UNEMPLOYMENT is at its highest in five years with the Hawkesbury’s unemployment rate up almost 30 per cent in 12 months.
Figures from the Australian Bureau of Statistics reveal the Hawkesbury as the worst area in Western Sydney at 29.55 per cent, just behind North Blacktown at 27.36 per cent.
The statistics were recorded between the period of September 2008 and September 2009.
Hawkesbury Mayor Bart Bassett said the figures were alarming and that it was a time to support small business which would, in turn, stimulate employment.
“The past 12 months has been a really tough period for business in general and it’s a time for the government to do whatever it can from a state, federal and local level to sustain economic growth at this time,”
Cr Bassett said.
“There has also been a reduction of people with children moving into the area, with problems relating to housing choices, and we know that the expansion of the Rouse Hill and Penrith areas has attracted people of the Hawkesbury to do their shopping in these booming areas.
“These have been ongoing issues. So this is definitely a time to get behind small business.”
Shadow Minister for State and Regional Development, Andrew Stoner, from the National Party was not as hopeful, assigning blame wholly to the the State Labor Government.
“This is a devastating blow to the families and businesses from Greater Western Sydney already doing it tough and are sick of spin and excuses from State Labor,” Mr Stoner said.
“These figures show how State Labor has mismanaged the NSW economy. Their failure to provide a stimulus package as we headed into a downturn has left thousands more people out of work than would have otherwise been the case.”
Repercussions of the figures are likely to affect homeowners with the the Reserve Bank expected to change to the official cash rate this week.
Financial markets have put the chances of a 0.25 percentage point rate hike at 71 per cent. The change would bring rates to four per cent.
These consequences to the housing market is something State Member for Hawkesbury Ray Williams said is a concern for families.
“The figures reveal a worrying situation for almost 400 families across the Hawkesbury region,who are now struggling, due to a member of the family having lost their job in the last 12 months,” Mr Williams said.
“Many of these affected families who are paying off mortgages will be bracing themselves for another interest rate rise and wondering how they will make ends meet, especially if a member of the family has recently lost a job.
“This measure would have enabled businesses to absorb losses during the downturn in the economy, rather than retrench employees.”