taree, Taree Region and Wingham. Data for the broader area was not available for the June 2015 Quarter.

There were a total of 3,555 passenger movements between Sydney and Taree airport in the June 2015 quarter, representing a 22% increase from the previous quarter. However this number represents a 12.7% decline in passenger movements from the June 2014 quarter (NSW Transport, Bureau of Transport Statistics).

7. Employment Employed persons in the Manning Valley are estimated at 19,924 in the December 2015 quarter, which represents a 9.47% increase from the December 2014 quarter.

Table 6: Manning Valley Labour Market

Labour Market December '14 December '15 Annual % Change Quarter Quarter Unemployed 1,695 2,270 33.92% Unemployment rate 8.50% 10.20% +1.7 % points Labour Force 19,895 22,194 11.56% Source: Department of Employment: LGA Data tables - Small Area Labour Markets – December quarter.

Table 7: Employment by Industry

Employment by Industry (2011) Industry Manning Valley Mid North Coast Total 2011 % of total Total 2011 % of total Health Care & Social Assistance 2,701 19.48% 13,634 17.25% Retail Trade 2,101 15.15% 11,522 14.58% Accommodation & Food Services 1,091 7.87% 7,651 9.68% Education & Training 1,281 9.24% 7,435 9.41% Manufacturing 1,369 9.87% 5,252 6.64% Construction 709 5.11% 4,975 6.29% Public Administration & Safety 573 4.13% 4,578 5.79% Professional, Scientific & 489 3.53% 3,408 4.31% Technical Services Agriculture, Forestry & Fishing 677 4.88% 3,280 4.15% Other Services 543 3.92% 3,251 4.11% Transport, Postal & Warehousing 515 3.71% 2,796 3.54% Administrative & Support Services 392 2.83% 2,206 2.79%

Wholesale Trade 426 3.07% 2,128 2.69% Electricity, Gas, Water & Waste 205 1.48% 1,749 2.21% Services Financial & Insurance Services 225 1.62% 1,702 2.15% Rental, Hiring & Real Estate 213 1.54% 1,425 1.80% Services Arts & Recreation Services 175 1.26% 1,094 1.38% Information Media & 143 1.03% 793 1.00% Telecommunications Mining 39 0.28% 159 0.20% Total 13,867 79,038 Source: Australian Bureau of Statistics’ (ABS) 2011 Census Place of Work Employment Data.

Based on the 2011 Census, 25% of the Manning Valley workforce was 55 years and older and 27% under 35 years. The largest cohort was the 45 to 54 years (28%).

Figure 7: Mid North Coast Workers by Age

Source: Australian Bureau of Statistics’ (ABS) 2011 Census Place of Work Employment Data.

8. Unemployment Rate

The unemployment rate in the Manning Valley increased 1.7 percentage points from 8.5% in December 2014 to the current rate of 10.2% (December 2015). The unemployment rate on the Mid North Coast region has increased 0.9 percentage points, from 5.8% to 6.7% in the same time period.

Figure 8: Mid North Coast Unemployment Rate

Source: Department of Employment, Small Area Labour Market.

The youth unemployment rate (15-24 year olds) on the Mid North Coast is 19.1%, higher than the NSW youth unemployment rate of 12.0% (Feb 2016).

The participation rate (i.e. the proportion of the resident population aged 15 and over in the labour force) on the Mid North Coast was 51.4% in February 2016, lower than the NSW participation rate of 63.9%.

9. Housing & Construction

9.1 Dwelling Approvals

There were 233 building approvals in the Manning Valley over the 12-months to June 2015. The rate of increase in dwelling approvals for the Manning Valley was lower than the Mid North Coast result (26% compared to 34%).

Table 8: Building Approvals

Source: ABS 8731.0 – Building Approvals, Australia.

9.2 Median Property Price Table 9: Median Property Price

Median Property Price – Taree 2430 2014 2015 Mar ‘16 House $240,000 $259,750 $255,875 Unit $172,500 $187,500 $187,500 Source: RP Data - March 21st, 2016.

Houses With a median house price of $255,875, Taree is lower than New South Wales' median house price of $600,000. The median house prices by number of bedrooms in the Manning Valley was:  2 BR $190,000  3 BR $245,000  4 BR $340,000 Source: RP Data - March 21st, 2016.

Units With a median unit price of $187,500, Taree is lower than New South Wales' median unit price of $600,000. The median unit price by number of bedrooms in the Manning Valley was:  1 BR – No data  2 BR $182,000  3 BR $240,000

Source: RP Data - March 21st, 2016.

9.3 Rental Yields

Rental Yields in Taree at February 2016, for both houses and units, was 6.1% (Based on rentals and sales 1 Mar 2015 – 29 Feb 2016). This rate has been relatively steady since 2014 for both units and houses. Table 10: Rental Yields

Rental Yields 2014 2015 Feb 2016 House 6.1% 5.8% 6.1% Unit 6% 6.1% 6.1%

Figure 9: Rental Yields

Source: Realestate.com.au

9.4 Median Weekly Rents

Four + bedroom houses experienced the highest increase in weekly rent over the 12 months to December 2015 (14.3%) to $400 per week.

Table 11: Median Weekly Rents Median Weekly Rents Greater Taree New South Wales Level ($) Dec '15 QTR Annual Change (%) Level ($) Dec '15 QTR Annual Change (%) All Dwellings 1 bedroom 185 5.7 430 2.4 2 bedroom 240 3.2 440 4.8 3 bedroom 320 6.7 430 4.9 4+ bedroom 400 14.3 530 6

Houses 2 Bedroom 260 n.a. 345 4.5 3 Bedroom 310 3.3 400 5.3

Flats 1 Bedroom 180 n.a. 450 2.3 2 Bedroom 230 4.5 460 2.2 Source: NSW Department of Housing, Rent and Sales Report.

9.5 Land Values

There was no change in the land value of all site types in the Manning Valley between 2013 and 2014.

A Retail shop in the Manning ($133,000) represents around half (48%) of the NSW Country average cost of $280,706.

Table 12: Land Values Manning Valley New South Wales Country Type of Site Value ($) Annual % Change Value ($) 2014 Annual % 2014 Change Single Dwelling $110,000 0% $172,075 6% Retail Shop $133,000 0% $277,081 -1% Coastal Grazing $660,000 0% $764,235 0% Rural Homesites $165,000 0% $306,333 1% Small Industrial $197,000 0% $198,318 1%

Source: NSW Land and Property Information

10. Summary of Economic Indicators

Period Level Change Population Estimated population 2014 - 2015 49,095 0.4% (1yr) Forecast population 2011 - 2031 51,900 0.4% p.a. (’11-’31)

Employment Unemployment rate Dec ‘15 Qtr 10.2% +1.7 % points (1yr) Labour force Dec ‘15 Qtr 22,194 +11.56% (1yr)

Business Activity Registered businesses June 2015 3,255 -1.12% (1yr) Economic output ($b) June 2015 $4.08b + 5.73% compound annual growth rate (2012-2015) Gross Regional Product ($b) June 2015 $2.17b + 7.03% compound annual growth rate (2012-2015) Exports ($b) June 2015 $1.19b + 6.63% compound annual growth rate (2012-2015)

Building & Construction No. of dwelling approvals 2014-15 233 +26% (1yr) Value of dwelling approvals ($’000) 2014-15 64,069 +27.45% (1yr) Value of non-residential approvals 2014-15 20,069 -14.69% (1yr) ($’000)

Property Market Median sale price – houses ($) March 21st 255,875 +8.2% 2016 (1yr. Dec 14 – Dec ‘15) Median Sale Price – Units ($) March 21st 187,500 +8.7% (1yr) 2016 (1yr. Dec 14 – Dec ‘15) Median weekly rent – 2bd unit ($) Dec ’15 Qtr 230 +4.5% (1yr) Median weekly rent – 3bd house ($) Dec ’15 Qtr 310 +3.3% (1yr) Rental yield – units 2014-15 6.1% +0.1% (1yr) Rental yield – house 2014-15 5.8% -0.3% (1yr) Land value – single residential site 2014 110,000 0% (1yr) Land value – retail shop site 2014 133,000 0% (1yr)

Tourism – Taree City Only Tourism revenues ($m) June 2015 $150.21m +4.23% (1yr) Establishments (15+ rooms) June Qtr 2015 14 -6.67% (1yr) Room occupancy June Qtr 2015 54% +5% Takings from accommodation June Qtr 2015 $1,345,282 -8.69% ($’000)