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Version 2.0 / 2016-2022 ECONOMIC DEVELOPMENT VERSION 2.0 / 2016-2022 “TO ENSURE A DIVERSE AND SUSTAINABLE ECONOMY BY CONNECTING OUR PEOPLE AND BUSINESSES TO ONE ANOTHER AND TO MARKETS; BY STRENGTHENING EXISTING INDUSTRIES; AND BY ENSURING WELLINGTON IS WELL-PLACED TO TAKE ADVANTAGE OF NEW OPPORTUNITIES.” [ ECONOMIC DEVELOPMENT STRATEGY VISION ] INDEX Executive Summary ...................................................................................................4 4. The Challenges and Opportunities About this Strategy ................................................................................................. 5-7 Connecting - Improving the Links Between Places, Products and People ..23 Diversifying - Value Adding to the Major Industries ...........................................24 1. Background Digital Economy - Driving Growth with the Digital Economy ..........................29 Introduction ................................................................................................................9 Living - Leveraging from Wellington’s Enviable Liveability ..............................31 Local Economic Development and the Role of Local Government ...............10 Skilling - Improving the Workforce Skills Profile ................................................36 Council can Control, Influence or Monitor ..........................................................11 Investing - Facilitating Investment in Infrastructure .........................................38 Building on Earlier Work .........................................................................................12 Promoting - Revealing Wellington’s Secrets .......................................................40 Wellington 2030 Strategic Vision ...........................................................................12 The Gippsland Regional Plan ................................................................................13 5. Actions What does this Strategy cover? .............................................................................14 Beyond Year 2............................................................................................................42 About the Strategy ...................................................................................................14 Performance Indicators ..........................................................................................43 Overall Economic Health Indicators .....................................................................44 2. The Vision and Strategic Objectives Specific Performance Measures ......................................................................45-47 The Vision ...................................................................................................................16 3. About Wellington A Stable and Robust Economy ..............................................................................18 This document should be read in conjunction with the Economic Development Strategy Wellington has both Diversity and Specialisation .............................................18 Action Plan, available for download on Wellington Shire Council’s website. Selected Economic Indicators ...............................................................................19 Jobs by Industry .......................................................................................................20 Wellington’s Historical and Projected Population Growth ..............................21 EXECUTIVE SUMMARY Wellington Shire Council has a far-sighted vision for the Shire’s economy. This vision is encapsulated in Wellington 2030 Strategic Vision and complements the Gippsland Regional Plan. This Economic Development Strategy (the ‘Strategy’) will guide the Shire in helping to grow and develop the economy over the next six years. About Wellington Challenges and Opportunities • Relative to other parts of rural Victoria, Wellington’s economy is • There are expanding domestic and international markets for food and fibre including innovation in food strong and diverse in well-established major industries including processing; scope to expand into new economy activities leveraging from the NBN; further growth in agribusiness, defence, oil and gas, public administration and manufacturing; and promise in the growing number of visitors to the Shire. health. • Liveability, education and quality local amenities are also valuable assets in attracting and retaining the • These industries combined employ around 60% of the workforce essential skilled labour required to sustain the oil and gas industry. As many stakeholders have said, once and form the basis of Wellington’s robust and stable economy. people move to Wellington, they appreciate the quality of life here. Amenity and connectivity, therefore, play important roles in Wellington’s economic prospects. • These industries produce considerable flow-on benefits to the rest of the economy. • A common theme to the strategic objectives and recommended actions is better connectivity. That is, improved road and rail links; high speed broadband; connecting ideas between businesses; and • In terms of liveability and amenity, Wellington is well placed. This connecting the messages about Wellington to a larger audience. is a critically important strength for Wellington as demand for urban amenity (e.g. health services, public transport and arts) in • The development of clear messages, branding and marketing strategies that promote visiting, living and rural Victoria continues to grow. investing in Wellington Shire will provide opportunities to grow visitor numbers and population growth. 4 ECONOMIC DEVELOPMENT STRATEGY 2016-22 ABOUT THIS STRATEGY The Strategy is made up of three, two-year phases, each with a unique Action Plan that emphasises particular themes (Figure A). PHASE 1 2016-18 PHASE 2 2018-20 PHASE 3 2020-22 • Assemble baseline evidence • Evaluate progress • Evaluate progress • Improve connectivity • Set new performance indicators • Set new performance indicators • Continue to embrace digital economy • Identify new focus industries • Identify strategic objectives for next Economic • Continue current program of activities Development Strategy • Build networks and partnerships • Leverage from current major investments [ Figure A - The Phases of the Strategy ] 5 ECONOMIC DEVELOPMENT STRATEGY 2016-22 ABOUT THIS STRATEGY Phase 1 of the Strategy outlines 44 actions across five strategic OUR 5 STRATEGIC OBJECTIVES [ Figure B - The Five Strategic Objectives ] objectives: economic diversity, amenity and infrastructure, leadership and governance, skills Ensuring we can leverage from our existing industries and assets to diversify the economy through value-adding activity. and education and branding. The 1 ECONOMIC DIVERSITY objectives and actions reflect Ensuring sufficient investment in critical infrastructure to support current activity, Wellington’s distinctive economic 2 AMENITY & INFRASTRUCTURE attract new investment and attract and service residents. strengths, particularly economic diversity and liveability (Figure B). Ensuring reliable, up-to-date information, and the right formal and informal structures, 3 LEADERSHIP & GOVERNANCE partnerships and people in place are working together to help develop the economy. 4 SKILLS & EDUCATION Continuing to improve our skills base in response to changing market needs. 5 BRANDING Promoting and celebrating Wellington’s strengths. As with all economies, Wellington’s industries are integrated, sharing labour pools, infrastructure and communication channels. Consequently, the strategic objectives are intentionally not industry specific. 6 ECONOMIC DEVELOPMENT STRATEGY 2016-22 ABOUT THIS STRATEGY The strategic objectives synthesise all of the priority concerns and interests that the business community, the Council and the evidence have pointed to. Figure C describes the pathway from the challenges and opportunities to the Action Plan. CHALLENGES & OPPORTUNITIES CONNECTING DIVERSIFYING DIGITISING LIVING SKILLING INVESTING PROMOTING Connecting places, products Diversifying from the major Driving growth with the Leveraging from Wellington’s Improving the workforce Ensuring enabling Promoting Wellington’s and people industries digital economy liveability skills profile infrastructure ‘secrets’ VISION STRATEGIC OBJECTIVES APPROACH “To ensure a diverse and 1 ECONOMIC DIVERSITY CONTROL MONITOR INFLUENCE sustainable economy by connecting our people and 2 AMENITY & INFRASTRUCTURE business to one another and to markets; by strengthening 3 LEADERSHIP & GOVERNANCE existing industries, and by ensuring Wellington is well- 4 SKILLS & EDUCATION placed to take advantage of new opportunities.” 5 BRANDING PHASE 1 ACTION PLAN [ Figure C - From Challenges and Opportunities to the Action Plan ] 7 ECONOMIC DEVELOPMENT STRATEGY 2016-22 BACKGROUND BACKGROUND Introduction The Wellington Shire Council’s Economic Development Strategy (the ‘Strategy’) sets out the key issues, strategic objectives, and action plan that are Council’s roadmap to ensuring Wellington’s economy stays strong, continues to diversify and is aligned with the aspirations of the Shire’s people and businesses. When compared with other parts of rural Victoria, Wellington has significant advantages. It has well- established, stable, export-orientated and increasingly diverse industries. Much of the economic stability has come from strong primary industries (agribusiness, oil and gas). In turn these have provided important opportunities in secondary sectors such as manufacturing
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