Published on May 30, 2017

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By the Numbers May 2017

The Economic Development Unit of Cessnock City Council urges businesses in the Hunter Valley to stay up to date with changes to the economy. The following key indicator updates will help you stay in touch the national and local economic trends.

 

 

PopulatioNSW

On the basis of statistics gathered for all LGA’s in New South Wales, PopulatioNSW projects that the state’s population will expand to 9.9 million by 2036. For Cessnock City Council, population growth is expected to expand from 56,100 in 2016 to 69,250 in 2036.

 

This means an increase of almost 6000 implied dwellings projected over this period in our LGA.

 

 

Source: NSW Department of Planning and Environment

 

Australian Bureau of Statistics: Labour Force April 2017  

Employment Growth:

Employment growth continues to be slow, with growth of 1.3 per cent over the year between April 2016 to April 2017, 0.5% lower than the average growth of 1.8 per cent over the last 20 years. Part time employment continues to grow more strongly than full time employment.

Unemployment remains at 5.8 percent.

The seasonally adjusted number of persons employed increased by 37,400 in April 2017. The seasonally adjusted unemployment rate decreased 0.2 percentage points to 5.7 per cent, and the seasonally adjusted labour force participation rate remained steady at 64.8 per cent.

 

Reserve Bank of Australia: Monetary Policy Decision 2 May 2017

The cash rate remains at 1.5 per cent, unchanged from the previous February 2017 decision. While conditions have improved in the global economy, the Australian economy is continuing its transition after the fall in mining activity.

The Reserve bank expects inflation to remain low at around 1.5 per cent, “consistent with sustainable growth in the economy and achieving the inflation target over time” according to the Reserve Bank’s May 2017 Monetary Policy Decision media release.

The Australian economy is expected to increase gradually over the next couple of years to slightly above 3 percent.

 

Small Business Benchmarks:

The Australian Taxation Office offers an app to help you benchmark your business. Benchmarking means you can compare your business’s performance against others in the same industry. Benchmarking also allows you to track your business’s progress, giving you clear indicators of performance over time. Go to ATO Benchmarking for more information.