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City of Monash
Economic Impact Model
Economic impact modelling enables the City of Monash to explore how changes in employment or output (sales) due to a new project, business or policy will impact on all other sectors of the economy. It does this by using an input-output model derived from the local economy microsimulation model by National Economics (NIEIR) to model the flow-on effects across different industries.
This provides the City of Monash with powerful evidence to advocate against industrial closures or strategically target new industry sectors which are likely to have the greatest positive economic impact.
For help running the economic impact model, please click here.
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What is the name of your project/scenario?
Does the project involve construction (capex)?
How much is estimated construction cost?
How many years is construction estimated to take?
What industries will be directly impacted?
Are the known direct impacts in terms of jobs or sales (annual)?
How many jobs or annual sales does the project directly impact?
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ECONOMIC IMPACTS - CITY OF MONASH, NEW HOSPITAL
CONSTRUCTION PHASE (Over 2.5 Years)
$1.2B
Output
($1,000M Direct + $187M Indirect)
$321M
Value Added
($255M Direct + $66M Indirect)
3,869
Local Jobs
(3,136 Direct + 734 Indirect)
OPERATIONAL PHASE (Ongoing)
$215M
Output
($186M Direct + $29M Indirect)
$124M
Value Added
($113M Direct + $11M Indirect)
1,119
Local Jobs
(1,000 Direct + 119 Indirect)
SUMMARY OF IMPACTS
Construction Phase
The New Hospital in the City of Monash is estimated to input $1,000M of direct output into the local economy over 2.5 years. This would lead to an uplift of $321M in direct value added and support 1,548 direct local jobs per annum (1,432 FTE) during the construction phase of the project.
From this direct expansion in the economy, it is anticipated that there would be flow on effects into other related intermediate industries as well as increased new employee consumption expenditure. These combined flow-on effects are estimated to generate an additional $187M in output, $66M in value added and support another 294 indirect local jobs per annum (213 FTE).
The total estimated construction phase local impact is $1.2B in output, $321M in value added and 1,842 local jobs per annum (1,645 FTE) over 2.5 years.
Operational Phase
The New Hospital in the City of Monash is estimated to support 1,000 direct local jobs per annum (730 FTE) on an ongoing basis. This would generate $186M in direct sales/output and $113M in industry value added.
From this direct expansion in the economy, it is anticipated that there would be flow on effects into other related intermediate industries as well as increased new employee consumption expenditure. These combined flow-on effects are estimated to support another 119 indirect local jobs per annum (82 FTE) and generate $11M in indirect industry value added off the back of $29M in sales/output.
The total estimated ongoing impact is 1,119 local jobs per annum (812 FTE), $215M in output and $124M in value added.
DETAILED TABLE OF IMPACTS
IMPACTS ON LOCAL JOBS
Construction Phase
The New Hospital in the City of Monash is estimated to support 1,548 direct local jobs per annum (1,432 FTE) during the 2.5 years construction phase of the project.
From this direct expansion in the economy, it is anticipated that there would be flow on effects into other related intermediate industries as well as increased new employee consumption expenditure. These combined flow-on effects are estimated to be support another 294 indirect local jobs per annum (213 FTE) during the construction phase.
The total estimated impact is 1,842 local jobs per annum (1,645 FTE) over 2.5 years.
Operational Phase
The New Hospital in the City of Monash is estimated to support 1,000 direct local jobs per annum (730 FTE) on and ongoing basis.
From this direct expansion in the economy, it is anticipated that there would be flow on effects into other related intermediate industries as well as increased new employee consumption expenditure. These combined flow-on effects are estimated to be support another 119 indirect local jobs per annum (82 FTE) during the construction phase.
The total estimated impact is 1,119 local jobs per annum (812 FTE).
Impacts by Industry
This table and charts below show a detailed breakdown of how employment will be affected by industry.
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