5 minute read
Executive Summary
Foreword
Queensland’s stunning Sunshine Coast is rapidly becoming one of the most innovative and exciting business destinations in Australia. A growing number of companies are discovering the region’s enormous potential as we enter a new phase in the evolution of the Sunshine Coast and its economy.
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Last century, the region’s prosperity was closely linked to agriculture and timber. It was later overtaken by tourism, construction and retail as the key economic contributors. Now the region is ready to take the next step and diversify into new industry sectors and areas of expertise. This document outlines Council’s efforts to help facilitate this change. Our aim is to boost investor confidence, improve long-term career prospects throughout the region and help local businesses take their products and services to the world.
We’ve also mapped out a strategy to breathe new life into rural industries on which the Sunshine Coast was originally built. Our future standard of living is dependent on economic propersity. We look forward to working with you to ensure this region’s success.
Bob Abbot - Mayor
A well-educated workforce, an increasingly diverse economic base and a coveted lifestyle combine to create unrivalled potential and opportunities for future prosperity. The Sunshine Coast Regional Council is ready to make this vision a reality, working in partnership with those who have a stake in our economic future. This strategy aims to lay the foundations for success by explaining our focus and priorities for the region’s economic development. It also details our plans to deliver on the key economic objectives outlined in Council’s Corporate Plan.
This document confirms our commitment to expanding and diversifying the economy, whilst retaining the flexibility to respond to unforeseen events and circumstances as they arise. Council and I welcome your ongoing feedback and most importantly, your involvement in the implementation of this crucial work for our region.
Cr Lew Brennan - Portfolio Chair, Economic Development and Entrepreneurship
Executive Summary
Council’s vision, to be Australia’s most sustainable region – vibrant, green and diverse, sets a clear agenda for the development of the Sunshine Coast economy. The role of local economic development is to enable the creation of wealth and jobs across a diverse economic base. The goal of the Council’s Economic Development Strategy is a mature, diversified economy based on our unrivalled quality of life, our natural environment and our commitment to sustainability.
We aim to build our economy so that it is more resilient to the peaks and troughs of the economic cycle and for our businesses, our infrastructure and our technology to have a reputation for sustainability and success, both nationally and internationally.
This Strategy outlines the contribution Council will make to enabling this to happen.
The Sunshine Coast region’s economic base has historically been built upon its natural resources. The rural sector which was once prevalent, has now given way to the present three dominant sectors of tourism, construction and retail, each representing between 13% and 17% of GRP. The three sectors are interdependent which means that the whole region is susceptible to fluctuations in the economic cycle. Recent studies and reports have placed the region within the top 20 most vulnerable in the country due to this economic sector mix.
The majority of existing businesses are small, with 85% employing less than five people. This, combined with a reliance on the three large sectors, has led to a need to diversify the economy across a range of additional sectors, and to encourage the growth in the size of our businesses.
It is vital we continue to foster growth in the three main sectors; however there is a pressing need to work towards diversifying the economy into a wider range of sectors and ultimately increase the proportion of the GRP that the new sectors represent. 11 sectors have been identified as the target for this development.
The Strategy is focussed on actions to deliver on the five themes identified in Council’s Corporate Plan. They include: • A broad economic base • Support for local businesses • Infrastructure for economic growth • A sustainable tourism industry • A strong rural sector
The Sunshine Coast region is already well known for its wonderful lifestyle and climate. This, coupled with Council’s commitment to sustainability, represents a definite advantage when compared with most other areas of South East Queensland. This strategy aims to ensure that those attributes are maintained and harnessed for the benefit of the region.
The Sunshine Coast, along with other regions, faces a number of challenges, including climate change, ongoing swings of the economic cycle, growth and demographic shifts which impact the labour market. Council is working proactively to not only respond to these issues, but to also turn these challenges into opportunities to develop our economy, for instance through the innovation and promotion of the knowledge economy including clean technology and education services.
In all its decisions regarding the economy, Council will respect the unique character of the region and quality of life enjoyed by its communities. Our distinctive sub-regions each have their unique opportunities and challenges which will be used to develop the region as a whole.
The development of a new planning scheme for the region provides an opportunity to ensure we have the right foundations on which to build our economy, including the location of land for business and streamlined development assessment requirements. In ensuring the efficient and effective implementation of this strategy, it is important that Council and its stakeholders clearly define their roles, capacities and responsibilities in contributing to a more robust economy.
Council contributes to the regional economy at three levels: through the delivery of its core business including planning, regulating and funding infrastructure development; through its various economic development initiatives, and through its key role in advocating for regional initiatives. Each of these roles form part of Council’s overall Economic Development Strategy, however this document focuses primarily on the implementation of specific economic development initiatives which are addressed in further detail in the attached Action Plan.
One of the challenges in delivering on Council’s vision is the need to continually balance the impact of economic development initiatives with the need to protect our environment and nurture our communities. This will be achieved through ongoing coordination within Council and through engagement with our stakeholders and the community.
The key success factors of this strategy will be an increased depth in our economy, reflected in resilient employment levels across a more diverse sectoral base. Another success factor will be the way the region is perceived externally. A good reputation will let us know that we have reached benchmarks which have status outside the region and, in turn, serves to further market the region and enable us to successfully attract the investment and businesses we seek.
