Northern Tasmania’s working age population will fall by eight per cent if residents fail to take on local education opportunities, a new report has found.
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The National Institute for Economic and Industry Research has been commissioned to model what the future may look like in Northern Tasmania, taking into account new projects, such as the University of Tasmania campus relocation.
NIER’s report shows if demographic trends continue, Northern Tasmania’s working age population will fall by eight per cent and wages will stagnate over the next decade, while the national average wage rises.
At a local level, the Northern Tasmanian Development Corporation is leading the charge to create conditions to improve regional prosperity.
NTDC acting chair Sue Kilpatrick said Northern Tasmanian residents should take advantage of educational opportunities to improve the future.
“NIEIR reports that our economy has been disappointing, underperforming over the last decade. Crucially for regional prosperity, real household incomes have dropped over this period. This is a contrast with prior decade where there was growth in household income, employment and gross regional product (GRP),” Professor Kilpatrick said.
“Residents should take advantage of education available locally, including from UTAS and TasTAFE and we should welcome more working-age people to our city to replace those who exit the workforce over the next 10 years.
”This will increase our productivity and prevent household income from falling.”
A NIER report predicts falling workforce numbers and wage stagnation unless action is taken immediately to mitigate their effect.
“We want to support industry to invest capital to either start-up business or invest in business expansion, with the ultimate result of increasing exports to other parts of Australia and overseas,” Professor Kilpatrick said.
NTDC recognises economic growth underpins regional prosperity and assists to make the region a more attractive place to live.
“Northern Tasmania must build on industries with export potential: agriculture; food and beverage manufacturing; forestry and wood products; and other competitive manufacturing,” Professor Kilpatrick said.
The final report will be available in August.