Woolworths has confirmed it will build supermarkets at Cameron Park, Medowie and Lake Munmorah with lease agreements on offer upon completion.

The supermarket giant has plans approved for another two stores plus a Big W store that is a division of Woolworths Limited.

A representative from Coles could not be contacted last night, but the new businesses would generate close to 500 retail jobs for the region.

Shop Distributive and Allied Employees’ Association boss Joe de Bruyn said job prospects in the retail industry were bright despite recent cuts in banking and manufacturing sectors.

‘The truth is there are some job losses getting a lot of publicity, but there are companies that are expanding,’’ Mr de Bruyn said.

The Woolworths hardware business Masters was hoping to open up to 150 stores over five years with one planned for Rutherford.

The Masters stores are set to tackle the might of bargain hardware warehouse Bunnings and could employ up to 200 people at each store.

Mr de Bruyn said the economic woes in Europe were making Australians apprehensive.

‘‘But given the Reserve Bank the other day did not reduce interest rates further it means they have a positive view of the economy at the moment,’’ he said.

‘‘Inflation is under control, there is a massive investment boom in progress in the mining industry, low levels of debt, reasonable levels of economic growth ... they are all positives.’’

The senior ALP figure said the government needed to ‘‘get its message out more effectively’’ and counter the talking-down of the economy.

Mr de Bruyn believed the government would achieve its budget surplus in May, but it would not be a disaster if it did not.

‘‘I think it is important psychologically – but not a disaster for the economy if they fell just short ... as well as a political impact,’’ he said.

Official unemployment figures for January will be released today.