Global crisis will hit all suburbs: Rees

17 Mar 2009, 3:48 pm   -   Source: AAP
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NSW Premier Nathan Rees says no suburb will be immune from the global financial crisis, after new research showed the areas most at risk of job losses.

NSW Premier Nathan Rees says no suburb will be immune from the global financial crisis, after new research showed the areas most at risk of job losses.

The Employment Vulnerability Index, released on Tuesday, shows what areas within the capital cities and major regional centres are most exposed to potential job loses.

The modelling, developed by Griffith University and the University of Newcastle, shows Sydney has vulnerable areas throughout the city.

Areas considered to be "red alert-high risk" include Cabramatta and Auburn in Sydney's south-west, Fairfield in the west, the inner-city suburb of Haymarket as well as Blue Haven and Rocky Point on the central coast.

Melbourne, in comparison, has clusters of vulnerable spots based on areas with a strong manufacturing sector.

Mr Rees said because Sydney did not have the same sorts of clusters, it was evident the "red alert suburbs" would be spread throughout the city, and the state.

"The diversity of the NSW economy means that unemployment in a geographic sense, is likely to be more spread out across the greater metropolitan area and the regions of NSW," he told reporters on Tuesday.

"No company in the world is going to be immune from the global financial crisis, and probably no suburb in Australia."

Mr Rees said the state government would take the research on board as it looked to address the economic downturn.

Opposition Leader Barry O'Farrell said the modelling showed 76 suburbs, mainly in western Sydney, were under dire threat from the financial crisis.

Mr O'Farrell has again called on Mr Rees to devise a state-based stimulus package for NSW.

"There are 76 suburbs in Sydney and surrounds at high risk of job losses, but Nathan Rees has failed to implement a NSW stimulus package to protect families and businesses in these areas," he said.

"Nathan Rees' failure to implement any stimulus package is already costing NSW jobs," Mr O'Farrell said.

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