Reserve Bank of Australia Economic Analysis Officer Dr Alexandra Heath Appears at ‘Economic Outlook Luncheon’ in Wollongong | Illawarra Mercury



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About 20% of workers in Wollongong travel at least 50 kilometers to get to work, according to a prominent economist. An industry lunch on Thursday was aimed at discussing the economic and real estate outlook for Illawarra. The ‘Economic Outlook Luncheon’ was organized by the Urban Development Institute of Australia’s NSW Southern Chapter at the City Beach Function Center. Speakers included Dr Alexandra Heath, head of economic analysis at the Reserve Bank of Australia. In his remarks, Dr Heath said from a demand perspective, the Illawarra region has experienced accelerating population growth. “Some of this information comes from international students attending Wollongong University and others from people who have migrated to the Illawarra area from Sydney,” she said. “Although the Illawarra region is a bit older, on average, than the rest of Australia and Sydney, it still has a large working-age population. “This is in part because its geographic proximity and transport infrastructure allow residents of Wollongong and the Illawarra region to travel to Sydney.” Read more: Illawarra’s future ‘really connects to the west of Sydney’: UDIA’s Dr Heath said about 20% of workers in Wollongong travel at least 50 kilometers to work . “It’s one of the highest rates in the state,” she said. “Not surprisingly, five of the seven areas with higher proportions of people commuting over 50 kilometers are also within commuting distance of Sydney.” Dr Heath said the residents of Illawarra are well positioned to take advantage of the fact that some of Sydney’s fastest growing areas are in the south and southwest, including the proposed ‘aerotropolis’ around. from the new Badgery’s Creek Airport. She said that access to these growth areas will be improved if some of the recently announced transport infrastructure plans are carried out. “While people from the Illawarra area can and do travel to Sydney, labor market conditions in the Illawarra area itself have also been strong recently. “Combined, these factors mean that there has been strong job growth for those who live in Illawarra over the past five years and that the unemployment rate is close to the NSW average, that is, in turn, lower than the Australian unemployment rate. . “During his remarks, Dr Heath also said that strong population growth and economic prosperity coupled with strong labor market outcomes have driven up housing prices in the Illawarra area.” in Sydney, developers have responded to rising prices and investment in housing in the area has increased, “she said.” As in Sydney, there was a debate on the issue of whether the infrastructure has grown fast enough to meet the needs of a growing population and the increase in construction that goes with it. ”UDIA NSW has grown into a leading industry body representing industry interests. NSW real estate development UDIA recently reorganized its presence in Illawarra with a new regional manager, Keiran Thomas, who worked in the planning department for 10 years before starting his own business. planning team based in Wollongong. “The outlook for the Illawarra is really positive,” Thomas said after lunch. “There are signs that we are going against NSW and national trends and that we are in a better position than Sydney. “We have strong job and housing growth that will keep Illawarra growing, with the right support from the government.” Read more: Illawarra’s real estate boom comes to an end




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