The Sunshine Coast and surrounds could evolve from a tourism-dependent economy to a technology stronghold, according to a new report.
A blueprint for growth was officially unveiled by Regional Development Australia Moreton Bay and Sunshine Coast (RDAMBSC) this month, after analysis of the region’s economic drivers and the learnings from the pandemic.
The group commissioned the University of Technology Sydney’s (UTS) Centre for Local Government to undertake an independent review.
The result was the Shaping the Future report, which found that the Sunshine Coast, Noosa and Moreton Bay “stand poised to evolve from a tourism-dependent economy to a diversified, future-ready, tech-enabled regional leader”.
“Tourism has long been a cornerstone of the region’s economy … however the sector’s vulnerability to external shocks, such as the COVID-19 pandemic, underscores the need for economic diversification,” the report stated.
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“The transition from ‘tourism to tech’ encapsulates the region’s emerging opportunity to cultivate a technology-driven economy.
“Leveraging its existing strengths — natural assets, quality of life and community engagement — RDAMBSC can create a more resilient economic future through strategic investments in technology, innovation and industry diversification.
“This requires a multifaceted strategy.
“Building an innovation ecosystem, including tech incubators and research partnerships, is essential, as is developing a skilled workforce with a focus on digital, advanced manufacturing and healthcare technology capabilities.
“Investment in digital infrastructure, particularly high-speed internet and 5G, will ensure the region remains competitive in the global digital economy.”
RDAMBSC, formed last year to help drive economic growth in the region, is one of 50 RDAs funded by the federal government.
RDAMBSC chair Gavin Keeley said the independent review could help stakeholders in the region work together for better economic outcomes.
“This is a critical time to invest in bringing together the insights and evidence base that informs our longer-term view of our region’s strategic investment needs and gives us the tools and partnerships to start activating and advocating for these opportunities,” he said.
“Through collaboration we’re looking to amplify and, where possible, accelerate quality region-led initiatives and opportunities.
“The RDAMBSC case demonstrates how regions can pursue knowledge-intensive growth while maintaining their distinctive character and environmental values.
“Success requires sustained collaboration between government, industry, and education providers, supported by substantial strategic infrastructure investment and careful attention to skills development.
“This region has so much promise for Queensland and beyond and it’s primed for the next step.”
The Shaping the Future report considered factors such as the region substantially outstripping the government’s growth projections, and the region having the highest internal migration flows to a regional area in Australia, with latest data showing nearly one in five house relocations to regional Australia come to the region.
Stakeholders and RDAMBSC recently discussed the report at sessions at Peregian Beach, Maroochydore and Petrie.
