Economy

Eighth-largest economy in Victoria outside of Metropolitan Melbourne, with a Gross Regional Product of $1.885 billion in 2016. (Remplan)

What is going well in Warrnambool?

  • The rate of Gross Regional Product growth over 10 year period (2003-2013) was 1.9% per annum, the fourth highest growth rate of the 10 regional cities in Victoria. 
  • Vast majority of population growth in the region has been concentrated in Warrnambool, with an annual growth rate of approx. 1.1%.
  • Major service centre for the region, offering employment opportunities for residents of neighbouring municipalities 
  • Diverse industry base with employment strengths in the service sectors of,
    • Health & community
    • Education
    • Food processing
    • Government
    • Retail trade
    • Tourism
  • Supports the broader agricultural industry, and some industrial activity
  • 25+ years zoned residential land supply and a second general industry park now open for business

What needs Improvement in Warrnambool?

  • Need to create an additional 4,000+ jobs to cater for projected population growth over the next 20 years
  • Economy is largely influenced by the Great South Coast region, which provides a market catchment of up to 120,000 residents around our city.
  • Wider region’s youth unemployment rate is high relative to metro regions and the rest of the state
  • While the population is growing, it is aging – requiring new jobs, residential options and infrastructure demands
  • Technological change and the modern economy (changing nature of retail in particular,)
  • Infrastructure and transport improvements are required for increased connectivity, (roads, rail)
  • Population growth is highest in older adults (65 years +) – poses challenges to the local economy.
  • National Disability Insurance Scheme impacts not well prepared for.