Coffs Coast defies the downturn
OUR beautiful coastline and hinterland is shielding us from economic disaster.
Senior economists yesterday confirmed that tourism - the industry that underpins our local economy - has cushioned the impact for Coffs Coast residents and will continue to do so.
As a record 7000 people have filed for personal bankruptcy so far this year in NSW, we live in the only pocket of the State defying that trend because of our core economic driver.
“Backed by tourism, the Coffs Coast is actually benefitting from having undiversified industry - there is relatively little exposure to the sectors taking the biggest hits,” said Katie Dean, Senior Economist with the ANZ Bank.
“Regions relying on mining and manufacturing for example are being hardest hit.”
Ms Dean also said the economic injection from the recent floods will push positive economic growth for at least another two years.
“That's typically what we see after a natural disaster of that magnitude,” she said.
The weakening Australian dollar will only continue to boost internal tourism in the months ahead offering us a double-whammy of protection.
Confirmation of our unique position amid the wider financial crisis came at the same time Reserve Bank Governor Glenn Stevens confirmed yesterday the Australian economy was in recession.