What is an economic development strategy, and why is it important for our local business?

    Economic development is about the continuous improvement in an area’s level of income and capital (wealth) and the distribution of that wealth (through local expenditure and jobs) to the community.

    Typically measured in terms of investment, income flows, population growth and employment, economic development is also measured by improvements in education, skills, health, culture, community wellbeing, ‘place’ and the natural environment. Ultimately, economic development is about improving quality of life or to capture the concept more succinctly, it is about prosperity. 

    In pursuing prosperity, it is important to articulate and focus on key objectives that will have meaningful and measurable outcomes for the communities of Mitchell Shire. 

    Providing opportunities for Mitchell Shire’s growing population to access employment, housing, key services and facilities is a desired outcome because it will serve to make the communities of the Shire more resilient, more sustainable and more prosperous.

    What particular industries or sectors are focused on in the Economic Development Strategy?

    Following a careful examination of local economic trends, existing infrastructure, workforce capabilities, potential growth sectors, and community needs, coupled with consultations with local businesses, the identified industries and sectors that will take precedence in the coming years will shape the formulation of the Economic Development Strategy.

    How is tourism and visitor economy considered in an economic development strategy, and how can our business benefit from this aspect?

    In an economic development strategy, tourism and the visitor economy are often considered as significant components due to their potential to generate economic growth, create jobs, and enhance the overall prosperity of a region. Attracting Tourists to a region via the promotion of local attractions, cultural events and natural landmarks often benefits a business in the following ways:

    • Diversification of economy - by tourism-related businesses such as hotels, restaurants, and recreational activities, the community becomes less dependent on a single industry, making it more resilient to economic fluctuations. 
    • Job Creation - both directly in tourism-related businesses and indirectly in supporting industries. This can lead to increased job availability and a more dynamic local labor market.
    • Infrastructure Development - such as transportation, accommodation, and recreational facilities not only benefits tourists but also enhances the overall business environment in the area.
    • Supports local culture and heritage - via promoting cultural tourism, funding cultural events, engaging the community in heritage preservation, supporting local arts and crafts.
    • Increased Business Opportunities - such as partnerships with tour operators, souvenir shops, and event organizers.
    • Community Engagement -  fosters a sense of pride and ownership. 

    How do I offer input or provide feedback to the Mitchell Shire Council regarding the ongoing efforts on the Economic Development Strategy?

    This page offers a chance to share your thoughts by responding to three general questions. For more detailed input, feel free to reach out to mitchell@mitchellshire.vic.gov.au. Additionally, you'll have the opportunity to provide feedback on the draft Economic Development Strategy when it is released on this page in April.