Regional economic development refers to the development of a region through sustained action to harness engines of the economy and promote economic wellbeing and standard of living. This includes diversification, specialisation, and growth of key industrial sectors, that delivers economic wellbeing to the communities of a region through sustainable jobs and income.
This is important for meeting the Hunter JO’s strategic priority of ‘Jobs and a Growing Economy’ for its local people, particularly during a time of global economic transformation and opportunity.
The below image identifies the importance of place for the delivery of shared interest or public goods at a regional scale, centred around the role of businesses (B), consumers (C) and the market that combine to form engines for sustainable growth of jobs and income.
The role of the Hunter JO in regional economic development is to set the policy parameters at a regional scale that support innovation, business diversification, activation, and acceleration. This supports our rapidly growing population with consistent and improved jobs and income, as the broader economy undergoes significant structural change.
Place-based, locally representative and responsible leadership is extremely important in the visioning of the Hunter’s future. Having a shared perspective from local leaders when identifying engines for sustainable jobs and economic growth ensures solutions are tailored to the place, its people, its geography, and its connections.
The current activities of the Hunter JO in regional economic development involves a series of projects and committees that align with the strategic priority of ‘Jobs and a Growing Economy’. These projects and committees include:
- Subcommittee for Economic Evolution (see below)
- Strategic Economic Development Review (see below)
- Hunter 2050
- Hunter Venture Fund (HVF)
- Priority Infrastructure Lists (PIL)
- Hunter Global
- Accelerating Event Economies (A2E)
NSW Government projects include:
- Expert Panel & Royalties for Rejuvenation (RfR)
- Upper Hunter Economic Diversification Action Plan
- Regional Economic Development Strategies (REDs)
Subcommittee for Economic Evolution
The governance relationship between the Subcommittee for Economic Evolution (SEE), Expert Panel and RfR are presented in the below image, including the role of the Hunter JO in regional leadership, advocacy, and collaboration across a range of projects, that inform the Board through its SEE.
Strategic Economic Development Review
The Strategic Economic Development Review was undertaken as a desktop review of the economic development strategies of each of our Member Councils and identified common themes and possible gaps (see below image). This continued refinement of projects suitable for the role of regional efforts by the Hunter JO, continues as part of our Strategic Planning process.
Some examples of projects identified through this mapping exercise are:
- Hunter Economic Model
- State Assets Return
- Regional Transition Masterplan
- Integrated Regional Airports’ Strategy
For more information on the Hunter JO’s role in the region’s economic evolution, contact rppd@hunterjo.com.au
