Private investment into the Albury region has been recorded at $250 million per annum since 1992. Projections for 2003-2004 estimate investment at a massive $400 million. There has not been an accurate measure of public investment, but the national highway project alone will invest $335 million into the local economy.
While infrastructure is deemed satisfactory in Albury, future works on roads will improve access to all sections of the city. The national highway, while a contentious community issue, will deliver significant benefits to existing industry. It will foster the attraction of new business and facilitate the mobility of local residents.
The development of the Albury Coach Rail Interchange will enhance the provision of facilities for passenger services and provide an opportunity to establish a ‘rail precinct’. Albury Airport is one of the most significant pieces of infrastructure in the region. It services predominantly the corporate market and residents as far away as Deniliquin. However, continued work in the aviation sector has increased passenger numbers following the collapse of Ansett and the introduction of a new airline is set to restore the vital Albury Canberra service.
Key industry sectors
Albury is fortunate to offer a diverse mix of industry. Consistently in the annual employment census, several industry sectors have remained dominant as major employers and continue to record steady growth. These following six sectors employ the majority of the workforce in Albury:
- Retail (17.8%)
- Manufacturing (17 %)
- Health and community services (11 %)
- Business and Finance Services (10.5%)
- Education (7.3%)
- Construction (6.5%)
Growth has been recorded in all sectors most notably Business and Financial Services, which has increased at approximately 9 per cent per annum. Tourism is also a significant industry within the City due to its capability of attracting external expenditure and the multiplier effect.
Because Albury is situated on the main Australian transport corridor, a diverse business mix and investment are attracted to the City’s strategic positioning. Albury also benefits from being close to 70 per cent of the population settled within the triangle formed by Sydney, Melbourne and Adelaide.
A number of major national and multinational companies have already located their operations in Albury. ION Group Automotive, Cooper Tools, Macquarie Textiles, Iplex, Norske Skog, Huhtamaki and Kimberly Clarke all contribute to the second largest employment sector for the City.
Albury and the surrounding region continues to record strong annual growth, with the commercial centre of Albury servicing a current regional population of 100,000. Retail remains the major employer representing 17.8 per cent of the workforce in the City. As population expansion occurs on both sides of the river, Albury is entering a new stage of development with significant interest from national retail chains wanting toincrease their presence in the market or expand existing facilities.
However, this has posed one of the greatest challenges for the City – land availability for suitable development. Because the CBD or regional centre is relatively landlocked, lateral approaches to development, such as investigating the development of Council owned car parks are being pursued.
Interlinking or mutually beneficial businesses are being encouraged to cluster and developments, such as the proposed Home Centre concept, will remove large bulky goods from key locations. This strategy will also provide a critical mass to attract custom.
The Lavington District Centre continues to develop and support the increase in population on the northern aspects of the City. Over the next ten years, AlburyCity will fully implement recommendations from the District Centre Strategy and business leaders within the community who are contributing to industry development.
AlburyCity is committed to a long term vision for the balanced economic development of its business potential.
