Shire adopts new framework to measure economic success

THE Surf Coast Shire has introduced a new model that aims to create a more holistic view of economic success across the municipality.

The Measures of Economic Success Framework follows the council’s adoption in October 2021 of its Economic Development Strategy, which focuses on prosperity instead of the historic use of Gross Domestic Product (GDP) as a measure of growth.

Under the framework, 15 metrics have been grouped into three strategic areas: People, Place and Business.

According to the offices’ report presented to councillors at their meeting last month, prosperity as an economic aspiration “considers success in the context of aspects beyond material wealth such as lifestyle, health and wellbeing, sustainability and the type of legacy we aim to leave for future generations”.

The metrics include highly-skilled workers, average tourism expenditure, local expenditure, business creation, and employment growth in key industries such as the arts, agriculture, health and tourism.

The framework is intended to grow a more diverse and sustainable local economy.

“Typically economic success is measured through GDP and jobs growth,” Cr Gary Allen said.

“We’re now focused on a more holistic view. We’ll look at factors that relate to the natural environment and lifestyle because we know this is what inspires people to live and work in the Surf Coast, and to visit.

“We know our community cherishes the natural environment so numerous metrics have a sustainability theme.

“From the number of workers who live locally – which helps reduce transport emissions – to corporate sustainability, as we know environmentally-accredited businesses deliver better outcomes such as waste reduction.”

Data will be sourced from well-established and trusted sources including Australian Bureau of Statistics, Tourism Research Australia, Public Transport Victoria, EcoTourism Australia and economic modelling programs.

Each metric will be scored out of 10.

Weighted scores will then be added in each theme to produce an overall score out of 10.

“The scores will tell us if we need to do more work to improve prosperity,” Cr Allen said.

“This new approach will enable us to direct resources and advocacy efforts where they’re required, to ultimately make the Surf Coast a better place for businesses and residents.”

The new measures align with the vision of the Economic Development Strategy: “By 2031, the Surf Coast is prosperous and has shaped its own identity that successfully combines lifestyle, environment, business and a strong sense of place”.