A scoping report on the Beighton Extreme Sport Park proposal The WritePass Journal

A scoping report on the Beighton Extreme Sport Park proposal Introduction A scoping report on the Beighton Extreme Sport Park proposal Introduction1. Spatial Scope1.1 Transport Links1.2 Employment2. Life-cycle of activities and Physical Presence2.1 Materials2.2 Temporal Scope2.3 Dimensions3. Assessment of Environmental and Socio – Economic Effects/ Reasons for Scoping Report3.1 Flora and Fauna3.2 Air and Noise Quality3.3 Groundwater Problems3.4 Light Pollution3.5 Sewage, Waste and Litter3.6 Socio-Economic4. Mitigating Measures 4.1 Table of Mitigation Measures and Alternatives4.2 Potential Dangers or Hazards5. Legislative and Policy Context 5.1   Introduction to EIA Policy   and Context5.2 Need for EIA (Schedule 2)5.3 Need for EIA (Schedule 3)BibliographyRelated Introduction 1. Spatial Scope The proposed site for the Beighton extreme sport park is located on the A57 which is the road connecting Sheffield city centre to junction 31 on the M1. Some of the local residential areas that surround the site include: Woodhouse, Hackenthorpe and Crystal Peaks, all of which could make up some for some of the workforce. Other local places of interest which could have an impact on the site include: the Shirebrook Nature Reserve, Westfield Sports Centre and Crystal Peaks shopping centre to the south. This can be seen more clearly in figure 1 and 2 below. The plot of land is currently owned by the Sheffield City Council and the developers are LBX Holdings Ltd who is based in Newcastle.   1.1 Transport Links As I mentioned before the site is located near the M1, which is the main motorway linking the south of Britain to the north. There is a tramline that runs from Sheffield city centre to Crystal Peaks one of the neighbouring residential areas and a bit further afield on the other side of the A57 there is Woodhouse railway station which again runs into the Sheffield city centre. The site would also be easily accessible for people living in the local areas that surround the proposed site. This can be viewed better in figure 1 and 2 below. 1.2 Employment The project information (2011) states that 140 full time jobs will be necessary during a 25 year operation period. More on employment will be discussed in section 3. This image is courtesy of www.MapQuest.com (2003) site accessed on (2011) from google images Figure 1. This map shows the proposed site for the sports park which is highlighted in blue. As you can see it is located directly on the A57 and is very close to residential areas. The M1 is located just off to the right of the picture. (Law) Motivation and managing diversity Second Draft   Photo courtesy of Stephen Jay (2011) Figure 2. This is an aerial photograph of the site which is circled in orange, again showing the A57 on the left and some of the residential areas surrounding the site. 2. Life-cycle of activities and Physical Presence 2.1 Materials Where possible materials will be used from local areas for the six major constructions in the proposed area. The access for the lorries bringing the materials should be fairly easy due to the M1 and A57 being so close. Particularly for the snowdome, skate park and canoe area, specialised materials will needed to be brought in to make them successful. Basic construction materials will be needed for the administration building and hotel such as; steel, timber and glass and tarmac would also be needed for the car park.   The project information hand out (2011) also states that 10,000 tonnes of topsoil will also be needed for landscaping. 2.2 Temporal Scope According to the project information hand out (2011) the site will give 100 jobs for a 16 month construction phase with over 200,000 tonnes of materials being needed to complete the park. The hand out also states that these materials will be transported in 10,000 trips over a six month period assuming it is done in a six day week. 2.3 Dimensions The dimensions, materials and layout in section 2.3 of each building are given in the Beighton Extreme Sports Park project information handbook (2011) Snowdome – This building would be the largest, www.SkyscraperPage.com   (2011) state that the square footage of the Xscape in Milton Keynes is 55,000m2 with a 44m roof. Beighton snowdome will be a lot smaller compared to this with only a small selection of restaurants so the dimensions will total 5,000m2 with a height of just 30m. Skate Park – This is an outdoor activity and will be 450m2; the height will be around 8m. A few bars will surround the skate park too adding to the area slightly. Canoe Park – www.london2012.com (2011) states that their canoe run in Lee Valley is 300m long, again Beighton has a smaller area so the canoe run will only be 200m in length, with picnic areas surrounding the run and some restaurants. Coach and Car Parking – Because this is a unique project and its easy accessibility the car park will be around 18,720m2 and floodlight. This includes all the circulation, floodlighting and bay parking areas. In total there will be enough bays for 590 cars 45 of which are for disabled drivers and in addition to this 120 spaces for overspill, plus 10 spaces for coaches. Hotel – The hotel will be two floors and have a square footage of 3700m2, it will include the usual hotel amenities such as bar and two restaurants, there will also be 20 rooms on the ground floor and a further 80 on the second floor. Administration Building – This will be 180m2 and will be built out of the same materials as the hotel which is timer steel and reinforced concrete. Photo courtesy of Stephen Jay (2011) Figure 3. This is another aerial photograph giving more detail into where the proposed buildings will be constructed. 3. Assessment of Environmental and Socio – Economic Effects/ Reasons for Scoping Report 3.1 Flora and Fauna Currently the site is attempting to replant some trees and other smaller plants as shown in figure 4 below, this would ultimately be disrupted by the project. However new shrubs and trees would be planted if the site were constructed and many of the areas round the hotel, admin building and canoe run could retain the local flora and fauna. Figure 4 shows some areas of Beighton Tip that has tried to be rehabilitated with trees and plants, some of this may be lost due to the construction plans. 3.2 Air and Noise Quality The Park will undoubtedly increase traffic in the local area which in turn will increase noise and air pollution, this will partly be due to the proximity of the M1. In popular seasons such as the summer months And weekends the car park may reach its maximum capacity leading to some overspill into the local residential areas, which again would increase noise and air pollution. Because canoeing and skiing are very specialist sports and the site is not a natural habitat for either of these sports, a lot of energy will be used to pump water into the canoe run and ski slope for freezing, this process will lead to a decrease in air quality and may add to problems on a global scale. 3.3 Groundwater Problems The project handbook (2011) states that 1 tonne of snow per day will be used and that inside the snow dome the temperature will be kept at around -2 C .In order for the snow to be produced 1500litres of water will be used per day with an underground tank storing 20,000litres. This could lead to some groundwater problems on the site if the tank were to break and lose water. 3.4 Light Pollution Because the park will be open well into the night, it may cause problems for the local residential areas in terms of constant light during late hours. With the lights from the M25 so close by, the park may add significant light pollution to the local area. A strategic environmental assessment of Devon transport links (pp37:2006) identified some of the main problems linked with light pollution: Light trespass: the intrusion of light into homes Glare: unshielded bright lighting may be hazardous in a relatively small area Sky Glow: the broad orange glow that prevents appreciation of the night sky They discovered that these types of light pollution led to a loss of insects such as moths, disrupted bird migration patterns and even stunted tree and shrub growth. 3.5 Sewage, Waste and Litter Currently there is a river running through the site which for the most part is underground. This is already has been polluted which is clear from the reddish   colour which is most probably iron oxides and large amount of litter, figure 5a and b highlights this ; the construction of the site will only increase the amount of sewage in the area which could cause some problems. There is water quality testing points all over the site which are clearly visible in figure 6. Before any work can take place a lot of the rubbish and graffiti will need to be cleaned not just in the site but on some of the walkways leading to the proposed area, this is shown in figures 7 and 8. Recycling points and rubbish bins will be put in place all over the proposed site so as to limit the amount of litter when the project has been constructed. Hopefully the extreme sports park will deter vandalism and litter in the local residential areas. Figure 5a b indicates the iron oxides (on the left) and possible other pollutants that inhibit the local stream that runs through the site Figure 6 shows the water quality stations over the site Figure 7 8 highlights the litter and graffiti problems that the sites has and will need to be addressed. 3.6 Socio-Economic The site will increase traffic in the local residential areas as I have mentioned before and may cause problems in parking if the sports park is full. It could encourage people to use the local shopping centre at Crystal Peaks which in turn would improve cash flows for other local businesses and as I mentioned earlier it would also provide jobs for the local area. Hopefully with more money being pumped into the park and its local businesses improvements could be made by the council on local problems such as: litter and graffiti in other areas outside the park, better transport links, better residential facilities or improvements on current roadways. There is some competition in Xscape Castleford outside Leeds and Milton Keynes which are similar projects; however the main competitor is Sheffield Ski Village which has a dry ski slope. The proposed ski slope at Beighton uses real snow from frozen water which I believe would make it a lot more popular and with the other attractions more successful. 4. Mitigating Measures 4.1 Table of Mitigation Measures and Alternatives Problem Mitigation Alternative Car Park Overspill Reduce the size of some of the other proposed constructions and increase the size of the car park Using another site close by as extra car parking space Increased Traffic Improve local road networks such as expanding either the M1 or A57 allowing more cars on the road at one time. Encourage more bus routes or easier access to tram lines meaning people from Sheffield would use public transport over cars which would reduce traffic Relocate proposed site to somewhere less residential, which would affect less residential areas and at a site that has even better transport links which could manage the amount of traffic generated by the sports park. Flora and Fauna Loss Leave areas of current restoration as much as possible Introduce a new programme allowing restoration in other parts of the local area Sewage and Waste Build more recycling and rubbish points on the site Recycle rubbish at legally and dump other waste and legal landfill sites Air/Noise Quality Closing the park earlier and opening later, would reduce the amount of emissions and energy used, it would also decrease the noise created by the park at the later hours Using the site for other sports which require less energy and generate less noise such as indoor football, tennis etc. 4.2 Potential Dangers or Hazards With such extreme sports there are always going to be risks and possible dangers. At each of the main constructions there will be first aid equipment and in each area there will always be a certified first aider. With the local transport links to medical centres in some of the local residential areas and the A57 leading to central Sheffield there is easy access to medical attention when needed. In terms of the sports themselves, maintenance teams will need to be on site at all times ready to fix any dangerous problems, such as any malfunctions to the machines converting the water to snow or problems with the waterworks in the canoe run. 5. Legislative and Policy Context 5.1   Introduction to EIA Policy   and Context Carroll and Turpin (2009) state that the need for legislation when it comes to Town and Country planning which was introduced in 1990 is because it allows developers to apply to local authorities for guidance on whether an EIA is necessary to build on a certain plot of land. They go on to explain that the projects are split into schedule 1 to 3. Schedule 1 projects always require an EIA as they are potentially polluting projects, schedule 2 only need an EIA to establish whether it meets certain criteria or exceeds any thresholds established by the government. Schedule 3 is classed as the criteria needed for screening schedule 2.   Due to Beighton extreme sports park not being primarily build for any natural resource extraction or used for any waste disposal it cannot be classed as schedule 1, therefore it must be classed as schedule 2 and 3,   therefore screening is needed in order to establish whether the project proposal will meet the necessary thresholds and criteria 5.2 Need for EIA (Schedule 2) All policies and legislation mentioned in section 5.2 and 5.3 was used from www.legislative.go.uk from looking at the www.legislative.gov.uk (1999) the town and country planning regulations it clearly states in schedule 2, section 10 infrastructure projects part b that, ‘Urban development projects, including the construction of shopping centres and car parks, sports stadiums, leisure centres and multiplex cinemas;’. It also mentions that all areas of development that exceed 0.5 hectares will require and EIA. The size of the proposed car park is 18,720m ­2 which exceeds the criteria in this section of the schedule. Still referring to schedule 2 of the town and country planning 1999 in section 12 Tourism and Leisure it states that in order for, ‘Ski-runs, ski-lifts and cable-cars and associated developments;’ to be constructed the threshold is, ‘the area of the works exceeds 1 hectare; or the height of any building or other structure exceeds 15 metres’. The proposed area of the snowdome is 5,000m2 and the height is 30m which exceeds both thresholds. Later on in section 12 it also says that, ‘Holiday villages and hotel complexes outside urban areas and associated developments;’ are also included, the proposal also shows that it exceeds these thresholds with the hotel being 3,700m2. 5.3 Need for EIA (Schedule 3) According to the Town and Country Planning 1999 the criteria for screening include, ‘characteristics of development, location of development and characteristics of potential impacts’. Included in some of these characteristics are criteria such as, ‘size of development, pollution and nuisance, the risk of accidents, having regard in particular to substances or technologies used, proximity to nature reserves and parks and the extent of the impact (geographical area and size of the affected population)’. Also these factors may be affected by the proposed project and will need to be taken into consideration for example as I mentioned earlier some of the sports are considered extreme and accidents could occur, a scoping report would be beneficial in understanding more about the possible dangerous and what can be done to prevent them. The site is also located in very close proximity to the Beighton Marsh Nature Park Bibliography Wood, C. (2003) Environmental Impact Assessment – A Comparative Review 2nd Edition, London: Pearson Press DTLR Transport Local Government Regions (2000) Environmental Impact Assessment – A Guide to Procedures, London: Telford Press Carroll, B. Turpin, T. (2009) Environmental Impact Assessment Handbook 2nd Edition, London: Thomas Telford Ltd (2011) Details on large buildings on a global scale for skyscraper enthusiasts (Online) Available: www.skyscraperpage.com (9th March 2011) Jay, S. (2011) Photos of Beighton Tip (Online) Available: www.shuspace.ac.uk   (9th March 2011) Devon County Council (2004) Strategic Environmental Assessment for the Devon Local Transport Plan 2006-11 Scoping Report (Online) Available: www.devon.gov.uk (15th March 2011) Coughtrie, N. (2011) Photos of Beighton Tip (9th March 2011) (2011) The Home of UK Legislation (Online) Available: www.legislation.gov.uk   (9th March 2011) Jay, S. (2011) Beighton Extreme Sports Park Project Information (9th March 2011) (2003) Map of Beighton tip and surrounding area (Online) Available: www.mapquest.com (9th March 2011)

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Various assets and energy demand needs has been increasing with a rapid pace from the developing from Asia and China by working on a practical idea of creating a channel that easily carries on with the purpose of investing interest in the resources and at the same time growing them within the commodity. In this essay, monetary execution also known as economic performance of Australia will analysed and various studies will be carried out to get a deeper knowledge of it. Analyzing Performance of Production Output It has been quite a while during 2013, when the Gross Domestic Product of Australia was reported to be a whooping US $ 1560.60 billion. The quality from claiming Gross Domestic Product over Australia has been known to represent 2.52 % share within the worldwide economy. A normal expansion of about US $ 348 billion was reported in the year i.e. 2004 but it reached an astounding level of $ 1560. 60 in earlier years. Concerned illustrations marked a low reach of US $ 18. 60 billion (Zambrano, 2008). Regardless of the monetary tightness and strictness inside the economy, there is degree to the Gross Domestic Product with raise in additional concerns dealing with an idea of raise in economy with the raise in mineral reserves and its exports. (Fig 1: GDP of Australia 2004- 2013) (Source: Office for National Statistics, 2014) Performance Trends Those economy about Australia need been recognized similarly as a standout amongst the greatest capital economy crosswise over the globe. It need been computed that the Gross Domestic Product for Australia for quite a while in 2013 arrived dependently upon US $ 1. 5 trillion. Those downright riches of Australia need been computed toward US$ 6. 4 trillion. In the quite a while i.e. around 2012, its been distinguished concerning twelfth greatest national economy crosswise over those globe Toward the count about nominal amount of Gross Domestic Product. It may be additionally positioned at seventh rank toward the proper estimation for Gross Domestic Product following settling on alterations clinched alongside PPP. This need been computed similarly as 1. 7 % of the worldwide economy Australia is coming under the mark of rank nineteenth constantly the biggest exporter furthermore shipping over the globe (BBC News, 2014). Those administration segment from claiming Australia dominates the w hole economy of Australia that comprises of 68 percentage of the whole Gross Domestic Product. Those stock trade about Australia that is in Sydney need been positioned toward nine rank crosswise over the globe for admiration to promotion for market. (Fig 2: Australian Exports in the year 2006 across the globe) (Source: Office for National Statistics, 2014) Measures taken by Government to achieve Economic Performance In place to guarantee that economy of Australia sits tight great crosswise over those worldwide economy, legislature need to be been a number for activities to incitement about financial development same time providing for sufficient level for help of the worth of effort surroundings too (Zambrano, 2008). Those administration need presently been keeping tabs upon authorities should work greatly for making previous ventures work furthermore divisions about science and various engineering organization should exist on the check list to furthermore enhance the region in order to make smoother moving towards advancement by performing various tasks and doing certain researches. Labor Market Analysis The background about Australia has been known to remain developing during an unfaltering position for quite a while around the year 2003. The rate from claiming unemployment has been known to setting off by the rate of 6 percent and is continuing to slow down till the present time. (BBC News, 2014). The patterns clinched alongside unemployment from claiming specific states alternately locales might not influence the experience of Labour market crosswise over the whole range about Australia. Sydney should bring more level rate for unemployment in examination for different zones or locales. However, despite the fact that those rate for unemployment need been low Since the time that the end about money related crisis, those unemployment rate for different created nations need aid still easier. This states that there is at present extent for Australia to enhance this rate. Unemployment Unemployment will be a state during which people who need aid eager to worth of effort come up short to search for proper occupations. This may greatly prove to be an unfriendly condition that not only have enormous effect on the lifestyle for people yet it proves to be a hazard on the whole economy also. Clinched alongside attention with those sorts from claiming unemployment, it has been seen that the most of the Australian population dives through issues claiming cyclical unemployment (Rogers, 2013). This hazardous process usually takes place when the whole economy may be at a level of decrement. It may also be caused when there is a decline in the demand of nominal goods that prove to be bringing an increment in the economy. Australia is known to be suffering from confronting issues as big as structural unemployment. Measure taken by Government to achieve full employment For admiration to the issue from claiming unemployment, the legislature of Australia need o produce a frictional arrangement working towards good of the citizens (Bremner, 2007). This specific approach should focus with reducing activities that basically causes diminishment of societies. It can be done by claiming strict qualities for connection with points of interest instead of complaining about unemployment. A centralised data of skilled people and various companies should be made to enhance the job and employment process. This particular idea usage has been proving fruitful to labourers and workers that need aid while searching for occupations to an animated. Price Level Analysis Inflation Trend Those rate of inflation for the year2014 in the second quarter has been computed toward 3 percentage (BBC News, 2014). In the case of Australia, those rate of inflation contributes in the assessment of a fact that the climb in the price of a commodity that has to be beard and paid by a normal purchaser. Products like tobacco and alcohol have seen a price rise in some of the considerable years that have passed. (Fig 3: Inflation Trends in Australia) (Source: Office for National Statistics, 2014) Causes of Inflation The principle foundation behind sudden rise in inflation is because of sudden cost increment in raw petroleum that in the end prompts a value rise in vitality charges and foreign merchandise (Bremner, 2007). Other reasons that had been recognized are basically concerned with expanded costs for import, expansion in the rate of backhanded taxes, and increasing rate of labour toward government Government measures for achievement of Stability in Price There comes a point when there is an event of negative pattern inside inflation, there would possibilities that there will a chance to be a decrease in the trade rates. This is on account of the brokers will start those deal of cash that will prompt a diminishing scenario in the exchange rates. This is the reason why legislature of Australia initiates drifting trade rates that serves for reversing once again the real level from claiming interest. Conclusion The economy of Australia has been experiencing regular growth and featuring low level of unemployment, containing inflation, very low debt of public and a stable and strong financial system. The economy of Australia has been identified as one of the biggest capital economy across the globe. It has been calculated that the GDP of Australia for the year 2013 has reached up to US $ 1.5 trillion. In consideration with the types of unemployment, it has been seen that the Australian population mostly goes through issues of cyclical unemployment. With respect to the issue of unemployment, the government of Australia has generated a frictional policy. References BBC News. (2014). Korean economy growing at fastest rate since 2007. BBC South Korea. Bremner, C. (2007). Top 150 city destinations: South Korea leads the way. Euromonitor International. Office for National Statistics. (2014). Gross Domestic Product: Preliminary Estimate, Q1 2014. Rogers, S. (2013). Deficit, national debt and government borrowing how has it changed since 1946?. The Guardian. Zambrano, J. (2008). World's Most Economically Powerful Cities. Forbes.      Economic Analysis of Australia Economic Analysis of Australia Australia has had a good track record of prudent fiscal policy, strong macroeconomic management and performance, and good financial regulation over the years but most importantly all through the global economic crisis. In fact compared to other OECD countries it’s weathered the current crisis extraordinarily well. In 2012 the Gross Domestic Product (GDP) in Australia accounted for 2.45% of the world economy at 1520.60 billion US dollars. Since 2008 its economy has grown by 14.3%. If we take a look at Australia’s GDP per capita, the biggest rally is in 2009 if you measure it in US dollars. Where growth since 2007 is 42% compared to 24% using nominal Australian dollars. If we take inflation into account and look at Real GDP, which is a more realistic view as it’s used to define the standard of living; Australia has increased by 5% since 2007. Relative to the UKs decline by 6% during the same period, this is an outstanding result. Growth of Australia GDP per capita (2007=100)    2006 2007 2008 2009 2010 2011 2012 2013 Real (A$) 97.4 100.0 100.5 110.1 101.3 102.2 104.1 105.4 Nominal (A$) 93.3 100.0 107.1 107.0 114.0 119.6 121.1 124.4 Nominal (US$) 83.3 100.0 108.8 101.0 125.0 147.2 149.6 142.6 Data source: IMF Australia’s economy is dominated by its services sector, yet its economic success is based on its abundance of agricultural and mineral resources. Mining, including oil and gas, accounts for 60% of Australia’s exports and over 10% of its Gross Domestic Product. Source: Australian Government, Dept. of foreign affairs Australia’s close proximity to China and its strong demand for commodities has also helped with the mining sectors rapid growth in the last 10 years. The expansion in the mining sector has had a knock on effect to other related sectors which have grown rapidly on the back of it mining equipment, technology and services (METS), education exports, construction and financial services. Australia’s terms of trade rose to an historic high in to 2011 mainly due to high global prices for its exports such as Iron ore and coal. Australia acknowledges and it’s been well documented that the mining boom is over its peak and mining related investment is expected to fall dramatically. Therefore, Australia is building a sophisticated services export, converting its natural advantages in mining and agriculture into a wider knowledge-based, diversified and service-oriented economy. Although some sectors unrelated to mining have struggled with Australia’s strong exchange rate, unemployment, albeit edging higher , remains at a low level, inflation is within targets and public debt is low relative to other OECD countries. Over the medium term the biggest external risk to the Australian economy is a slowdown in growth in China and a related fall in commodity prices. As outlined in the table below over 50% of its exports were shipped to China, Japan and Korea in 2012-2013, if demand from these markets were to fall dramatically it could be detrimental to the Australian economy. Australias main export destinations 2012-13 (e) (f) 1 China 31.60% 2 Japan 18.80% 3 Republic of Korea 7.70% 4 India 4.60% 5 United States 3.60% Source: Australian Government, Dept. of foreign affairs Between 2008 and 2013 the Australian government took a number of steps to boost trade and investment, among these they reduced taxes on imports and simplified the screening process for foreign direct investment. Because of these alterations to policy Australia is 4th in OECD for ease of trade and investment flows, behind only the Netherlands, Poland and Belgium. As pointed out by Brian Aitken, IMF Mission Chief to Australia- â€Å"Australia’s flexible exchange rate provides a buffer against shocks and the authorities have both monetary and fiscal policy space to react if the outlook deteriorates â€Å" (Australia on Path to Broader-based Growth, IMF Survey, February 12, 2014). The government aims to reach a fiscal surplus over the medium term and have put strategies in place to do so. Which will put them in a position to take the necessary steps; they believe, to counter act damage to their economy. As noted above, Australia has a flexible exchange rate which means that the Reserve Bank (RBA) is able to react to shocks in the market by altering its independent monetary policy. As outlined in the graph below its exchange rate main trend has been growth since 2008/2009 with a slight decline in value recently. This strong exchange rate has boosted household income because of cheaper imports however it has had an adverse effect on the international competitiveness of manufacturing firms – particularly the car sector, education and tourism sectors. All that said, as outlined in the OECD Economic Survey 2012; â€Å"The Stronger exchange rates together with capital-goods investment have increased imports and thus widened the current account deficit.† In the IMFs Article IV the economists are noted to believe that â€Å"despite some recent depreciation , Australia’s exchange rate is still moderately overvalued and is weighing down non-mining activity. â€Å" Unlike most OECD countries the Australian Banking Sector has continued to perform well, has kept pre crisis profits through 2008 to date, and continued to be rated favourably by international rating agencies, current rating AAA. Their exposure to the stressed banking sector in Euro zone is low and the Australian governments’ priority is to help preserve the banking sector as this will aid them in accessing international capital markets with relative ease. In February 2012 the government implemented a deposit guarantee scheme for all bank deposits up to 250,000 AUS dollars which will fully protect 99% of deposits in any Australian bank. Over the last 12 months Australia has seen an upsurge in the housing markets, mainly concentrated in the major cities where house prices rose by 10%,the highest yearly growth in four years. This in turn has led to an upsurge in the construction sector, which had previously been weak. However, it is not envisaged that construction of new homes will meet demand which could attribute further to house price acceleration. Household credit has remained moderate; however, Australian government and banks need to learn from its peer’s mistakes in OECD and guard against the effect a sudden drop in house price which could mean a reduction in consumer confidence and an impact on economic activity. Some point to Australia’s tax system as a major contributor to the house price surge, record low interest rates are being paid on savings and very attractive tax concessions being offered to property investors such as negative gearing and capital gains discount. However high taxes and charges on new homes, a difficult planning process and the urban consolidation policies are driving costs higher, which in turn is helping to further inflate house prices. That said, despite growth in the housing market being largest since 2009, there had been a decline in housing prices in 2011 2012 totaling 4.2% similar to the decline in 2008, so an increase was expected by most .The labour market is also effecting house prices with unempolyemnt rising and people moving mainly to the cities to get empolyment, a factor which is attributing to both house price and rental market increases. Another contributing factor is Australias population growth and immgration. In 2009 the popluation grew by 2%, over half of this was net migration alone. On the back of demand for new homes economists expect an increase in the construction sector in 2014 to help boost economic growth. Already Australia has seen an increase in the approval of residential homes, January alone seen an increase of almost 7%, which puts the annual growth rate at 34.6%. Australia’s unemployment rate climbed to a 10 year high in January 2014 6%, a 2% increase since 2008 that said it is low compared to other OECD countries which are still feeling the effects of the Global Financial Crisis. In the recent IMF Article IV report WA Chamber of Commerce and Industry chief economist John Nicolau said of these figures that the states economy remains buoyant despite the jump in unemployment. Weve got employment growth of around 16,500 new full-time jobs in this last month alone, coupled with 9,000 the month prior, he said. â€Å"That’s the strongest two-month period of employment growth in this state for six years (abc.net.au, 13th March 2014). Unemployment Rate 2008 – 2014 Unemployment Rate versus other Economies This year already new jobs have been generated and filled, approx. 50,000 in February, but the unemployment rate of 6% remains static as there was a 0.2% rise in the proportion of people in work or looking for it the participation rate now stands at 64.8%. February 2014 marked the 15th consecutive month where unemployment grew less than the size of the labour force. The inflation rate in Australia has remained relatively low in recent years (table below), down from 4.4% in 2008. This is consistent with the central bank’s objective of an average inflation rate of between 2% and 3% a year. The Reserve Bank of Australia (RBA) expects that inflation will stay at or below this until at least mid-2015, with wage growth forecast to remain contained. Historical Inflation Rates (2008 – 2014) Year mar Jun sep dec Ann 2013 2.5% 2.4% 2.2% 2.7% 2.5% 2012 1.6% 1.2% 2% 2.2% 1.7% 2011 3.3% 3.5% 3.4% 3% 3.3% 2010 2.9% 3.1% 2.9% 2.8% 2.9% 2009 2.4% 1.4% 1.2% 2.1% 1.7% 2008 4.3% 4.4% 5% 3.7% 4.4% Source:rateinflation.com Last year, 2013, Australias inflation rate moderate to around 2.2% 2.5%, and has been broadly stable since, reflecting ongoing strength in the Australian dollar, broad-based competitive pressures within the domestic economy and subdued growth in costs. The absence of high inflationary pressures is another aid so the government can alter monetary policy as and when it needs to in order to help guard the economy against risks. The Australian cash rate fell from 7% in 2008 in response to the Global Economic Crisis; the Reserve Bank of Australia cut interest rates by 4% between September 2008 and February 2009 in response to the slowdown of their economy – an effect of the Global Financial Crisis. RBA cut interest rates again in 2012 in response a worsening outlook to the global economy and signs of their own weakening labour market. The cash rate now stands at 2.50%, the lowest on record. However, this is expected to edge higher this year as growth is expected to strengthen helped by the low interest rates and inflation is expected to stay within target of 2%-3%. In the long run an increase in interest rates could help the spiraling house prices in the major cities come back to more realistic valuations. A new government was voted into Australia in September 2013 and they are preparing for their first budget in May. The budget deficit for 2012 – 2013 was 2.6% of GDP an increase from 1.3% in 2008- 2009. Top of the new government’s agenda is to tackle public debt, and they are being very vocal in pointing the finger of blame at their predecessors. Of the 17 top surveyed IMF countries, Labour left us with the fastest growth in spending of anyone in the world and they left us with the third highest growth in debt of anyone in the top 17,( Mr Hockey, Treasurer, abc.net.au,13th March 2014) Their aim is to return their budget to surplus and maintain a budget surplus going forward; to do this a huge cut in spending will be needed. As highlighted in the IMFs article IV; â€Å"If tax revenue is held at its average level over the last decade, the resulting budget deficit in 2023/24 would reach 2 percent of GDP. Reaching the government’s budget surplus target would thus require cutting spending by around 3 percent of GDP, either by reducing net non-social spending or by putting in place policy measures to contain increases in social spending†( IMF Article IV, 2014) Consumer confidence has been low, Consumer spending was held back in 2013 because of uncertainty around the government election in that September, high household debt, and uncertainty in the economy. In the year to June 2013 retail sales growth rates were at their lowest rate in 51 years, rising just 2.5% from the previous year. Because of this consumers have increased their saving rates since 2007 and reduced their demand for loans. Although household debt is high, Australian households seem to be able to meet this debt with only 1% non-preforming house loans and 50% of owner occupiers repaying ahead of their mortgage schedule. Compared to other OECD countries tax to GDP in Australia is low. Since 1965 Australia has ranked in the bottom third of OECD countries and in 2010 it ranked fifth lowest over all. Tax-to-GDP ratio for OECD countries, 2010 Source: OECD Revenue Statistics, 2012. Of the OECD countries Australia also has the third lowest level of taxation on personal income which includes social security taxes and taxes on payroll. Tax revenue (% of GDP) in Australia Source: tradingecomomics.com In 2008 tax revenues were steady at approx. 24% however as a result of the Global Economic crisis tax to GDP fell to approx. 20% in 2010 – 2011 since then total taxes have recovered one third of the lose but are still not back at 2008 level. Australia’s tax components are very similar to other OECD countries but with one major difference, Australia is one of two countries in OECD which do not levy social security taxes. Conclusion: Over all the Australian economy has performed very well since 2008, mainly because of its mining sector and related industries. The big challenge ahead is whether and how quickly it can adapt to mining construction falling. Home building and mining exports could help boost the economy and drive economic growth in the medium term. Now that the election is over and there is renewed demand for housing could be indicators of a boost consumer confidence and help the consumer start to spend again. If interest rates remain low this will help stimulate discretionary consumer spending and dwelling construction. Unemployment is still low at 6% compared to Australia’s OECD peers and new jobs are being generated, aided by a rise in demand for new housing. The main internal risk to the Australian economy is that the new government may be too aggressive in reducing government spending in their aim for budget surplus however this effect could be lessened by a further cut in interest rates. The main external risk to the economy as outlined already is Australia’s reliance on the Chinese market and commodity prices. Chinas growth rate is currently at approx. 7%, their government are implanting fiscal stimulus which should boost economic growth which will have a positive effect on the Australian economy as there will be continued demand for commodities to be exported to China. This may also affect the demand for housing in Australia as Chinese investors buy to rent, thus boosting the employment sector. The Australian banking sector is strong and both domestic and international markets have fate in it, it is one of only eight sovereigns globally to be rated AAA with a stable outlook by all the major credit rating agencies. This is a huge endorsement on the Australian Economy. If any shocks were to apply to the Australian Economy, its government are one of few globally that have the fiscal and monetary policy that will enable them to adapt very quickly. Australia’s economic performance to date has been the result of good structural reforms, demand for commodities and sound macroeconomic policies, hence the IMF forecasting â€Å"annual average GDP growth for Australia of 3.1% between 2013 and 2018 – the highest growth forecast among major advanced economies† (IMF, World Economic Outlook, April 2013). Bibliography IMF, Article IV Australia, 2013 OECD, Ecomonic Outlook Australia, 2012 Macrobusiness.com Tradingeconomics.com GFmag.com Reserve Bank Australia Business.nsu.gov.au Abc.net.au

99 Cent Store Case Study Essay -- essays research papers

99 Cent Only Business Strategy v. The Competition David Gold, founder and CEO says the 99 Cent strategy is â€Å"to create the shortest path possible between the customer and the sale† (Rae-Dupree, 2004). This is important in deep discount retail in order to purchase close-out and other special-situation merchandise at prices substantially below wholesale that sell at prices significantly below regular retail (Symplicity, 2005).   Ã‚  Ã‚  Ã‚  Ã‚   Over the past two years, the company has suffered a $17.00/share loss on its stock (from $30 to $13.00) mainly due to declining operating margins (Domash, 2004) caused by over-optimism in the Texas market. Competitors were more deeply entrenched than their research had shown, and reduced earnings forecasts combined with declining operating margins were the sell signal for many investors in the company. Also, the need to upgrade their IT infrastructure to support expansion in its California base market was the second company downfall. The following is a summary of the company strategy: 1.  Ã‚  Ã‚  Ã‚  Ã‚  Focus on brand name consumables. 2.  Ã‚  Ã‚  Ã‚  Ã‚  Broad selection of regularly available merchandise. 3.  Ã‚  Ã‚  Ã‚  Ã‚  Attractive and well-maintained stores. 4.  Ã‚  Ã‚  Ã‚  Ã‚  Strong supplier relationships. 5.  Ã‚  Ã‚  Ã‚  Ã‚  Focus on larger stores and wider demographic of value-conscious customers. 6.  Ã‚  Ã‚  Ã‚  Ã‚  Welcoming and Flexible ...