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City of Ballarat Community Magazine June 2010
2010 -- 2014 adopted
Council recently adopted its Economic Strategy 2010 -- 2014 which sets
out a 20-year vision for the Ballarat economy. The Economic Strategy will
help Council leverage economic development opportunities to ensure
they meet the employment and service needs of the city's growing
The Strategy articulates Council's vision and objectives for Ballarat's
current and future economy. The economic vision outlined in the Strategy
has three themes:
1. The Capital of Western Victoria
By building on existing services, facilities and infrastructure linkages,
Ballarat will consolidate its position as the capital of Western
Victoria over the next 20 years. The communities of Western Victoria
will look to Ballarat to meet their higher order retail, service,
business, institutional, entertainment, recreation and cultural needs.
2. Australia's premier high tech and knowledge based regional
Ballarat's diversified knowledge based economy -- defined by
higher education, health services, research, manufacturing,
information technology and business services - will grow, integrate
and evolve to generate significant new investment and employment.
People from around Australia will look to relocate to Ballarat to
access its high quality job and lifestyle opportunities.
3. Capitalising on population growth - A bigger and more diverse
As the local economy grows and diversifies, Ballarat will
accommodate a much larger and more diverse population.
In-migration of people will accelerate as the city embraces and
facilitates growth by providing appropriate housing, retailing and
other services in partnership with other spheres of government and
the business community.
KEY INDUSTRY SECTORS AND ECONOMY WIDE
The research and consultation that was undertaken in developing the
Economic Strategy identified seven industry sector priority areas and two
economy wide priority areas for Ballarat.
The seven sectors identified are Business Services (including property,
finance and insurance), Health and Community Services, Education,
Tourism, Retail, Manufacturing and Information, Communications and
The analysis driven by the Economic Strategy suggests that these
industries are strategic in nature, either as existing export sectors of
the economy or emerging/high growth sectors that have the potential
to drive economic growth activity in the near future. Each sector has
been assessed with regards to employment growth as well as share
and contribution to local economic output, value added services and
products, and future potential for expansion.
The two economy wide priority areas cover all industry sectors and are
considered fundamental pre-conditions for investment and economic
development in the region. The areas identified are:
Human Capital and Workforce: having access to a skilled workforce
makes local firms more competitive and makes Ballarat a more attractive
place to establish a new business.
Business Development and Innovation: this requires strong networks and
cooperation between industry associations to support growth, change
and new investment.
The Economic Strategy is a document for the entire city. Council alone
does not drive economic development -- it is a combination of Council,
the community, business and industry working together to drive economic
growth and prosperity for Ballarat and the region.
To view the Economic Strategy 2010 -- 2014, visit Council's website at
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