2016-11-08 Services & Organisation Committee Agenda

         6                    Diversify the economy by growing Priority
                              Sectors

Objective: Diversification of our local economic structure.


 Who:                                                           What:
 Priority Sectors:                                              Diversification of our industry structure will minimise
                                                                the impact of economic shocks or downturns in the
 •   Health and wellness
                                                                local economy, particularly in those sectors that are
 •   Digital economy                                            most vulnerable such as retail, tourism and construction.
 •   Rural enterprise                                           It will also assist job opportunities to emerge across a
                                                                variety of industry sectors.
 •   Environmental industries

 •   Education and training                                     The Noosa economy reflects the trend being experienced by
                                                                other developed economies, that is, away from traditional
 •   Tourism                                                    manufacturing to more serviced-based businesses; shifting
 •   Creative industries                                        from creating goods to providing services that can be
                                                                exported globally. This trend is driven by technology
 •   Professional services
                                                                plus an educated and well-trained workforce. This service
 The priority sectors have been identified to drive that        economy sees increased demand for business services such
 change because:                                                as finance, insurance, legal, accounting, ITC, marketing and
                                                                so on, as well as travel, education and creative industries.
 •   They are a good fit with the sustainability aspirations
     of this community and offer growth potential in            The construction, tourism and retail sectors have been,
     industry sectors that have high economic value and         and will continue to be, key contributors to Noosa Shire’s
     low environmental impact.                                  gross regional product and thus provide a significant
 •   Our Shire demonstrates a competitive advantage in          number of jobs. It is the intention of this Plan to recognise
     that sector and a clear opportunity has been identified.   the contribution of these established industries and at the
                                                                same time focus on broadening Noosa Shire’s economic
 •   They are market driven and strongly supported by the
                                                                structure.
     local business community
 •   They align with accepted trends, and state and federal
     government priorities.

 The priority sectors do not align with the Australian Bureau
 of Statistics (ABS) - Australian and New Zealand Standard
 Industry Classifications (ANZSIC) which is traditionally
 used for the standardised collection and measurement of
 economic data on an industry basis. The local economy
 will continue to be tracked and measured based on data                     COMMUNITY SENTIMENT
 accessed from ABS using the ANZSIC.
                                                                          There has been a lack of investment
                                                                          in economic development and
                                                                          diversification.