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Regional Economic Development 21st August 2007

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Title: Regional Economic Development 21st August 2007


1
Regional Economic Development21st August 2007
2
Economic Baseline Audit (EBA)Why Do One?
  • Regional economic development requires an
    accurate and thorough understanding of the
    regions competitive advantages, and the issues
    affecting development
  • The purpose of the study was to assess these
    advantages and issues in terms of
  • Existing business and industry
  • Hard infrastructure (water, energy, transport
    links)
  • Soft infrastructure (business networking, labour
    skills, productivity and availability)
  • Innovation and technology infrastructure
    (telecommunications, innovation, skills
    development)
  • Lifestyle and amenity infrastructure (standards
    of housing, education, health and leisure
    services).

3
Economic Baseline AuditWhat Will It Give Us?
  • The study will provide us with an Economic
    Baseline which will constitute the starting point
    for strategic economic development across the
    region, and a point from which we can measure
    improvement.

4
EBA ReportWhat Does It Look Like?
  • Socio-Economic Profile
  • Infrastructure Review
  • Industry Sector Profiles
  • Measuring Future Progress

5
EBA ReportSocio-Economic Profile
  • Population
  • Growth rate exceeds the State.
  • Expected to have gt 200,000 people by 2026.
  • We currently have 151,572.
  • Whitsunday is the fastest growing centre (3.1)
  • Age Distribution
  • Younger population than State average.
  • Average age is 35.4 years

6
EBA ReportSocio-Economic Profile
  • Gross Regional Product (GRP)
  • Growth rate of 42.5 is triple that of the State.
  • Driven by mining, and four times more reliant on
    mining than the State average.

7
EBA ReportSocio-Economic Profile
  • Labour Market

8
EBA ReportSocio-Economic Profile
  • Household Structures
  • High proportion of couple families with children
    which is above the State average.
  • This number is declining.
  • Average number of 2.7 people per household.
  • Household Ownership Finance
  • Fully own 32.5 (Qld 31.6)
  • Purchasing 31.8 (Qld 33.8)
  • Renting 31.9 (Qld 31.1)

9
EBA ReportSocio-Economic Profile
  • Property Market
  • Property prices are well above State level.

10
EBA Report Infrastructure Review
  • Utilities
  • Abundance of gas reserves.
  • Future capacity constraints on waste water.
  • Resources
  • Significant coal deposits
  • Retention protection of productive land for
    agriculture.
  • Natural Assets

11
EBA Report Infrastructure Review
  • Transport
  • Capacity constraints on road, rail, ports.
  • Available Land
  • Limited release of new housing estates
    developments.
  • High cost of housing in regional areas.

12
EBA Report Infrastructure Review
  • Telecommunications
  • Capacity constraints to meet demand.
  • Reliability speed of internet.
  • Education
  • Population growth.
  • Capacity constraints - teachers.

13
EBA Report Infrastructure Review
  • Health
  • Capacity to service expanding regional population
    base.
  • Capacity issues with increasing aged population.
  • Availability of skilled labour.
  • Child care isolated to coastal areas.

14
EBA Report Industry Sector Profiles
  • Overview
  • 18 Significant Sectors Identified.
  • Reported on
  • Key Statistics
  • Sectoral Reliances
  • Influencing Factors Drivers
  • Opportunities

15
EBA Report Industry Sector Profiles
  • Agriculture, Forestry Fishing
  • Includes Raw Sugar, Livestock, Seafood
    Horticulture.
  • 45.2 of inputs come from the region.
  • Employs 4,200 people 572.8m
  • Impediments
  • Pricer Taker
  • Decreasing global competitiveness
  • Climate
  • Labour
  • Fuel Prices

16
EBA Report Industry Sector Profiles
  • Mining
  • 8.1b Industry, or 60.7 of GRP.
  • Employs 10,900 people.
  • 64.9 of inputs come from the region.
  • Labour skills shortages have driven wages up
    (impacted on all industries).
  • Impediments
  • Environmental Issues
  • Government Policy

17
EBA Report Industry Sector Profiles
  • Manufacturing
  • Includes refined sugar.
  • Employs 5,600 people 294.2m
  • 65.4 of inputs from the region.
  • 18 mining equip. manufacturers equate to 20 of
    Qld.
  • Impediments
  • Narrow client base.
  • Labour skills shortages
  • Strength of nearby hubs
  • Lack of regional identity
  • Low cost producing countries

18
EBA Report Industry Sector Profiles
  • Construction
  • Employs 5,000 people 229.8m.
  • 42.9 inputs from the region.
  • Includes residential and non residential.
  • Impediments
  • Rising construction costs.
  • Rising interest rates
  • Land availability

19
EBA Report Industry Sector Profiles
  • Trade
  • Includes Retail Wholesale
  • Employs 13,300 people 626.2m.
  • 52 inputs from the region.
  • Impediments
  • Higher Regional Prices
  • Retail Leakage
  • Rising Interest Rates

20
EBA Report Industry Sector Profiles
  • Health
  • Includes Aged Child Care
  • Employs 5,200 people 401.6m.
  • 49.3 inputs from the region.
  • Impediments
  • Inefficiency of Service Provision
  • Widely Dispersed Population Base
  • Labour Skills Shortages

21
EBA Report Measuring Future Progress
  • Where do we go from here?
  • Balanced Scorecard Approach.
  • Tracking progress over time.
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