Regional economy steady, but drought on horizon
1 JANUARY 2003
Business performance has remained steady across the Central West region of NSW over the September quarter compared to the previous quarter, according to the latest Reliance Credit Union’s Central West Business Survey, compiled by Charles Sturt University’s Western Research Institute (WRI). Chief Executive Officer of the WRI Tom Watson said “despite the drought, more than three-quarters of Central West businesses surveyed reported that sales performance had been maintained or improved in the September quarter. Parkes, West Wyalong, Bathurst and Orange were the strongest performers. A marginal decline is expected in the December quarter, but on the whole performance should remain relatively steady.” The survey also addressed the issue of drought in the Central West. Central West Regional Development Board chair Sandy Morrison noted that nearly 90 per cent of businesses had not decreased staff numbers as a result of the drought, indicating that many regional businesses are relatively insulated from the effects of the drought and they understand it would be easier to retain workers than attract new workers in the future, given the skills shortage. However, almost 60 per cent felt business would decline if drought conditions continued for another six months. Tom Murphy in analysing survey results said, “Although agriculture is important in the region - the diverse nature of the Central West economy means it is resilient to the drought.” The business survey, released on Thursday 2 November, included 100 businesses in the Central West region of NSW and a further 299 across the rest of regional NSW.
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