Hunter Investment Prospectus 2016 the Hunter Region, Nsw Invest in Australia’S Largest Regional Economy
Total Page:16
File Type:pdf, Size:1020Kb
HUNTER INVESTMENT PROSPECTUS 2016 THE HUNTER REGION, NSW INVEST IN AUSTRALIA’S LARGEST REGIONAL ECONOMY Australia’s largest Regional economy - $38.5 billion Connected internationally - airport, seaport, national motorways,rail Skilled and flexible workforce Enviable lifestyle Contact: RDA Hunter Suite 3, 24 Beaumont Street, Hamilton NSW 2303 Phone: +61 2 4940 8355 Email: [email protected] Website: www.rdahunter.org.au AN INITIATIVE OF FEDERAL AND STATE GOVERNMENT WELCOMES CONTENTS Federal and State Government Welcomes 4 FEDERAL GOVERNMENT Australia’s future depends on the strength of our regions and their ability to Introducing the Hunter progress as centres of productivity and innovation, and as vibrant places to live. 7 History and strengths The Hunter Region has great natural endowments, and a community that has shown great skill and adaptability in overcoming challenges, and in reinventing and Economic Strength and Diversification diversifying its economy. RDA Hunter has made a great contribution to these efforts, and 12 the 2016 Hunter Investment Prospectus continues this fine work. The workforce, major industries and services The prospectus sets out a clear blueprint of the Hunter’s future direction as a place to invest, do business, and to live. Infrastructure and Development 42 Major projects, transport, port, airports, utilities, industrial areas and commercial develpoment I commend RDA Hunter for a further excellent contribution to the progress of its region. Education & Training 70 The Hon Warren Truss MP Covering the extensive services available in the Hunter Deputy Prime Minister and Minister for Infrastructure and Regional Development Innovation and Creativity 74 How the Hunter is growing it’s reputation as a centre of innovation and creativity Living in the Hunter 79 STATE GOVERNMENT Community and lifestyle in the Hunter The Hunter is the biggest contributor to the NSW economy outside of Sydney and a jewel in NSW’s rich Business Organisations regional crown. 84 According to the latest figures, the Hunter contributes $36 billion1 to the State’s Gross Regional Product. More Government Assistance than 288,8002 people in the region were employed in 2014-15. 87 It is home to a rich mix of industry, from resources to agriculture, healthcare to finance, defence to Areas of the Hunter manufacturing and of course has a vibrant tourism sector. 88 Providing a snapshot of the 11 areas in the Hunter Since 2011, the NSW Government has supported projects in the region that have secured more than $2.4 billion in investment and created around 2,500 jobs in the Hunter. Businesses that have applied for payroll tax rebates through the NSW Jobs Action Plan have created more than 8,000 jobs. We are focussed on building the roads, hospitals and schools in the region that will drive future economic and jobs growth. For example, in this year’s Budget the NSW Government committed: • $227 million for road repairs and upgrades in the Hunter • $103 million for Newcastle’s light rail project, which will breathe new life into the regional centre • $12 million towards the University of Newcastle’s NeW Space project, a $95 million education precinct in the heart of Newcastle CBD3. We continue to work with RDA Hunter and other stakeholders to build on the Hunter’s global reputation for innovative excellence, such as the NSW Energy Innovation Knowledge Hub based at Newcastle Institute for Energy and Resources. As Minister for Regional Development, I welcome this latest Hunter Investment Prospectus and congratulate Regional Development Australia Hunter on producing this outstanding resource. The Hon John Barilaro, MP Minister for Regional Development Minister for Skills Minister for Small Business 1 In 2013-14, NIEIR 2 Avg for 2014-15, ABS 6291.0.55.001, Sep 2015 3 https://www.newcastle.edu.au/about-uon/our-environments/new-space 4 | 2016 HUNTER INVESTMENT PROSPECTUS 2016 HUNTER INVESTMENT PROSPECTUS | 5 INTRODUCING THE HUNTER The Hunter Region of New South Wales is unique in many region over the next two decades is anticipated to be around ways. Often referred to as the “powerhouse of New South 2.4%. Economic performance is projected to be similar across Wales”, the Hunter combines a vibrant, diversifying economy the upper and lower Hunter regions and is higher than the with a proud history, strong identity and a great lifestyle. rest of New South Wales where annual economic growth is Covering an area of over 29,000 sq km, the Hunter is roughly expected to be around 2.1% over the same period. located between latitudes 31.5° and 33° south and longitudes 150° and 152° east. It is the most populous regional area Commercial growth, particularly around the major centres, in Australia. With over 668,832 people (Australian Bureau shows strong long term growth. In Newcastle in particular, of Statistics June 2014 estimated resident population), the the demand continues to be much stronger for A grade office Hunter has more people than Tasmania, the Australian Capital space, whilst C and D grades have reduced in recent years. Territory or the Gold Coast. The Newcastle CBD is also in the process of major changes The Hunter currently comprises around 8% of economic with the NSW Government allocating $510 million for its activity in New South Wales, with regional output of revitalisation, including renewing the CBD and building light approximately $36.9 billion in 2012 (Deloitte Access rail facilities. There are also a number of significant commercial Economics) — making it Australia’s largest regional economy. developments underway. The Property Council’s Hunter Division has identified over $1.1 billion in projects (June 2015) The Hunter economy has quite distinct industry bases. – a figure it considers to be conservative. With strong foundations in mining and agriculture it has also undergone substantial structural changes over the There are also a number of revitalisation projects underway past two decades, including considerable expansion in in other centres around the Hunter, including Muswellbrook, broad service sectors. Singleton and Maitland. The Hunter economy has an increasing focus on innovation The Hunter has many advantages as a business location, RDA HUNTER and intellectual resources, making existing industries more including a skilled workforce, significantly lower property efficient, gaining new global markets and creating new costs than mainland capital cities, excellent transport links industries that will hold the Hunter in good stead for the (road, rail, sea and air), strong industry networks, world-class SMART ECONOMIC DEVELOPMENT future. educational institutions and much more. According to Deloitte Access Economics, the Hunter economy As well as providing an exceptional economic case, the Hunter OurOur agenda agenda is strategicis strategic and and futurefuture focused. focused. It Itaims aims to is projected to grow by nearly 75% to the year 2036 with also offers a quality of life that is hard to match. People WITHWITH A A SMART, SMART, ENTREPRENEURIAL ENTREPRENEURIAL CULTURE, SIGNIFICANT output of around $64.8 billion. Average annual growth for the relocating to the Hunter experience an excellent lifestyle, to advanceadvance innovationinnovation, ,attract attract investment and and improve CULTURE, SIGNIFICANT EXPOSURE TO EXPOSURE TO LOGISTICS AND RESOURCES, A LARGE improveinfrastructure infrastructure to ensure to ensure the region’s the region’s ongoing ongoing international LOGISTICSURBAN CENTRE, AND SOPHISTICATED RESOURCES, INFRASTRUCTURE A LARGE internationalcompetitiveness. competitiveness. URBAN CENTRE, SOPHISTICATED AND A REPUTATION FOR EARLY ADOPTION OF NEW Initiatives such as our Hunter Innovation Scorecard, Initiatives such as our , 2016 ACKNOWLEDGEMENTS INFRASTRUCTURETECHNOLOGIES, THE HUNTER AND REGION, A REPUTATION NSW, AUSTRALIA FOR Australia’s only measure Hunterof regional Innovation innovation; Scorecard Australia’s only measure of regional innovation; ME RDA Hunter and Hunter Business Publications Pty Ltd thank the following EARLYIS WELL ADOPTIONPOSITIONED FOR OF THE NEW FUTURE. TECHNOLOGIES, ME Program that links school students and industry for Programa skilled future that linksworkforce; school andstudents this Hunterand industry for a organisations for their contribution to the preparation and publication of the THE HUNTER REGION, NSW, AUSTRALIA IS skilled future workforce; and this Hunter Investment Prospectus and in doing so, their support of the Hunter Region. It boasts a robust and complex economy, valued at Investment Prospectus are examplesHunter of the Investment work WELLaround POSITIONED$38.5 billion and FORthe largest THE in FUTURE. regional Australia. we Prospectusundertake to develop are examples and promote of the work the region. we undertake to GOLD SUPPORTERS Hunter TAFE It is increasingly reliant on smart industries and highly develop and promote the region. Evoke Projects Hunter Valley Training Company Itskilled boasts apeople robust. andThere’s complex a proactive economy, business valued at environment around $38.5 The 2015 Hunter Investment Prospectus will introduce Hunter Development Corporation HunterNet billionexperienced and the largest in the in globalregional market Australia. that It is innovatesincreasingly to reliant be youThe to our2016 vibrant Hunter Investmenteconomy, Prospectusdiverse industry will introduce base youand to Hunter Research Foundation Kingston Building ona worldsmart leader. industries and highly skilled people. There’s enviableour vibrant lifestyle economy,.