Important research into economic issues, trends and opportunities for local businesses, community members and the broader Lismore region has been conducted by Astrolabe Group, to develop an Economic Review and Analysis Background Paper for the region.
At the November 2023 Business Insights Forum, Astrolabe Group Director, Michael Comninos, presented the deep insights identified in the Paper and posed key business, community and government considerations to drive economic growth for the region.
Ben Roche, Pro Vice-Chancellor (Research & Education Impact), Southern Cross University and Tracey Maisey, CEO, Northern NSW Local Health District joined the discussion, to share their insights into the challenges and opportunities faced by two of Lismore’s critical industries, the Education and Health sector.
A key theme arising through the discussion, was the need for businesses, Council and key organisations to collaborate to drive growth for the Lismore region. Watch a short video below, where Michael discusses the key insights.
You can view Michael’s presentation slides here(PDF, 1MB) and access the Economic Review and Analysis Background Paper here(PDF, 3MB).
Key themes
- Key challenges faced continue to relate to the recovery and rebuild, getting back to where we were before the 2022 natural disaster, as well as re-establishing Lismore’s important role as the regional centre, especially in health and education.
- Housing is critical to the economy, with the relationship between workers and housing under significant pressure. This is heightened by the number of people still displaced, the demographic of our workforce, as well as workers needed for the rebuild.
- The role of the University is vital in supporting workforce solutions, and partnering with the health sector, government and industry to drive innovation and investment.
- Lismore needs a strong common vision and plan, using the power of a collective impact approach to deliver it for the people of Lismore and the Northern Rivers.
Consumer spending
- Consumer spending in Lismore decreased by 9% comparing January to July 2022, pre and post February natural disaster.
- However, spending in Lismore approximately one-year post-flood (Jan 2023) has bounce back to 99.8% of pre-flood spend.
- Lismore residents are more likely to spend outside of the Lismore LGA on dining and entertainment, furniture, and light industry/trades. Most of this spend is directed to the Ballina LGA.
- Ballina, Alstonville and Casino residents spend in the Lismore LGA primarily on specialised and luxury goods and professional services.
Population and employment
- According to the most recent Census data, in 2021, there were over 21,500 people employed in the Lismore LGA. At June 2022, the unemployment rate was at 5.8%, compared to the national average of 3.5%.
- In the period 2016 – 2021 the proportion of residents working in healthcare (4300) and education (2200) increased from 36% to 39% while all other industries decreased, highlighting the growing importance of Lismore’s two major hospitals and all tiers of education including Southern Cross University.
- Over 3000 workers in Lismore are over the age of 60 years. At least one third of these will retire in the next 10 years leaving potential gaps in the health, education and general industrial sectors.
- Lismore’s population (as at 2021) is top and bottom heavy. This means a smaller proportion of middle-aged residents (29yrs to 44 yrs) relative to the older (45+) and younger (24-) demographics.
- This means there are less people available to care for those that represent the most need and those carers are typically in their prime working years so their ‘free time’ is stretched.
Housing
- As of March 2023, housing availability within the Lismore LGA was 1.3%. While this represents a tight market, availability is close to the highest in seven years.
- Affordable and quality housing remains a key barrier to attracting working talent to the Lismore LGA.
However, over that 7-year time period there has been a significant increase in weekly rents of 21%-23%. This increase occurred primarily during the pandemic (Dec 2020 – 2021) but have held firm since then.