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2021-12-13 GC Agenda - Item 9 - Attachment 1 - Draft Economic Development Strategy 2021-2030
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General Committee Agenda
13 December 2021 - Attachment 1 to Item 9
ECONOMIC DEVELOPMENT
STRATEGY 2021-2030
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Section 2
www.noosa.qld.gov.au
General Enquiries: 8.30 am - 5.00 pm Monday to Friday (excluding public holidays)
By telephone: (07) 5329 6500 (including after-hours emergencies)
By email: [email protected] Fax: (07) 5329 6501
Street Address: 9 Pelican Street, TEWANTIN
Postal address: PO Box 141, TEWANTIN QLD 4565
Acknowledgements:
Noosa Council would like to respectfully acknowledge the Kabi Kabi people as the traditional
custodians of the lands and waters that form the region we call Noosa. Council pays its respects to
elders past, present and future and welcomes the ongoing role that indigenous people play within
the Noosa community.
Council wishes to thank all interested stakeholders who have provided their time and energy to
help guide the development of this strategy.
Disclaimer Information contained in this document is based on available information at the time of
writing. All figures and diagrams are indicative only and should be referred to as such. This is a
strategic document which deals with technical matters in a summary way only. Council or its
officers accept no responsibility for any loss occasioned to any person acting or refraining from
acting in reliance upon any material contained in this document
2
Section 3
Noosa Shire Map
Noosa Shire is located in South East Queensland, approximately 120 kilometres north of Brisbane.
The region is bounded by the Gympie local government area in the north and west, and the
Sunshine Coast local government area in the south. The Shire encompasses a total land area of
871 sq. km with more than 800 kilometres of roads and nearly 450 kilometres of bikeways. In
recognition of Noosa’s outstanding values and approach to sustainability, Noosa Shire and its
coastal waters was designated as a Noosa Biosphere® Reserve by the United Nations
Educational, Scientific and Cultural Organisation (UNESCO) under the Man and the Biosphere
Program in 2007.
Noosa is located 30 minutes from the Sunshine Coast Airport, 1.5 hours from the Brisbane Airport
and 1 hour 45 minutes from the Port of Brisbane.
3
Section 4
Summary Section
This Summary Section is designed as a stand-alone piece that provides a high level summary of
Economic Development Strategy.
This Economic Development Strategy clarifies the aims, objectives and outcomes
sought locally within the context of environmental stewardship. It will guide the effort
of Council and particularly the Economic Development team whose work seeks to
heighten the profile of economic issues, support appropriate business growth, scope
out sustainable development opportunities, and nurture conditions conducive to
business success in Noosa Shire
Noosa Council’s vision is “Noosa: different by nature”.
Historically, the Noosa community has chosen a different path to many other areas from an
environmental conservation and destination management perspective and today we are realising
the benefits.
The United Nations Educational, Scientific and Cultural Organisation (UNESCO) recognised
Noosa’s values and approach to sustainability, when it designated the Shire and our coastal waters
as a Biosphere® Reserve under the Man and the Biosphere Program in 2007. Noosa Council has
strategic oversight of the Biosphere and supports the Noosa Biosphere Reserve® Foundation in its
undertaking of significant innovative conservation and economic sustainability projects.
People visit and fall in love with Noosa’s pristine beaches, national parks, lack of city symbols,
open spaces, low scale development, the connection between the built and natural environment,
UNESCO Biosphere status, the high level of services offered by local businesses and the lifestyle
that these elements enable.
Noosa has overtime attracted an agglomeration of skilled and talented people - entrepreneurs,
remote workers, investors and a myriad of leading edge experts forging development in their field
of technical expertise. COVID-19 has accelerated this. The result is a spike in inward migration
from capital cities (particularly Melbourne and Sydney), to safe lifestyle orientated regional areas
such as Noosa.
In the absence of population driven economic growth and an unwavering commitment to thoughtful
management of our destination for locals and visitors, Noosa is focused on developing the means
to generate economic activity that supports higher export of goods and services and/or the
replacement of imports, is sustainable and low environmental impact and is future focussed.
Technology has had a significant impact on the Noosa economy over the past 20 years and will
continue to. Additionally the impacts of Covid-19 are expected to have a significant influence on
the economic environment now, and into the future.
Council is committed to pursuing a robust, diverse and resilient local economy that recognises the
importance of skilled and talented people; has the necessary infrastructure to accelerate
employment growth; supports the sustainability of businesses, industries and technologies; and
creates a sustainable business environment that provides a range of diverse employment
opportunities.
Our new economic vision seeks to transition to “a Smart biosphere”.
4
Section 5
Economic Development Framework
Driven by a clear goal to continue to diversify and strengthen our local economy, our vision to
transition to a Smart biosphere is underpinned by ‘Pillars’ and ‘Growth Enablers’. The diagram
below outlines Noosa’s Economic Development Framework, the elements of which are explained
in more detail through this document.
Vision: The evolution of Noosa as a Smart biosphere that connects the strong
environmental values of our community to future focused technology that allows the
Noosa Community to meet economic challenges
Aim: A diversified and resilient economy that delivers high value employment opportunities
Economic Pillars
Future Focused People & Place Evidence Based
Growth Enablers
Bold Economic Leadership
Empowering Encouraging Enabling
Business Entrepreneurship Infrastructure
Ecosystems
Outcomes and Benefits
A sustainable, diverse & resilient local economy less reliant on volatile industries
Increased number of high A skilled and talented Infrastructure accelerates
value jobs that retain workforce driving industry development and
local talent innovation Smart Precincts
Businesses maximising Successful home based Collaborative and
the global opportunities businesses and remote connected business
and selling to the world workers Ecosystems are created
Expanded and specialised Relevant and impactful Enhancing our natural
education and research support provided to our assets with technology
opportunities businesses driving value
5
Section 6
What is a Smart biosphere?
A Smart biosphere connects the strong environmental societal values of our community to
future focused, technology and data driven actions to find creative and resourceful solutions to
economic and environmental challenges.
There are numerous elements of a Smart Biosphere:
• Talent - equipping our present and future community with the skills they need to
participate in current and smart new industries.
• Business - helping businesses take advantage of the opportunity to reach and sell to
7bn people globally.
• Environment - embracing technology to monitor, protect and generate new value
streams from our environment, to address challenges our environment faces while
exploring opportunities to build on this.
• Development - investing in smart precincts where the jobs of the future can be created
to retain and employ local talent.
• Education & Research – enabling an increase in education and research
opportunities in our region.
The transition to a Smart biosphere is the next step in the evolution of economic
development in Noosa. The transition can be imagined and described as:
Section 7
Economic Pillars
Our aspiration to build on our environmental successes will be guided by three economic
pillars or filters. All our activities, interventions, and decisions must be; future focussed;
people and place centric; and evidence based. This approach is outlined below:
•Look through a future •Celebrate and build the •Decisions are backed
People and Place
Evidence Based
Future Focused
focused lense capacity of our human by data driven
•Acknowledge macro capital – our people evidence
trends, drivers of •Leverage the appeal of •Strategies, actions,
change, our Noosa as a destination policies and
competitive of choice to live, work, interventions are
advantage and play and connect. driven by a deep
capability to address •Focus on connecting understanding of the
these. people through our challenge being
•Continue focus on business ecosystems addressed and/or
projects that deliver •Create “Places” where opportunity being
high economic value entrepreneurship is pursued
& low environmental celebrated
impact. •Consider and
•Focus on export and understand the impact
global opportunities of Strategies, actions,
policies and
interventions on our
environment and local
community
7
Section 8
Economic Growth Enablers
Traditional Economic Development Strategies outline a Sector based approach to delivering
economic growth and specific industry development. This strategy takes a different
approach. The focus is on economic growth enablers and the philosophy that bold
leadership, strong business ecosystems, investment in enabling infrastructure and a culture
of entrepreneurship are the very foundation of a strong, healthy, sustainable and resilient
local economy.
Our Economic Growth Enablers:
Bold Leadership
Demonstrate bold leadership in economic development to drive a continued
focus on the future that positively impacts on the local economy
Empowering Ecosystem
Strengthen and deepen existing and emerging business ecosystems in
technology and future focused sectors, where a specialisation and competitive
advantage exists to drive sector and business development that delivers
employment
Enabling Infrastructure
Develop initiatives and opportunities for collaboration with the aim of
influencing the development and redevelopment of key business and industry
sites across the shire to deliver sustainable development outcomes, high value
employment opportunities in future focused industries, and attract investment
and talent
Encouraging Entrepreneurship & Innovation
Support entrepreneurs on their business development journey through targeted
programs that connect SME’s to support and services, provide easy access to
business information, Council and other government services, and connections
to business ecosystems
8
Section 9
Outcomes & Benefits
‘Start with the end in mind’ is a great quote from business philosopher Stephen Covey
author of “The Seven Habits of Highly Effective People”.
This strategy has a clear set of ‘end in mind’ outcomes that will drive the actions and
implementation of this strategy towards the pursuit of our Vision and goals.
Council and communities success as we move forward will be assessed against some of the
following desirable outcomes:
A diverse & resilient local economy less reliant on volatile industries
Increased number of A skilled and talented Infrastructure accelerates
high value jobs that workforce driving industry development and
retain local talent innovation Smart Precincts
Businesses maximising Successful home based Collaborative and
the global opportunities businesses and remote connected business
and selling to the world workers Ecosystems are created
Expanded and specialised Relevant and impactful Returns from our natural
education and research support provided to our assets with technology
opportunities businesses driving value
Implementation, Monitoring & Reporting
Annual Reporting
Economic Profile Strategy Measures Program Activity
State of the Economy Monitoring Progress Economic Development Initiatives
A three tiered approach to monitoring and reporting will be adopted to track the health of the
local economy, progress towards strategic outcomes and the impact of economic
development programs and initiatives.
To increase focus and continue the conversation, an annual Economic Summit will be held
to activate dialogue and discussion on the state of the economy, stakeholder projects,
progress of the Economic Development Strategy and opportunities and challenges going
forward.
This Economic Development Strategy will be reviewed and potentially refreshed every 3-5
years to ensure flexibility, relevance and alignment with Council policies.
9
Section 10
1. Table of Contents
Summary Section.................................................................................................................. 4
2. Introduction & Background ....................................................................................... 11
3. The Planning and Policy Context .............................................................................. 13
3.1. Council’s Corporate Plan .......................................................................................... 13
3.2. Noosa Planning Scheme (Noosa Plan 2020) ............................................................ 14
3.3. Council & Economic Development Role ................................................................... 15
4. The Economic Context ............................................................................................. 16
4.1. The Noosa Economy ................................................................................................ 16
4.2. Key Statistics ............................................................................................................ 17
4.3. Key Facts and Trends .............................................................................................. 18
4.4. Strengths, Weaknesses and Opportunities ............................................................... 18
4.5. Factors & Trends Influencing Our Future .................................................................. 19
4.6. Place – Managing Success ...................................................................................... 22
5. Economic Development Strategy.............................................................................. 23
5.1. Value Proposition – People and Place ...................................................................... 23
5.2. Economic Development Framework ......................................................................... 24
5.3. What is a Smart biosphere? ..................................................................................... 25
5.4. Economic Pillars ....................................................................................................... 26
5.5. Economic Growth Enablers (Summary) .................................................................... 27
5.6. Economic Growth Enablers (Detailed) ...................................................................... 28
5.6.1. Bold Leadership - Economic Development ........................................................... 28
5.6.2. Empowering Business Ecosystems ...................................................................... 29
5.6.3. Enabling Infrastructure .......................................................................................... 31
5.6.4. Encouraging Entrepreneurship and Innovation ..................................................... 33
5.7. Outcomes & Benefits ................................................................................................ 35
5.8. Engagement & Stakeholders .................................................................................... 36
5.9. Implementation, Monitoring & Reporting ................................................................... 37
10
Section 11
2. Introduction & Background
This Economic Development Strategy clarifies the aims, objectives and outcomes
sought locally within the context of environmental stewardship. It will guide the effort
of Council and particularly the Economic Development team whose work seeks to
heighten the profile of economic issues, support appropriate business growth, scope
out sustainable development opportunities, and nurture conditions conducive to
business success in Noosa Shire
Noosa Council’s vision is “Noosa: different by nature”.
Historically, the Noosa community has chosen a different path too many other areas from an
environmental conservation and management perspective and today we are realising the
benefits.
The United Nations Educational, Scientific and Cultural Organisation (UNESCO) recognised
Noosa’s values and approach to sustainability, when it designated the Shire and our coastal
waters as a Biosphere® Reserve under the Man and the Biosphere Program in 2007. Noosa
Council has strategic oversight of the Biosphere and supports the Noosa Biosphere
Reserve® Foundation in its undertaking of significant innovative conservation and economic
sustainability projects.
These strengths also form the basis of our economy as people travel from all over the world
to enjoy Noosa’s natural, urban and hinterland environments. Many business owners and
skilled and talented people have moved to Noosa after experiencing the area as a visitor.
Previous Economic Development Strategies have pursued economic diversification to build
a more resilient economy that looks beyond tourism and population driven economic growth.
This approach continues to resonate with the community and this strategy builds on the
success of the previous Local Economic Plan. This strategy focuses on the next evolution of
economic development in Noosa and provides a greater concentration on areas where we
have a distinct competitive advantage, to embrace innovation, accelerate industry
development and benefit from potential opportunities.
"If you don't have a competitive advantage, don't compete." Jack Welsh former CEO of
General Electric.
(Note: Competitive Advantage - a competitive advantage is the attribute that allows an organization to
outperform its competitors
11
Section 12
Core elements of previous Noosa Council Economic Strategies that resonate with the
community have been retained in this strategy; including:
• The desire to strive towards a more diversified and resilient local economy focused
on knowledge-based and high-value sectors of the economy i.e. “value, not volume”.
• Achieving growth in ‘smart’ industry sectors that have high economic value and at the
same time have low environmental impact, where there is a competitive advantage.
• Being globally connected and with a particular focus on products and services that
can be exported.
• An appreciation of, and strong commitment to maintaining and protecting the quality
of our natural assets as an underlying driver for much of the investment and
economic activity in the Shire
The world has changed since the last strategy was adopted in 2016 and there are a number
of factors that have a significant influence on the economic environment, now and into the
future: These factors present both opportunities and challenges to the resilience of our
economy and include:
• Rapidly changing technology (Industry 4.0)
• A highly mobile workforce
• The unpredictable nature of COVID-19
• The emerging challenges of talent, workforce availability and accommodation
shortages.
The rate of change calls for an unwavering focus on initiatives dedicated to evolving
the Noosa economy to be sustainable and resilient, ready for any future.
This strategy aims to respond to the call to action in a targeted and innovative way.
Definition of Economic Development
“The sustainable increase of living standards that deliver higher incomes, better education, health and well-
being as well as environmental protection resulting from conscious and applied effort. At its core economic
development is about improving the quality of life experienced in your community.”
LGAQ Economic Development Guidelines 2020 handbook
12
Section 13
3. The Planning and Policy Context
3.1. Council’s Corporate Plan
The Corporate Plan communicates Council’s purpose and defines Council’s role - “Working
with our community to shape Noosa Shire’s future”.
While the Corporate Plan is best viewed in its entirety, it has a clear focus on the economy
and a goal for the economy to become more diverse and resilient (as highlighted below).
Council recognises that
Council has a number of key principles, plans and strategies that business and industry
support the Corporate Plan and provide residents and commercial drive economic
development and that
operators with clear insight into Council’s strategic goals and key
governments and other
priorities that seek to deliver an economically, environmentally and organisations make a
socially sustainable Noosa. The Economic Development Strategy is one significant contribution
to the setting in which
of these strategies sitting alongside the Noosa Planning Scheme business and industry
(Noosa Plan 2020), the Environment, Social and Transport Strategies. operate.
Section 14
3.2. Noosa Planning Scheme (Noosa Plan 2020)
The strategic outcomes sought by the Noosa Planning Scheme for economy and
employment by 2041 are:
• Noosa’s economy is diverse and resilient and development supports both established
and emerging priority industry sectors by providing business growth pathways.
• Development supports positive business outcomes that are aligned with Noosa's
point of difference and the 'Noosa Brand' and is focused around high levels of
amenity, natural character and environmental sustainability.
• Development is encouraged that caters for industries with high economic yield and
low environmental impacts, and where sustainable practices are the norm.
• Smart, innovative and sustainable businesses and industries are promoted and
provided for, which are responsive to new technologies and changing market
conditions.
• Noosa's diversified economy is underpinned by a complementary mix of business
activities that support new technologies, new enterprises, new ways of doing
business and flexible work arrangements. Opportunities for affordable workspaces,
convenient work from home enterprises, shop-top housing and co-working spaces
are encouraged. This includes providing a variety of business spaces that allow for
natural growth from home-based businesses to small premises and then to larger
premises.
• Co-location and industry clusters with flexible shared floor space and enterprise
precincts are encouraged as they provide an opportunity to create hubs of creativity
and support new business needs of the future.
• Employment areas, education/ training and mixed-use developments are provided to
meet the needs of the current and next generation.
• Activity centres are vibrant hubs of activity with appropriate mixed uses creating
diverse enterprise and housing opportunities, as well as access to good transport,
community services and well-connected fast communication and digital services.
• Buildings and spaces further enhance the individual sense of identity, character, role
and function of centres.
• Centres provide well designed spaces for community interaction and vitality and
include high levels of streetscape appeal, outdoor meeting areas, and effective
interface between public spaces and private development, consistent with the Noosa
Design Principles.
• Development provides non-discriminatory accessibility to open space, community
uses and business developments.
• Coal exploration, coal mining, coal seam gas exploration or coal seam gas
production within the Shire are not supported due to associated environmental and
social impacts and incompatibility of such activities with Noosa's natural assets and
lifestyle.
In many ways, the Planning Scheme sets desired outcomes for the Shire for its economy,
while the Economic Development Strategy sets a direction and outlines the priorities for
investment and action to achieve the desired sustainable growth and development.
14
Section 15
3.3. Council & Economic Development Role
Council has a variety of roles across the community and the economy and many of these
align to the role of Economic Development as highlighted in the following diagrams.
Council’s Role
Advocate Facilitate Regulate
Partner Fund & Deliver Communicate
Economic Development’s Role
Connect Enable Advocate
Facilitate & Accelerate Fund & Deliver
Partner
Section 16
4. The Economic Context 4.1. The Noosa Economy The vibrant Noosa economy has experienced consecutive growth for most of the last twenty years. This growth has been largely due to the desirability of our unique destination as a place to live, work, visit and connect, and driven by the high level of awareness of the Noosa brand. This brand evolved from a strong history of environmental protection thanks to history of strong leadership and a community committed to the environment and sustainability. By design, population growth in the Noosa Shire is much lower than many areas in the State and South East Queensland, where economic growth is due in a large part to high rates of population growth. To date in the Noosa Shire, the rate of economic growth has been above that of population growth. To support the continuation of this trend we are seeking economic growth from high value, low environmental impact and knowledge based industry sectors. While the economy has performed well over time, it has been traditionally reliant upon tourism, retail and the construction industry, all of which can (and have) experienced volatile swings up and down. The traditional desire to encourage a more diverse economy has paid off with other sectors including healthcare and professional business services increasing greatly over recent years. Even with these gains, our community has median income levels below the State average and pockets of high socio-economic disadvantage. We have an older population where the average age is increasing at a faster rate than the rest of the State. This can have positive and negative effects on the economy. The negative effects focus around a declining workforce, lower birth rates and high service’s needs. The positive, in OECD countries where retirement incomes are higher, this can translate to higher spend. The housing market has boomed recently as record numbers of residents flee Melbourne and Sydney as a result of the COVID-19 pandemic. Housing prices have increased rapidly, affordability has declined significantly (double the house price to income ratio of the State) and residential vacancies have been below 1% for most of 2021. Some business are reporting staff hortages, while at the same time experiencing strong trading conditions.
Section 17
4.2. Key Statistics
4.2.Key Statistics
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Health Care & Rental Hiring &
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$292m 5260m 5210m
13.1% 11.7% 9.4%
Source economyid
@ March Quarter 2021 >, 2011 Census in Relevant Industry Sectors
Average Weekly Income
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Personal income (SAweck)
Labour Force 27,287 Persons es eT $2 $505 $595
Employed 25,383 Persons
Greater Brisbane =| $1,112 ;
Unemployment 1,904 7.0% seoniaat 1,036 $1227 $1,392
Note: Camus date not avalable for the South Eaxt Queensland region.
Sauce QCSO Sowrce: ABS (2017).Section 18
4.3. Key Facts and Trends
18
4.3. Key Facts and Trends
he Noosa region's median weekly personal and household income levels were both
significantly lower than the Queensland medians from 2006 to 2016. This Is likely due to Noosa’s
reliance on the local tourism sector (retail trade and accommodation and food services), which
is generally a lower paying sector for workers. On a positive note, average annual growth In
household median weekly income from 2011-2016 in the Noosa region (4.6%) was stronger than
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Historically the Noosa economy has been driven by population and tourism growth. However,
given the slower population growth that Noosa has experienced when compared to the state
average, economic growth will need to come from other sources such as Increased investment
in the high value industry sectors and / or the adoption of improved technology.
Noosa has an older population that ts aging at a faster rate than the rest of the State and is
projected to see an increase in the proportion of residents aged 65 years and over through to the
a aete MG ost tate ge tt eal el eB et le ale Be sl len ts tet eRe B glee ee a a
2016 and 204) by 8,850 residents, a 70% Increase on 2016 levels. It is unclear how the recent
growth in population will affect this equation. This presents opportunities for the provision of
care and support services to older people, but has workforce implications for employers.
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Construction has long been the largest contributing sector to GRP but has had some volatility
over time. Another interesting trend is the strong growth of the healthcare industry over
the last three years, growing at an average annual rate of 7.4% during this time. Professional
services has also dernonstrated strong growth over the last five years, growing at an average
annual rate of 3.)
Noosa has a much higher proportion of employment in accommodation and food services,
retall trade and comstruction compared to Queensiand. Healthcare and social assistance |s also
a key employing sector. In terms of economic development, growing high value-adding jobs
will have greater benefit to the overall economy than increases in low value-adding jobs due to
@ greater ability to spend more in the local economy and increased flow on effects. This does
not mean that lower value-adding jobs are not important, however understanding the balance
should guide the balance of effort and resources
The Noosa economy is dominated by small businesses (98.2% of all businesses have 19
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the top industries by number of businesses (construction, ‘rental, hiring and real estate’ and
professional services) are typical industries where there ts a great number of individual traders,
owner/operators and small businesses.
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ee eee ee at Bede Ee ae see ke ee ee eek ie ee Riek lee eo Bia]
* opment of remaining sites.
The Noosa housing market has been growlng at an extremely rapid pace, making it one of the
fastest growing markets in Queensiand. in 2020, house prices grew by a staggering 11.6% from
2019, representing the single largest annual increase over the last 15 years. The median house
price in Noosa is well above Brisbane, the Sunshine Coast and the Gold Coast, demonstrating
the strength of the market and the high level of appeal that the community has from buyers
The high growth in median house prices ts linked to a phenomenon of various households
leaving “the City”. This trend has accelerated following the increase in ‘work-from-home
arrangements’ resulting from the COVID-19 pandemic.
18Section 19
4.4. Factors & Trends Influencing Our Future
Technology has had a significant impact on the Noosa economy over the past 20 years as
demonstrated below, and will continue to in future. Additionally the impacts of Covid-19 are
expected to have a significant influence on the economic environment now, and into the
future. The follow three pages outline these factors including a ‘Tech Disruption Timeline’.
Covid – 19 Technology
Severe Acute Respiratory Syndrome Coronavirus 2 Historically technology has had a significant
forced 6 billion people into lock down in early 2020. impact on the economy of the Noosa Shire
Many commentators believe the impacts of Covid – (see info graph below), and the future is
19 will be felt for many years to come and that this firmly based in technology across all
virus has changed the world and our ‘way of life’ for industry sectors. The early adoption and
years to come. take up of these advances in technology
and the tools, systems and operating
From a business perspective Covid – 19 has driven models they enable will be imperative if
significant changes: businesses and organisations are to remain
• Accelerated ecommerce – changes to the way competitive
we purchase as the surge in online shopping
demonstrates. • Covid-19 has sparked a wave of
• Changes to the way we work – McKinsey & innovation, tremendous growth in
Co. estimated that more than 20% of the global digitization and accelerated the rate of
workforce (most of which are in high skilled digital transformation as business strive
jobs), could work remotely. to improve operations
• Tech upskilling – with these changes to the • The Covid-19 crisis has seen an
way we work comes the challenge of workforce amazing acceleration in medical
adaptation and ensuring strong technology innovation and astounding
skills across the board. accomplishments in the early roll out of
• The rise of regions – ‘safe’ locations has seen vaccines
population and demographic change. • This disruption has created space for
• The importance of being agile – moving fast, entrepreneurs and innovators to
being able to pivot and restructuring in order to develop solutions to drive productivity
build resilience is a fact of life in the Covid
world. This again confirms the need for extreme
• Profit for purpose – this crisis has emphasised connectivity in regions in order to take
the interconnectedness of businesses and their advantage of the tech revolution that is now
community which has seen an increasing trend hi
in business where there is profit with a sense of
purpose.
• Climate action drives recovery –
Governments across the world are firmly and
decisively putting climate and environmental
action at the heart of their recovery plans,
investing heavily to stimulate action.
• Changing travel behaviours – while
international borders remain shut, more
Australians are expected to travel at home.
Section 20
Mobility
In 2019 the Covid -19 pandemic forced an experiment in which 6 billion people stayed at home
to avoid the virus and used online collaboration technologies like Zoom, to work remotely and
keep the global economy afloat.
A year later, with proof that knowledge workers can be productive away from the office, the
geographical link between employer and employee was broken. Job opportunities are now
highly mobile. It is now feasible for someone to live in a regional location and work for
organisations based on the other side of the country or the world.
Whereas Noosa residents were once limited to the employment opportunities offered locally,
they now have the potential to participate in a far larger job market where having the
appropriate skills is far more important to an employer than proximity to the office.
Socio-economic impacts of this professional mobility on Noosa is profound, with a rapidly
growing proportion of the community earning a living from employers, clients or markets based
elsewhere and the influx of knowledge workers who are choosing to relocate to Noosa and
bring their jobs with them.
• While in a global context the movement of people has put pressure on labour markets (we
are seeing this trend locally particularly in the accommodation and food services sector),
and goods has put pressure on supply chains, according to the Regional Australia Institute,
in the March 2021 quarter, Noosa Shire saw the largest annual percentage growth in
inward migration from capital cities among all LGA’s across the country in the March
quarter 2021.
• From an investment mobility perspective, Smart Company report that the value of
investment funding was up in the second quarter of 2020 in Australia. Additionally Deloitte’s
suggest that $13 billion in private equity funds is poised to be deployed.
Section 21
“Innovation industries bring good jobs and high salaries to communities where they cluster and their impact on the local economy is much deeper than their direct effect. Attracting a scientist or software engineer triggers a multiplier effect, increasing employment and salaries for those that provide local services. In essence, a high tech job is more than a job... research shows for each high tech job, five additional jobs are created outside the high tech sector.” Source: Enrico Moretti (2012) The new geography of jobs.
Section 22
4.5. Place – Managing Success Tourism is an important sector of the Noosa local economy and has played a key role in its development. Noosa has a clear competitive advantage when it comes to tourism, attracting over 1 million visitors annually who spend just under $1B. Visitors are drawn to our pristine beaches, national parks, lack of city symbols and low key development, and enjoy the high level of amenity and services provided by Noosa businesses. Noosa is a high profile visitor destination, and to guide this success, a Destination Management Plan (DMP), will be developed. Destination management is a practice that draws together all aspects of a destination and its stakeholders – government, tourism, industry, and community; to plan for the future. In this way, industry aims are planned and managed to meet the needs and aspiration of stakeholders. Effective DMP is based on research and evidence to adopt a holistic management approach to a place and tourism. DMP is important in ensuring the ongoing sustainability and success of Noosa, it will assist by developing clear plans that define stakeholder roles and the allocation of resources. Well managed destinations; protect and preserve its assets, attract investment, meet workforce needs and have increased levels innovation.
Section 23
5. Economic Development Strategy
5.1. Value Proposition – People and Place
People visit and fall in love with Noosa’s pristine beaches, national parks, lack of city symbols,
open spaces, low scale development and the connection between the built and natural
environment, UNESCO Biosphere status, the high level of services offered by local businesses
and the lifestyle that these elements enable.
Noosa has overtime attracted an agglomeration of skilled and talented people - entrepreneurs,
remote workers, investors and a myriad of leading edge experts forging development in their field
of technical expertise. COVID-19 has accelerated this. The result is a spike in inward migration
from capital cities (particularly Melbourne and Sydney), to safe lifestyle orientated regional areas
such as Noosa.
The combination of skilled and talented people enjoying the lifestyle afforded by our commitment
for sustainability and the natural environment enables and exemplifies Noosa’s key differentiator,
becoming a Smart biosphere.
In the absence of population driven economic growth and a commitment to thoughtful management
of our destination for visitors, Noosa is focused on developing the means to generate increased
economic activity that supports higher export of goods and services and/or the replacement of
imports.
Previous Economic Development Strategies have pursued economic diversification to build a more
resilient economy that looks beyond tourism and population driven economic growth. This
approach continues to resonate with the community and this Strategy builds on these concepts
from the previous Local Economic Plan.
Council is committed to pursuing a robust, sustainable and resilient local economy that recognises
the importance of skilled and talented people; has the necessary infrastructure to accelerate
employment growth; supports the sustainability of businesses, industries and technologies; and
creates a business environment that provides a range of diverse employment opportunities.
Our new economic vision seeks to transition to “a Smart biosphere”.
The best way to predict the future is to create it.
Peter Drucker - Management Consultant, Educator and Author
23
Section 24
5.2. Economic Development Framework
Driven by a clear goal to continue to diversify and strengthen our local economy, our vision to
transition to a Smart biosphere is underpinned by what we describe as ‘Pillars’ and ‘Growth
Enablers’. The diagram below outlines Noosa’s Economic Development Framework, the elements
of which are explained in more detail through this document.
Vision: The evolution of Noosa as a Smart biosphere that connects the strong
environmental values of our community to future focused technology that allows the
Noosa Community to meet economic challenges
Aim: A diversified and resilient economy that delivers high value employment opportunities
Economic Pillars
Future Focused People & Place Evidence Based
Growth Enablers
Bold Economic Leadership
Empowering Encouraging Enabling
Business Entrepreneurship Infrastructure
Ecosystems
Outcomes and Benefits
A diverse & resilient local economy less reliant on volatile industries
Increased number of high A skilled and talented Infrastructure accelerates
value jobs that retain workforce driving industry development and
local talent innovation Smart Precincts
Businesses maximising Successful home based Collaborative and
the global opportunities businesses and remote connected business
and selling to the world workers Ecosystems are created
Expanded and specialised Relevant and impactful Returns from our natural
education and research support provided to our assets with technology
opportunities businesses driving value
24
Section 25
5.3. What is a Smart biosphere?
A Smart biosphere connects the strong environmental societal values of our community to
future focused, technology and data driven actions to find creative and resourceful solutions to
economic challenges.
There are numerous elements of a Smart Biosphere:
• Talent - equipping our present and future community with the skills they need to
participate in current and smart new industries.
• Business - helping businesses take advantage of the opportunity to reach and sell to
7bn people globally.
• Environment - embracing technology to monitor, protect and generate new value
streams from our environment while exploring opportunities to build on this.
• Development - investing in smart precincts where the jobs of the future can be created
to retain and employ local talent.
• Education & Research – enabling an increase in education and research
opportunities in our region.
The transition to a Smart biosphere is the next step in the evolution of economic development in
Noosa. The transition can be imagined and described as:
Section 26
5.4. Economic Pillars
Our aspiration to build on our environmental successes will be guided by three economic pillars
or filters. All our activities, interventions, and decisions must be; future focussed; people and
place centric; and evidence based. This approach is outlined below:
•Look through a future •Celebrate and build the •Decisions are backed
People and Place
Evidence Based
Future Focused
focused lense capacity of our human by data driven
capital – our people evidence
•Acknowledge macro
trends, drivers of •Leverage the appeal of •Strategies, actions,
change, our Noosa as a destination policies and
competitive of choice to live, work, interventions are
advantage and play and connect. driven by a deep
capability to address •Focus on connecting understanding of the
these. people through our challenge being
business ecosystems addressed and/or
•Continue focus on
•Create “Places” where opportunity being
projects that deliver
entrepreneurship is pursued
high economic value
& low environmental celebrated
impact. •Consider and
•Focus on export and understand the impact
global opportunities of Strategies, actions,
policies and
interventions on our
environment and local
community
26
Section 27
5.5. Economic Growth Enablers (Summary)
Traditional Economic Development Strategies outline a Sector based approach to delivering
economic growth and specific industry development. This strategy takes a different approach.
The focus is on economic growth enablers and the philosophy that bold leadership, strong
business ecosystems, investment in enabling infrastructure and a culture of entrepreneurship are
the very foundation of a strong, healthy and resilient local economy.
Our Economic Growth Enablers:
Bold Leadership
Demonstrate bold leadership in economic development to drive a continued focus on
the future that positively impacts on the local economy
Empowering Ecosystem
Strengthen and deepen existing and emerging business ecosystems in
technology and future focused sectors, where a specialisation and competitive
advantage exists to drive sector and business development that delivers
employment
Enabling Infrastructure
Develop initiatives and opportunities for collaboration with the aim of
influencing the development and redevelopment of key business and industry
sites across the shire to deliver high value employment opportunities in future
focused industries, and attract investment and talent
Encouraging Entrepreneurship & Innovation
Support entrepreneurs on their business development journey through
targeted programs that connect SME’s to support and services, provide
easy access to business information, Council and other government
services, and connections to business ecosystems
27
Section 28
5.6. Economic Growth Enablers (Detailed)
5.6.1. Bold Leadership - Economic Development
Leadership has a big impact on the ability of a community to achieve the desired standard of
living for its residents, and the experience of visitors. Noosa has benefitted from strong leadership
and community advocacy. It will be important to look for opportunities that lead to improvements
in the performance of the local economy in line with community aspirations.
This Economic Development Strategy places an emphasis on leadership to drive and facilitate
initiatives that add value to the local economy by:
• Developing integrated goals and cross sector strategies
• Building partnerships across public and private sectors and local government boundaries
• Taking a coordinated approach that’s avoids duplication of effort or zero sum competition
• Understanding our assets, strengths and opportunities
• Understanding and aligning with demand side needs of employers and local businesses
• Articulating and upholding Noosa’s distinctive offering
• Creating new investment tools/instruments that optimise public investment and leverage
private investment
Bold Leadership – Economic Development
Strategy: Demonstrate bold leadership in economic development to drive a
continued focus on the future that positively impacts on the local economy.
Headline Actions
• Establish a recognised business identity and messaging that aligns with and
complements Noosa’s respected brand and the aspiration to be a Smart biosphere.
• Identify advocacy opportunities in line with the Economic Development Strategy
outcomes.
• Develop a Connectivity Plan that aims to deliver better access, connections and digital
infrastructure to the region to increase productivity, diversify industries, and access to
global markets.
• Lead the establishment of a destination management plan, working with the community
to determine the most appropriate model to preserve the local lifestyle, natural
environment and also enhance the local and visitor experience.
• Continue to collaborate and ensure integration on key Council policies and initiatives
that impact the economy – Housing Choice (particularly as it relates to worker
accommodation), Planning Scheme amendments, employment land, Climate Change
Adaptation, Transport, and Cultural/Creative Industries Strategy etc.
• Continue to develop and refine engagement opportunities with industry such as the
Business Round Table, Ecosystems Groups and business leaders.
• Continue to support the development of strong and collaborative industry representative
organisations through engagement and support programs.
• Continue to grow the reach, influence, community benefit and economic impact of the
Peregian Digital Hub.
28
Section 29
5.6.2. Empowering Business Ecosystems
A key aim of this Economic Development Strategy is to build a more diversified local economy –
one that offers more high value employment opportunities to address some of the challenges
noted previously. Key to this is developing a business environment that is supported and
connected.
Business ecosystems are a concentration of related businesses who gravitate together because
of a shared need and as a result, greater revenue comes into a local area with skilled workers
coming together to drive expertise and an innovative culture. They are a recognised building
block for economic development that enable existing and new business entrants to connect to
their cohort and supply chain, seeding diversification, and enabling a force multiplier effect (one
to many).
The benefits - access to specialised information through personal relationships, joint marketing,
innovation through shared information on new markets and technological advances, they provide
strength in numbers, encourage healthy competition, accelerate networking and increase
productivity. Finally they draw talent and a pooled market for specialised workers.
Examples:
• The local tourism industry led by Tourism Noosa, have developed a strong ecosystem which
has firmly established Noosa as a premier visitor destination and subsequently a highly
desirable place to not only visit but live, work and connect.
• The Peregian Digital Hub has played a key role in developing the broader digital/tech
industry in the region by supporting professional networks including technologists, digital
agencies and marketers, screen professionals, tech start up founders, electronic music
producers, and ecommerce merchants. The Ecosystem Organisation Program is seeing
tangible outcomes with growth in collaborations between local companies resulting in
business growth, interest and opportunities from outside the region and new investment for
participating businesses.
• FireTech Connect operates in a category that represents a multibillion dollar market that
generates high value employment opportunities in a broad range of technology areas from
robotics to mapping and software as a service. Australia is rapidly becoming a global leader
in developing these technologies and Noosa has a number of businesses currently operating
in the sector. This program has built a cohort of over 50 cutting edge technology companies,
a world class mentoring panel, a network of industry experts and corporate partners.
Additionally the program was awarded grant funding of almost $2 million to develop a Living
Lab that includes a data lab where solutions for prediction, detection, analysis, coordination
and communication can be trialled and showcased; and a bushland lab where new physical
solutions – drones, robots, IoT sensors can be safely, quickly and legitimately trialled.
• The Noosa Education & Training Alliance (NETA) is a developing sector driven ecosystem of
education and training providers who service the broader Noosa area. NETA’s vision seeks
to strengthen and promote education pathways and deliver tangible outcomes that benefit
the education sector, stakeholders and the community. A key aim of the NETA Industry
Sector Plan is to have ‘Noosa student’s job qualified and ready for the future’ and will do so
through three synergistic strategic priority initiatives that are underway or in development;
29
Section 30
- Increasing choice and access to local education and training through the delivery of a
collaborative, regional, future focused learning hub.
- Adding value to local education and employment pathways through strengthened
relationships with industry partners, an active career education ecosystem and clearly
mapped pathway information and opportunities.
- Developing strategic positioning and promoting the region as an education destination to
foster talent and attract investment in education and training.
• The Food and Agribusiness Network (FAN) is a not-for-profit industry led business
cluster that fosters a dynamic and supportive ecosystem for its 350 members, currently
encompassing Noosa, Sunshine Coast, Gympie and Moreton Bay LGAs.
FAN has evolved into a leading Australian food and agribusiness ecosystem attracting
significant government funding. FAN and its partners have created a strong ecosystem
where industry, government and research collectively solve shared challenges and
create new opportunities to unlock industry growth and enhance competitiveness. The
organisation provides businesses across the food and agribusiness value chain the
opportunity to ‘connect, collaborate and grow’.
Empowering Business Ecosystems
Strategy: Strengthen and deepen existing and emerging business ecosystems in
technology and future focused sectors, where a specialisation and competitive advantage
exists to drive sector and business development that delivers employment opportunities.
Headline Actions
• Support the development of future focused business ecosystem through ecosystem
organisation programs that provide a package of support which reflects the needs of
the individual sector, builds industry capability and skills, provides assistance to sectors
leaders, grows specialisations and drives industry development.
• In collaboration with stakeholders, establish a Green Economy Industry Development
Plan that supports ecosystem development, explores areas of competitive advantage
and sector trends, and identifies regional expertise and opportunities for industry
growth.
• Link this Green Economy Development Plan, to other work across Council and with
industry and community groups to support the delivery of outcomes attached to the
Climate Change Adaptation Plan, emission’s reduction targets, Cities Power
Partnership Mayors’ Economic Recovery Statement, and the aspiration to become a
Smart Biosphere.
• Continue to develop the FireTech Connect and Living Lab programs to drive talent
attraction, research and industry collaboration.
• Continue to facilitate the growth and reach of the Noosa Education & Training Alliance
Inc. (education & training ecosystem), to develop education to industry programs, skill
and career development opportunities, increased access to learning opportunities and
the promotion of the industry and Noosa as a broad education destination.
• Continue to work with industry and stakeholder groups in the food and agribusinesses
sector to strengthen the ecosystem to connect and collectively solve shared challenges
and realise opportunities to unlock industry growth, particularly in areas of competitive
advantage that align with Smart biosphere i.e. regenerative and sustainable agriculture,
growing local food networks, strengthening supply chains, circular economy initiatives.
• Support the development of the Food & Agribusiness Networks dedicated FAN Noosa
arm.
Section 31
5.6.3. Enabling Infrastructure
Industrial and commercial land supply is a key enabler of economic growth. In the SEQ
Regional Plan 2017 and the Noosa Plan 2020, land zoned for business and industry is
limited to within the urban boundary of the Noosa Shire, and therefore a finite resource. In
this constrained environment it is important to use our existing land resources efficiently,
sustainably and future proof development to be adaptive and allow for new technologies.
With Accommodation and Food Services, Construction, and Retail as established mature
key industry sectors within the local economy, the opportunity exists to pursue future focused
industry development and expand opportunities for higher skilled employment in the Shire
through niche projects.
To support increased diversification of the local economy, opportunities exist to explore
demand driven development in employment zones including the remaining stages of the
Noosa Business Centre, particularly the innovation zone; the former Bowls Club site in
Noosa Junction, and Council and State Government owned land and facilities. This will
support the continued development and maturity of business ecosystems, where
specialisations emerge, and the acceleration of technology based industry 4.0 and
associated skill development, capacity building and research occurs.
Business hubs play a key role in enabling businesses within the ecosystem to take
advantage of specialisations and accelerate development. Hubs provide an anchor from
which businesses collaborate, build capacity and scale. The Peregian Digital Hub is an
example of this, and in just three short years and despite the impacts of Covid-19, 40 new
FTE roles have been created in member companies and 10 new part time jobs enabled. 3
new businesses created at the hub and 2 businesses accelerate out of the hub.
Enabling Infrastructure
Strategy: Develop initiatives and opportunities for collaboration with the aim of influencing
the development and redevelopment of key business and industry sites across the shire to
deliver high value employment opportunities in future focused industries, and attract
investment and talent.
Headline Actions
• Progress the establishment of the Future Skills Learning Hub concept to determine
feasibility, potential funding and operational models.
• Progress the second stage of development of the Peregian Digital Hub – construction
and operation.
• Actively collaborate with industry, developers, and state and federal government
agencies to actively influence outcomes from the development of the Innovation Zone
at the Noosa Business Centre.
• Working with stakeholders, facilitate a process to explore funding mechanisms, models
and partnership opportunities to fund the development of economic infrastructure.
• Undertake a commercial and industrial land demand review to inform discussion on
future employment land availability and Councils response to the South East
Queensland Regional Plan review.
• Undertake a review of Council and State owned land zoned for industry and
commercial development to determine how these assets are best used for community
benefit.
• Engage with business, the development industry and relevant stakeholders to actively
influence development of remaining employment land stocks.
• Explore the Community Wealth Building models to activate community economic
development opportunities.
31
Section 32
• Continue to support the Food & Agribusiness Network in their bid to create an industry
4.0 smart manufacturing and food and beverage hub on the Sunshine Coast.
32
Section 33
5.6.4. Encouraging Entrepreneurship and Innovation The Noosa economy is dominated by small business. One of the aims of this strategy is to provide support to those looking to establish, trade successfully or grow, through connections to business ecosystems, business hub support programs and Council and government assistance services. The Queensland “Big Plans for Small Business” Strategy 2021 -2023 reported that small businesses are confused by the multiple government websites and communications channels and find it difficult to locate and understand what assistance is available. To assist in this Council is developing the business pages of our web site to be a one stop shop for information on the economy, information on state and federal government assistance programs (including grants), capacity and skill development opportunities and connections to local business associations and sector groups. The level of assistance provided to small business by all levels of government has never been greater. Therefore Noosa Council is investing in the development of communication tools such as enewsletters, social media channels and dedicated business alerts to assist business to be more informed and to build awareness of these programs. Additionally, Council is building a bank of local business case studies to showcase the truly incredibly businesses located in our region. Council is also revisiting promotional material with the intention of creating a suite of communication pieces in targeted sectors and sub-sectors, to profile and promote Noosa as a business location of choice. Business associations such as CCIQ Noosa and precinct representative groups, Business Mentors Noosa, Zero Emissions Noosa and Sunshine Coast Angels continue to be an integral link between Council and the businesses community. Council will continue to support and work closely with these and other key representative groups. Council will continue to provide business support through initiatives such as the Professional Service Providers Panel established to provide access to free advice to Noosa businesses to assist them to overcome challenges, grow, adapt and thrive. Assistance is provided across a number of important topics from digital transformation, human resources, ecommerce and innovation to communications, marketing, accounting and business planning and strategy. Council is working with the Queensland Small Business Commissioner’s office to explore the opportunities and benefits of adopting the Queensland Small Business Friendly Charter.
Section 34
Encouraging Entrepreneurship & Innovation
Strategy: Support entrepreneurs on their business development journey through targeted
programs that connect SME’s to support and services, provide easy access to business
information, Council and other government services, and connections to business
ecosystems.
Headline Actions
• Explore the opportunities and benefits of adopting the Queensland Small Business
Friendly Councils Charter to guide quality engagement between Council and the
business community.
• Continue to invest in the development of dedicated business communications tools to
ensure local businesses are well informed and have access to available resources.
• Undertake an annual review of the support services provided to the business
community such as the Professional Service Providers Panel and Business Concierge
Service to ensure they are relevant and meeting the needs of business.
• Work with state government agencies and associated organisations to ensure skill
development and knowledge building events are accessible to Noosa Businesses.
Section 35
5.7. Outcomes & Benefits
‘Start with the end in mind’ is a great quote from business philosopher Stephen Covey.
This strategy has a clear set of ‘end in mind’ outcomes that that will drive the actions and
implementation of this strategy towards pursuit of our Vision and goals.
Council and communities success as we move forward will be assessed against some of the
following desirable outcomes:
Outcomes and Benefits
A sustainable, diverse & resilient local economy less reliant on volatile industries
Increased number of high A skilled and talented Infrastructure accelerates
value jobs that retain workforce driving industry development and
local talent innovation Smart Precincts
Businesses maximising Successful home based Collaborative and
the global opportunities businesses and remote connected business
and selling to the world workers Ecosystems are created
Expanded and specialised Relevant and impactful Returns from our natural
education and research support provided to our assets with technology
opportunities businesses driving value
Section 36
5.8. Engagement & Stakeholders
Council engages with the business community on a number of levels from food licencing,
development applications and building and plumbing applications through to economic
development programs.
Engagement occurs through a variety of mechanisms as listed below, and will continue to
evolve to progress this strategy:
• The Business Round Table (BRT). The BRT has continued to evolve and is a now a key
business engagement mechanism. The BRT brings together business representative
groups, the Mayor, State Government representatives, Council staff and a number of
observers to exchange information and identify and collaborate on challenges and
opportunities to positively impact the local business environment.
• Key sector business groups such as NETA and FAN, and operators and stakeholders
through dedicates sector development programs.
• Ecosystems leads and members anchored to the Peregian Digital Hub.
• State & Federal Government agencies through working groups and program engagement
opportunities.
The table below lists a number of our major stakeholders:
36
Section 37
5.9. Implementation, Monitoring & Reporting
Annual Reporting
Economic Profile Strategy Measures Program Activity
State of the Economy Monitoring Progress Economic Development Initiatives
A three tiered approach to monitoring and reporting will be adopted to track the health of the
local economy, progress towards strategic outcomes and the impact of economic
development programs and initiatives.
1. An annual Economic Profile for the Noosa Shire will be developed to communicate
the state of the economy. The Profile will talk to key economic indicators including
gross regional product, industry value added, work force data, business counts and
income levels. It should be noted that there are a number of macroeconomic factors
that will influence the local economy and will be reflected in these indicators that are
beyond the influence of Council, stakeholders and the local community.
2. Targeted measures have been identified to track the progress and effectiveness of
the economic development strategy.
Indicator Source Target
Growth in Gross Regional Economy.id measured annually GRP exceeds population growth
Product (GRP) compared to 30 June
population growth
Average Median household Census data measured 5 yearly Above Queensland
income level compared state Census cycle
average
Businesses Counts by QGSO Queensland Regional Growth in the number of businesses
turnover Profiles measured annually 30 with a turnover above $100k
June
Business Counts by turnover QGSO Queensland Regional Growth in the number of employing
Profiles measured annually 30 business
June
Unemployment rate Economy.id measured annually Below the state average
30 June
Education, skills & training Census data measured 5 yearly Above Queensland Levels
qualifications Census cycle
Investment in infrastructure Noosa Council data Year on year increase
Industry mix by industry value Economy.id measured annually Year on year increase - % Growth of
added 30 June future focused industries.
Total employment by industry Economy.id measured annually % increase in future focussed
mix in Noosa Shire 30 June industries.
37
Section 38
3. The Economic Development Strategy 2021-2030 (the Strategy), will be supported by
an annual program of work which is developed in line with Council’s planning and
budget process. The work plans will include action plans and focused key
performance indicators and measures to monitor individual program development
and outcomes. Measures will have an increased focus on capturing the socio
economic benefits.
An annual Activity Update will be created to communicate the progress of initiatives
facilitated and delivered by the Economic Development team, and will include
measures and KPI’s. In this way we will report on outcomes that Council can directly
influence.
To increase focus and continue the conversation, an annual Economic Summit will be held
to activate dialogue and discussion on the state of the economy, stakeholder projects,
progress of the Economic Development Strategy and the transition to a “Smart biosphere”.
This summit will focus on the challenges we can tackle and explore and develop the bold
opportunities that will drive change and have impact.
This Economic Development Strategy will be reviewed and potentially refreshed every 3-5
years to ensure flexibility, relevance and alignment with Council policies.
38