Analytics and actuarial consulting firm Taylor Fry has released an analysis of Australian weekly household income and expenditure in each postcode since the pandemic hit in March. Picture: iStock.
Analytics and actuarial consulting firm Taylor Fry has released an analysis of Australian weekly household income and expenditure in each postcode since the pandemic hit in March. Picture: iStock.

Whitsunday, Isaac lag behind state in COVID recovery

WHITSUNDAY and Isaac homes are falling behind the rest of Queensland as the state marches towards an post-pandemic economic recovery.

An analysis of Australian weekly household income and expenditure for each postcode since the pandemic hit in March identified which communities were hardest hit, those that had recovered and places still enduring financial hardship.

The findings, by analytics and actuarial consulting firm Taylor Fry, found nine months after the pandemic hit and Whitsunday and Isaac region suburbs are the worst performing postcodes in Australia.

The Hamilton Island postcode of 4803 was the hardest hit in the state in October, with an extreme COVID-19 financial impact rating.

"The residents of the postcode are most exposed to industries that have experienced the greatest levels of job and wage loss," the report said.

"There is a high probability of significant income loss, with individuals in the postcode earning a moderate income that is mostly not compensated by JobKeeper."

And just over the water in the 4802 postcode residents were experiencing a high financial impact rating.

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Analytics and actuarial consulting firm Taylor Fry has looked at weekly household incomes and expenditure across Australia since COVID-19 hit. This section shows the financial impact at Mackay, Whitsunday and Isaac in April. Contributed: Taylor Fry
Analytics and actuarial consulting firm Taylor Fry has looked at weekly household incomes and expenditure across Australia since COVID-19 hit. This section shows the financial impact at Mackay, Whitsunday and Isaac in April. Contributed: Taylor Fry

 

The 4802 postcode, which includes Airlie Beach, Cannonvale, Flametree, Jubilee Pocket, Mandalay, Mount Rooper, Shute Harbour, Shutehaven, Whitsundays and Woodwark, was the fifth worst hit postcode in Queensland.

The two tourism reliant postcodes were battered by the pandemic, with the suburbs ranging between a high to extreme financial impact since March 28.

In the early days of the pandemic most Mackay, Isaac and Whitsunday postcodes were struggling, with the region hitting its worst economic point in April.

But Taylor Fry said most other postcodes were showing signs of recovery, with most of the region only recording a medium to low impact by early October.

Further west in the Isaac region, confidence in a mining-led recovery had not trickled down to household budgets.

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Analytics and actuarial consulting firm Taylor Fry has looked at weekly household incomes and expenditure across Australia since COVID-19 hit. This section shows the financial impact at Mackay, Whitsunday and Isaac in October. Contributed: Taylor Fry
Analytics and actuarial consulting firm Taylor Fry has looked at weekly household incomes and expenditure across Australia since COVID-19 hit. This section shows the financial impact at Mackay, Whitsunday and Isaac in October. Contributed: Taylor Fry

The report found that with the exception of September and early October, Isaac postcodes were suffering from a high to extreme financial impact from COVID-19.

Other economic factors may be at play in the household spending and income rates.

But Taylor Fry principal Alan Greenfield said the retrospective data gave an insight to understand how the virus was distinctly impacting each community.

"There is real value in understanding how COVID-19 has affected individuals and parts of the country so differently," Mr Greenfield said.

Organisations are dealing with an unprecedented scenario and can use the index to get an idea of how they need to tailor their activities, be it marketing, financial relief, or customer experience.

"We can also combine the index with an organisation's customer or client data to drill down further into the impacts of COVID-19 on individual's financial situation."

Eight worst hit postcodes in the Mackay, Isaac, Whitsunday region as of October 2020

Provided by Taylor Fry

1. Hamilton Island, 4803: Extreme impact

2. Glenden and Suttor, 4743: Extreme impact

3. Airlie Beach and surrounding district, 4802: High impact

4. Moranbah and Peal Downs Mine, 4744: High impact

5. Dysart and Norwich Park, 4745: High impact

6. Middlemount, German Creek and May Downs, 4746: High impact

7. Nebo, Mt Britton and surrounding districts, 4742: High impact

8. Walkerston and surrounding districts, 4751: High impact


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