Sunshine Coast business owners and operators have identified what they believe are the keys to the region’s economic success, as well as some of its greatest hurdles.
Almost 700 local business people shared their vision via a comprehensive survey, conducted by Lucid Economics and supported by Sunshine Coast Council, as part of a review of the Sunshine Coast Regional Economic Development Strategy.
There was representation from multiple towns and industries, including agriculture, accommodation and food services, education, health care, retail trade, transport and tourism.
Two thirds of respondents believed the best way forward was to focus on growing existing businesses.
Two thirds also wanted a greater focus on innovation and entrepreneurship, while more than half believed the region must boost the skills and talent of its workforce.
They said the Sunshine Coast’s key economic assets were lifestyle (84 per cent), environment (77 per cent) and tourism attractions (44 per cent).
Meanwhile, the three key barriers for growth were inflation (63 per cent), labour availability (51 per cent) and increasing wages (32 per cent).
Sunshine Coast Council Mayor Mark Jamieson said the insights were instrumental in shaping the review of the Regional Economic Development Strategy (REDS), which is 10 years into its 20-year vision.
“The feedback will inform the future direction of the REDS and ensure we remain on track to realise our vision of being Australia’s most sustainable region: healthy, smart, creative,” he said via a council media release.
“It’s not surprising to see half of respondents had come to the region for our enviable lifestyle and amenities, and that our standout economic assets included our natural environment, tourism attractions, Sunshine Coast Airport and UniSC.
“While the Sunshine Coast offers a relaxed and dynamic work environment for businesses to thrive, a key barrier to growth, which was clear from the survey, is the availability of labour and staff.
“Initiatives such as the recently launched Sunshine Coast Jobs Hub is a great example of how council is listening to the business community and striving to attract, develop and retain talent in the region.
“The REDS sets out a vision for the region to become a $33 billion economy by 2033, and with the economy currently sitting at $21.5 billion, it is an important reminder that we must continue to do the work to ensure that this vision is realised.”
The 2023 REDS review will also take into consideration the future opportunities and challenges associated with the ongoing economic impacts of the pandemic; the opportunities to leverage Queensland’s successful bid to host the 2032 Brisbane Olympic and Paralympic Games; and the opportunities arising from Sunshine Coast being officially recognised as a UNESCO Biosphere Reserve.
The review of the Regional Economic Development Strategy has been under way since January and has included a range of community consultation methods, including the survey. It is anticipated that the project will be completed by September.
For more information see Regional Economic Development Strategy.
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