The medium- to long-term prospects for the NSW mid-north coast look bright as the local economy benefits from growth in tourism, healthcare, specialised manufacturing, education, and inter-state migration, according to Commonwealth Bank CEO Matt Comyn.
During a visit to Port Macquarie, Comyn emphasised the region’s focus on critical areas of economic development, supported by the NSW and federal governments.
“Over the many decades of connection between the people and businesses of the mid-north coast and the Commonwealth Bank, we have watched with pride and admiration the effort and determination of the local community to build a sustainable economy that is focused on providing benefits for all of the people in the region,” Comyn said.
The region’s development now supports 330,000 people and more than 120,000 jobs, with an annual GDP of more than $22 billion.
“That is impressive by anyone’s standards, and it is a dynamic regional economy firmly anchored across the healthcare, construction, tourism, specialist manufacturing, and education sectors,” Comyn said.
Port Macquarie-Hastings local government area is the fastest-growing LGA in Australia, based on regional-to-regional migration data from the CBA Regional Movers Index.
“Not surprisingly, it is proving to be an area where people want to live and work,” Comyn said.
“CBA has long-standing and deep roots in this community, and we are proud to serve the area through our people who are based here and the services that we provide,” Comyn said, while also addressing current challenges like cost-of-living pressures.
Comyn toured the facilities of global maritime engineering group Birdon, a long-standing CBA customer.
“Birdon is a great example of the innovation and specialist manufacturing services that have developed in the mid-north coast region over many years, producing Australian and globally leading products that are much in demand,” he said.
“As a customer of CBA, we were thrilled to welcome CEO Matt Comyn to our Port Macquarie site for a visit,” said Birdon Group CFO Tammy Bugler. “We see this as a great opportunity for us to not only showcase what we do but to also showcase the capabilities of regional Australia.”
Get the hottest and freshest mortgage news delivered right into your inbox. Subscribe now to our FREE daily newsletter.
