Charters Towers Region Economic Development Plan 2012-2017
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Charters Towers Region Economic Development Plan 2012-2017 Final February, 2013 Charters Towers Region Economic Development Plan 2012-2017 Final Document Control Job ID: 16496 Job Name: Charters Towers Client: Charters Towers Regional Council Client Contact: Martin Homisan Project Manager: Thor Lyster Email: [email protected] Telephone: (07) 4771 5550 Document Final for Adoption. Charters Towers Economic Development Plan Name: Update Last Saved: 22/2/2013 8:29 AM Version Date Reviewed Approved Draft 1.0 21/12/2012 TL Working Final 4/02/2013 TL Final for Adoption 12/02/2013 TL CR Final 22/02/2013 TL Disclaimer: Whilst all care and diligence have been exercised in the preparation of this report, AEC Group Limited does not warrant the accuracy of the information contained within and accepts no liability for any loss or damage that may be suffered as a result of reliance on this information, whether or not there has been any error, omission or negligence on the part of AEC Group Limited or their employees. Any forecasts or projections used in the analysis can be affected by a number of unforeseen variables, and as such no warranty is given that a particular set of results will in fact be achieved. i Charters Towers Region Economic Development Plan 2012-2017 Final Vision Charters Towers has achieved sound economic and population outcomes in recent years compared to many other rural centres. However, the economy has not performed to its full potential. There are a number of significant developments for the Charters Towers economy likely in the near future from which the region could see improved growth outcomes. In order to maintain living standards in line with Australian benchmarks and account for forecast population growth, Charters Towers will need to increase its real economic output by 80% over the next 20 years. This level of growth will require major new investments, both from expansion of existing business and from new industry in the region. In order to realise the required investments, Charters Towers will need to be more proactive and investment ready in a more competitive investment environment. There are four sectors of the economy which are major contributors to the region now and considered to remain key to the future performance of the region’s economy: Mining; Agriculture; Education; and Tourism. As sectors of proven strength Charters Towers will in the first instance retain focus on ensuring these sectors remain competitive and perform to their full potential for the region. However as the nation’s and world’s economies continue to change, Charters Towers cannot risk being dependent on only its historical contributors. Charters Towers needs to be active in exploring opportunities for new industries and sectors, and flexible in adapting to their needs. Further opportunities already exist in diverse sectors, such as energy, services and light industrial. At present these opportunities are linked to servicing growth in the four core industries however as they expand, new opportunity areas will arise. Charters Towers Regional Council is seeking to implement a more proactive and investment-friendly approach to building relationships and meeting the needs of existing and potential investors. The following Economic Development Plan presents the core priorities for Charters Towers to grow its economy and improve the living standards of its residents. ii Charters Towers Region Economic Development Plan 2012-2017 Final Table of Contents DOCUMENT CONTROL .......................................................................................... I VISION .............................................................................................................. II TABLE OF CONTENTS........................................................................................ III 1. INTRODUCTION .......................................................................................... 1 1.1 PURPOSE OF THE PLAN AND UPDATE ........................................................................ 1 1.2 PROCESS AND METHODOLOGY ............................................................................... 1 1.3 FOCUS OF THIS PLAN .......................................................................................... 1 2. SITUATION ANALYSIS ................................................................................ 2 2.1 SUMMARY ....................................................................................................... 2 2.2 LOCATION ...................................................................................................... 4 2.3 ECONOMY ....................................................................................................... 5 2.4 DEMOGRAPHICS ................................................................................................ 6 2.5 POPULATION OUTLOOK ........................................................................................ 8 3. ECONOMIC DEVELOPMENT ACTION PLAN .................................................... 9 3.1 ECONOMIC DEVELOPMENT FRAMEWORK ..................................................................... 9 3.2 SUMMARY OF ECONOMIC DEVELOPMENT PLAN ........................................................... 11 3.3 ECONOMIC DEVELOPMENT ACTION PLAN .................................................................. 13 3.3.1 REINFORCE THE REGION’S PROVEN SECTORS OF MINING, AGRICULTURE, EDUCATION AND TOURISM ........................................................................................... 13 3.3.2 DEVELOP GREATER TWO-WAY TRADE WITH THE GREATER REGION .......................... 17 3.3.3 POSITION CHARTERS TOWERS TO BE A BENCHMARK COUNTRY CITY AND RURAL LIFESTYLE .. ..................................................................................................... 19 3.3.4 BUILD THE OPPORTUNITY FOR CHARTERS TOWERS TO BE THE MAJOR SERVICE CENTRE TO RURAL NORTH QUEENSLAND ..................................................................... 21 3.3.5 ENCOURAGE PEOPLE TO VISIT AND EXPERIENCE CHARTERS TOWERS ....................... 24 3.3.6 CAPTURE MAJOR INFRASTRUCTURE AND INDUSTRY INVESTMENTS FOR THE REGION ....... 26 3.3.7 SHAPE CHARTERS TOWERS’ INVESTMENT-FRIENDLY REPUTATION ........................... 28 4. WHERE TO FROM HERE? ............................................................................ 30 ADDENDUM A: ANTICIPATED STAKEHOLDERS .................................................. 31 ADDENDUM B: PRELIMINARY BUDGET GUIDANCE ............................................ 33 iii Charters Towers Region Economic Development Plan 2012-2017 Final 1. Introduction 1.1 Purpose of the Plan and Update In late 2008, AECgroup prepared the Charters Towers Economic Development Plan Situation Analysis to assist the region’s stakeholders to understand the economic environment and context for developing a new Economic Development Plan. The scope of the Situation Analysis was to: Report on the current socio-economic and industry structure of Charters Towers; Reflect on recent trends in expansion and development in the region; Review each industry sector and infrastructure area in Charters Towers; Develop a SWOT analysis of Charters Towers based on its industry and socio- economic structure; Undertake a number of economic analyses to help identify economic development opportunities in Charters Towers; and Identify and propose potential economic development themes and directions for Charters Towers. Much of this analysis remains relevant. However no analysis or outlook can perfectly account for the future. Furthermore, Charters Towers Regional Council has achieved or substantially progressed many of the actions in the 2009 Economic Development Plan. Further to the above in 2012 Charters Towers Regional Council has updated their Economic Development Plan. 1.2 Process and Methodology The 2012 Update of the Charters Towers Economic Development Plan is a limited scope update of the original analysis. It is developed from an updated socioeconomic snapshot of the region based on 2011 Census results, update of economic and industry performance figures and a review of assumptions and drivers that underpin the 2009 Economic Development Plan. A new prioritisation framework was developed to reflect the updated situation in 2012 and a range of initiatives evaluated. The highest ranking initiatives from this process are contained in this plan. 1.3 Focus of this Plan The 2012 Charters Towers Economic Development Plan incorporates updated direction from Council including: Increase focus on facilitating and building regional benefits from resources development; Take a more proactive approach to attracting investment; Ensure planning scheme policy aligns with economic development priorities to create an enabling environment for investment; Develop a more inclusive brand for Charters Towers, beyond agriculture and heritage; Elevate lifestyle development as an even stronger focus area; Communicate to the business community that Charters Towers is ‘open for business’; and Provide hard facts and assistance to encourage investment in Charters Towers. These directions were reflected in the selection of priorities for this plan. 1 Charters Towers Region Economic Development Plan 2012-2017 Final 2. Situation Analysis The following section summarises the updated socioeconomic situation for Charters Towers. The full socioeconomic update is contained in a separate report. 2.1 Summary Charters Towers has several areas of economic opportunity, and a number of