GEELONG THE ECONOMIC IMPACT additional impact of relocating families. ECONOMIC IMPACT REPORT KEY FINDINGS In February 2018, the City of Greater Geelong commissioned a report to assess the economic impact of relocating a federal government agency the size of The economic impact of relocating a federal government Comcare to Geelong (City of Greater Geelong, agency to Geelong is significant for both the region and Economic Impact Assessment, Potential Office the state. The economic analysis was Relocation, February 2018). The impact of these direct jobs combined with the flow on undertaken using REMPLAN regional economic – impacts and relocating family impacts would result in an modelling and estimated 1,871 ongoing jobs in the local economy. planning system. This represents a final employment multiplier of 3.0, meaning that for every direct job supported by the THE SCENARIO relocation, it is estimated that a further 2 jobs are supported in the broader local economy once flow on supply-chain and household consumption effects are taken into account. This summary focuses on the scenario of relocating both This single project alone would boost Gross Regional Comcare Melbourne and Comcare Canberra with a total Product by approximately 1.98%, which is almost half of of 600 direct jobs. The report identifies the direct and the total average annual increase in GRP of 4.38% over flow-on economic impacts in three phases: the past five years. the construction phase; operations phase; and the BOOST A TO LOCAL VICTORIAN GOVERNMENT PER OF$208M SUPPORT ANNUM GRP REPRESENTING GROWTH OF 2% - ALMOST The Victorian Government supports the proposal to relocate HALF ANNUAL Comcare to Geelong. The Premier has highlighted the THE AVERAGE opportunity to incorporate Comcare relocation in the Geelong INCREASE City Deal to strengthen the social insurance hub.
GEELONG THE ECONOMIC IMPACT ECONOMIC IMPACT REPORT In February 2018, the City of Greater Geelong commissioned a report to assess the economic impact of relocating a federal government agency the size of Comcare to Geelong (City of Greater Geelong, Economic Impact Assessment, Potential Office Relocation, February 2018). The economic analysis was undertaken using REMPLAN – regional economic modelling and planning system. THE SCENARIO This summary focuses on the scenario of relocating both Comcare Melbourne and Comcare Canberra with a total of 600 direct jobs. The report identifies the direct and flow-on economic impacts in three phases: the construction phase; operations phase; and the additional impact of relocating families. KEY FINDINGS The economic impact of relocating a federal government agency to Geelong is significant for both the region and the state. The impact of these direct jobs combined with the flow on impacts and relocating family impacts would result in an estimated 1,871 ongoing jobs in the local economy. This represents a final employment multiplier of 3.0, meaning that for every direct job supported by the relocation, it is estimated that a further 2 jobs are supported in the broader local economy once flow on supply-chain and household consumption effects are taken into account. This single project alone would boost Gross Regional Product by approximately 1.98%, which is almost half of the total average annual increase in GRP of 4.38% over the past five years. VICTORIAN GOVERNMENT SUPPORT The Victorian Government supports the proposal to relocate Comcare to Geelong. The Premier has highlighted the opportunity to incorporate Comcare relocation in the Geelong City Deal to strengthen the social insurance hub. A BOOST TO LOCAL OF$208M PER ANNUM REPRESENTING GRP GROWTH OF 2% - ALMOST HALF THE AVERAGE ANNUAL INCREASE
8d6198b8c1b4336-idealhomeforcomcarebrochure2018.docx