About 250 local business leaders gathered at Mingara Recreation Club on May 31 for the annual Economic Breakfast.
Presented by Business NSW Central Coast, in partnership with the University of Newcastle (UoN) and the Commonwealth Bank of Australia (CBA), the event was officially opened by Minister for the Central Coast and Member for Wyong David Harris, who spoke on economic development, job creation, education opportunities and the urgent need for medium-density housing to boost supply, reduce rental costs and allow people to live closer to work.
Business NSW Regional Director Scott Goold said a focus on economic growth and housing development was exactly what the Central Coast needed to thrive.
“Senior Economist at CBA Belinda Allen provided an outstanding overview of the economic factors impacting both the global and Australian economies,” Goold said.
“Allen noted the decline in discretionary spending, with the greatest areas of expenditure now being education, insurance and healthcare.
“She also highlighted that we have reached peak wages growth and discussed the potential for a rate cut in November.
“Her insights were incredibly valuable for our local businesses.
“Understanding the current economic landscape helps us all prepare and strategise for the future.”
In a first for Business NSW, CEO Dan Hunter launched the Quarter 2 Business Conditions Survey in a regional location.
Business NSW Chief Economist Sherman Chan presented key datasets specific to the Central Coast, highlighting business cost concerns such as insurance, taxes and government charges, supplier costs, and energy.
He called for future government investment in housing availability, education and skills, energy reliability and cost reduction.
“Despite the challenges, it’s encouraging to see our overall business confidence score improve by 5.7 points from Quarter 1, with a forecasted increase of a further 16.3 points in Quarter 3,” Goold said.
“This shows the resilience and optimism of our business community.”
The morning concluded with a panel discussion on the region’s role in the emerging renewable energy industry.
Panel members included Ian Smith from the Office of Regional Economic Development, Richard Wrightson from Delta Electricity, Clare Larkin-Sykes from NewH2 and Darren Clarke from EnergyCo.
“This was a great opportunity to learn more about the Waratah super battery project and discuss future opportunities for the former Munmorah Power Station and Vales Point Power Station sites,” Goold said.
“These sites, with their access to the national energy grid, hold significant potential for renewable energy projects.”
Richard Wrightson and his team at Delta Electricity gave an in-depth briefing and tour of the Vales Point Power Station, which has a capacity of about 1320MW and supplies 10 per cent of the state’s electricity, Goold said.
“Delta employs 600 staff across the power station and mine sites,” he said.
“While they are focused on providing a secure and stable electricity supply, they are also looking towards a renewable energy future.
“New projects can utilise the site’s national energy grid connection, substantial industrial land holdings and potential behind-the-meter energy from solar installations.
“Its unique location also means jobs close to where Coasties live and emerging technology means jobs and training opportunities for our kids.
“It’s an exciting future that will be here before we know it.”