Norfolk Island Economy

Rates of price increases (consumer prices): Workers:: Workforce - by profession: Jobless rate: Industry output is growing: Power - Production: Power - generation by source: Power - Consumption: Recipients of financial aid:

In the margins of disaster: the effects of Australia's reform on Norfolk Island companies

Norfolk Island's economy is in a state of emergency and is on the brink of catastrophe, from which many companies and homes will be suffering considerably. It is the outcome of the interventions of the Australian authorities in the island's economy and administration from 1 July 2016.

In demanding that Norfolk Island pays its own way and that Norfolk Islanders become like continental Australians in their commitments and aspirations, the government's choices will enable it to destroy the island's economy in a truck that few groups will be able to outrun. - introduced Commonwealth and NAWI schemes that have significantly increased and will necessarily increase corporate cost and pricing; - envisaged implementation of Australia's Modern Award system for jobs (which in some cases will result in a 30 percent increase in small enterprise labour cost overnight);

• a failure by the Government of Australia to assume the responsibility previously assumed by the Government of Norfolk Island for promoting the island's tourist industry; - the disappearance of air passengers flying directly between New Zealand and Norfolk Island; - limitations on island farming activities due to biosafety requirements; - the limited proof of an "advantage" for the Norfolk Island's further commercial wellbeing.

These combined with others are expected to lead to a very sharp upsurge in island pricing, a sharp decline in tourist activity, a collapse in the economy, an escalation in employment and wide-spread hardship in the communities. There has not been enough thought from the Government of Australia about the real needs of a very small and maritime economy such as Norfolk Island.

The" design model" currently applied to Norfolk Island is completely inadequate. The results of the study presented here urge the Government of Australia: - instruct the Productivity Committee of Australia to undertake research and a publicly funded study to assess the actual economic, social and cultural performance of the island and how it can continue to exist at a fair price; - provide the Norfolk Island Regional Council with some general sources of income; - set clear and much more detailed targets for the Norfolk Island and set benchmarks to gauge its attainment.