CBA backs long-term growth prospects for mid-north coast region of NSW

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, Commonwealth Bank CEO Matt Comyn said today.

Speaking to local business leaders and customers during a visit to Port Macquarie, Mr Comyn said he was encouraged by the region’s focus on some of the key areas of economic development as identified and supported by the NSW Government and the Federal Government.

“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,” said Mr Comyn at meetings with business leaders and customers held at the Sails Resort in Port Macquarie.

“The region’s development in recent years now sees a home for 330,000 people that supports more than 120,000 jobs with an annual gross domestic product (GDP) of over $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.

“Not surprisingly, it is proving to be an area where people want to live and work with the recent CBA Regional Movers Index, a partnership between ourselves and the Regional Australia Institute, showing the Port Macquarie-Hastings Local Government Area to be the fastest growing LGA in Australia, based on regional-to-regional migration data.

“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.

“Notwithstanding some of the current challenges that are facing the community through cost-of-living pressures, the CBA team in the mid-north coast and myself are very optimistic about the region’s future and the prospects for growth across the local economy. We very much look forward to supporting the community in the many years to come as, between us, we build a brighter future for all.”

Mr Comyn visited one of the region’s major industrial companies, global maritime engineering group Birdon. A long-standing CBA customer, the 100 per cent Australian-owned company hosted a tour of its Port Macquarie shipyard facilities for Mr Comyn where it highlighted its fabrication, repair and refit capabilities on commercial and military vessels.

“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,” said Mr Comyn. “We are proud to be associated with its success.”

Tammy Bugler, Birdon Group’s Chief Financial Officer and co-owner of the company, said: “As a customer of CBA, we were thrilled to welcome CEO Matt Comyn to our Port Macquarie site for a visit. 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."

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