Apr 24, 2018
Welcome to this week’s ‘Say What Wednesday’ episode!
Our question today comes from Anna …who was actually listening to our podcast while driving her tractor on a farm, which is pretty cool!
Anna asks, ‘how much is the economy of regional Australia worth? Is this growing faster or slower than metropolitan areas and what will it look like in the future?’
We’ll define ‘Regional Australia’ as all areas outside of metropolitan areas.
Let’s get started…
Regional Australia - Population breakdown
What is it worth?
According to the National Rural Health Alliance Limited’s online publication, “The little book of rural health numbers” (Nov 2015), “Approximately 67% of the value of Australia’s exports comes from regional, rural and remote areas.”
The publication also cites the following data;
You can read more here
It’s all related!
Again, as referenced by the National Rural Health Alliance Ltd, “Research by the Reserve Bank of Australia has confirmed the extent of positive spill overs from the mining industry to the wider economy. The resources sector as a whole (including resource-related activities) is estimated to account for around 18 per cent of Gross Domestic Product (GDP) in Australia and almost 10 per cent of employment.”
National Rural Health Alliance’s report discusses that in 2010-11 there were 307,000 people employed in agriculture, with 1.6 million jobs across the supply chain agriculture powers. (Data sourced from a previous National Farmers’ Federation report. The most recent version of the report can be found here)
Each Australian farmer produces enough food to feed 600 people, 150 at home and 450 overseas. Australian farmers produce almost 93 per cent of Australia’s daily domestic food supply.
Crystal ball - What will it look like in the future?
As always guys....get your questions in! go to https://financeandfury.com.au/contact/
No question is too big or too small.
Today's References
National Farmer's Federation (2017). Farm Facts | National Farmers' Federation. [online] Nff.org.au. Available at: http://www.nff.org.au/farm-facts.html [Accessed 20 Apr. 2018].
Minerals Council of Australia (2013). Analysis of the Changing Resident Demographic Profile of Australia's Mining Communities. [online] Minerals Council of Australia. Available at: http://www.minerals.org.au/file_upload/files/reports/MCA-13-ResidentialProfile0131-MYR.pdf [Accessed 20 Apr. 2018].
Regional Australia Institute (2015). Talking Point: The Economic Contribution of Regions to Australia's Prosperity. [online] Regional Australia Institute. Available at: http://www.regionalaustralia.org.au/wp-content/uploads/Talking-Point-The-economic-contribution-of-regions-to-Australia’s-prosperity_to-send.pdf [Accessed 20 Apr. 2018].
Ruralhealth.org.au. (2015). Economic contribution of regional, rural and remote Australia | ruralhealth.org.au. [online] Available at: http://ruralhealth.org.au/book/economic-contribution-regional-rural-and-remote-australia [Accessed 20 Apr. 2018].