Regional Development Australia Mid North Coast with the support of Port Macquarie Hastings Council, Coffs Harbour City Council, Nambucca Valley Council, MidCoast Council, Kempsey Shire Council and Bellingen Shire Council have released a report detailing the effect Covid 19 had on employment, industry and the economy of the Mid North Coast region.
The report found that the Mid North Coast economy performed better than even the most hopeful projections had predicted. New modelling by PPM Economics and Strategy shows that the region’s economy only contracted by 0.1 per cent between 2019 and 2020, rather than the 2.5 per cent contraction that was predicted.
Employment also performed better than predicted, with only a 0.6 per cent drop in employment compared with a predicted 6.9 per cent drop.
The Mid North Coast economy, instead of falling by 2.5 per cent between 2019 and 2020, modelling suggests that output only fell by 0.1 per cent.
This very good result for the Mid North Coast economy suggests that:
- The lockdowns were not as long and severe as predicted
- Domestic tourism to destinations such as the Mid North Coast replaced international travel
- Earlier lifting of movement restrictions helped the tourism industry
- Many food businesses successfully pivoted to providing takeaway and other options to locals
- Federal Government measures, such as JobKeeper, early release of superannuation, and HomeBuilder, helped shepherd local businesses through the worst of the pandemic
- State Government assistance such as payroll tax concessions and small business grants also assisted.
Download the full report – click on the image below