The Sunshine Coast is at the halfway mark and continuing on with a 20-year plan to drive an innovative, adaptive, resilient and climate-ready economy.
Sunshine Coast Council councillors yesterday unanimously approved the Sunshine Coast Regional Economic Development Strategy 2013-2033 (2023 refresh) at this month’s Ordinary Meeting.
Since 2013, the Regional Economic Development Strategy (REDS) has provided a 20-year vision and blueprint for sustainable economic growth to help to ensure the region actively participates in the global economy and delivers the lifestyle and opportunities for local residents and businesses.
Mayor Mark Jamieson said he was proud to see the strategy’s commitments and bold thinking were paying off.
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And he said he was “extremely proud” that the Coast was now one of Australia’s strongest regional economies.
Cr Jamieson said the four goals in the strategy – growing our economy, generating more high-value employment, increasing exports and improving household incomes – remained at the heart of the next five-year implementation plan.
“Our region is growing at a faster rate compared to many other similar regions across Australia and we are well on track to achieving our target of $33 billion in 2033, with our economy currently valued at $21 billion,” he said.
“Median household income levels are progressing well towards being above the state average by 2033. At the time of the most recent Census being conducted in 2021, median household income levels were just 4.8 per cent below the state – much closer than the 9.1 per cent difference in 2018.
“This means less people are leaving the Sunshine Coast for higher-paying jobs, and we can attract and retain talented individuals who want to work, play and stay here.
“Our high-value jobs are growing at a fast pace with 17,000 new positions created since 2018, bringing the current total to 92,000 high-value jobs and nearing our goal of 100,000 jobs by 2033.
“Meanwhile, our regional exports have grown solidly recently and are now exceeding the growth required to reach our goal of 20 per cent.
“As our region and economy continue to evolve. So, too, does our strategy.
“Our focus on a diversified economy through our seven high-value industries remains strong. However, our ability to adapt and support new emerging industries will be critical to our long-term success.
“That’s why a more holistic approach to the strategy is required which expands upon our seven high-value industries to include six new and emerging broad economies within the areas of knowledge, digital, production, green, visitor and place-based.”
Under the five-year implementation plan, the council will collaborate with business and industry partners to deliver and support a suite of actions from 2023 to 2028 to drive greater opportunities and prosperity for the region and its residents.
Food and Agribusiness Network (FAN) CEO Nicole McNaughton said the evolution of the region’s food and agribusiness industry was testament to the REDS.
“FAN was borne out of the initial REDS with the industry then valued at $725 million,” Mrs McNaughton said.
“Today, we’re proud to be recognised as a leading Australian food industry cluster and the proof is in the pudding with the industry now valued at over $1 billion.”
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Economic Development Portfolio Councillor Terry Landsberg acknowledged the efforts and contributions of business and industry and the other tiers of government in achieving the results so far, and he encouraged collaboration to continue.
“Together with industry and business, our council will continue to collaborate, providing leadership, guidance, commitment and appropriate policy measures to realise the REDS objectives,” he said.
“This five-year implementation plan ensures our economy will be driven through technology and innovation, knowledge and talent plus an underlying principle of equity and prosperity for our entire community – further cementing our vision to be Australia’s most sustainable region: Healthy. Smart. Creative.”
REDS Annual Report
In alignment with the REDS Implementation Plan, Sunshine Coast Council also endorsed its 2022/23 Sunshine Coast Regional Economic Development Strategy Annual Report at the Ordinary Meeting.
Economic Development Portfolio Councillor Jason O’Pray encouraged the community to read the report to gain deeper insights into the collective work that the council, business community and industry partners are doing to create a thriving economy.
‘This report is a record of an extraordinary year and highlights the important work being done to drive a strong and resilient economy,” he said.
“A key highlight of the report is through our investment attraction and major events opportunities where we achieved an estimated economic impact of $388.96 million and the creation of 1897 jobs, both directly and indirectly.
“We are also now home to the national Critical Infrastructure Information and Sharing Analysis Centre and a growing list of national and international corporate businesses such as Youi, Genpact, McCormick and Co and Kilcoy Global Foods.
“Meanwhile, the Maroochydore City Centre is developing well, and we are making significant strides in our role as a key delivery partner for the Brisbane 2032 Olympic and Paralympic Games.”
Watch the REDS Refresh highlights video here.
Read the REDS Refresh and REDS Annual Report here.
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