CITY-REGIONAL ECONOMIC GAP WIDENING UNDER TURNBULL GOVERNMENT

Labor’s spokesperson on Regional Services, Stephen Jones MP, has today warned that under the Turnbull Government the economic gap between Sydney and the NSW regions, is widening.

 

A report produced by SGS Economics and Planning, Australian Cities Accounts 2015-16, shows that while Sydney prospers, regional NSW is falling further behind.

 

Annual GDP growth in Regional NSW was just 0.4 per cent in 2015-16; eleven times less economic growth in regional areas compared to Sydney; and seven times less economic growth than the Australian average.

The Report also shows a 0.6 per cent decline in per capita GDP growth for regional NSW, and GDP per capita growth lagging behind Sydney (2.6 per cent) and the Australian average. GDP per capita has declined over the past four years in regional NSW.

The Report shows income per person being $32,200 less in regional NSW compared to Sydney, the widest income per person gap on record.

“This report highlights the need for a new deal for Regional Australia and they aren’t getting it from the Turnbull Government. In fact - they have abandoned regional NSW”, Mr Jones said.

“While economic growth in Malcolm Turnbull’s electorate is at its fastest rate in fifteen years, it’s a very different story in regional NSW”, Mr Jones continued.

“Someone living in regional NSW now earns $32,200 less on average than someone in Malcolm Turnbull’s electorate”, Mr Jones said.

The release of today’s report reflects Labor’s research that shows the gap between inner city areas like Malcolm Turnbull’s electorate of Wentworth and rural and regional Australia is growing. For example:

the rate of jobless families with children under 15 is three times higher, 21.3%, in Eurobodalla (Electorates of Gilmore & Eden-Monaro), compared with 6.7% in Waverly (Electorate of Wentworth). (Source: Australian Social Health Atlases)

Average personal investment income in Shellharbour is just $3,986 (Electorate of Whitlam) but is more than fourteen times higher, $59,010 in Woollahra (Electorate of Wentworth) (Source: ABS Estimates of Personal Income for Small Areas 2012-13)

School leaver participation in higher education is just 6.1% in Lismore (Electorate of Page) but it is more than 8 times higher, or 50.3%, in Waverly (Electorate of Wentworth). (Source: Australian Social Health Atlases)

Malcolm Turnbull and his government are out of touch. This is a Government that provides tax cuts to multinationals while abandoning low and middle income families in regional Australia”, Mr Jones concluded.

TUESDAY, 6 DECEMBER 2016

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