In this blog series on economic development, I talk about our natural and open space assets, town planning, local businesses, activities and heritage and how they all intertwine to provide economic benefits to the area and underpin my Focus 2024+ Areas if re-elected in the 2024 Council Elections.
But first, what is Economic Development?
What is Economic Development?
There is no one definition of what economic development is, most definitions make the distinction between economic development and economic growth. The latter deals only with gross financial outputs but there is much more to economic development than this.
Municipal Association of Victoria (MAV) Definition
The MAV, of which I am a board member and current Deputy President (Non Metro), aims to assist local councils like the Macedon Ranges Shire Council with their economies through their Annual Plan and their definition is my reference when working with the community.
” We will work with the local government sector to design and support practices that facilitate long-term economic growth without negatively impacting the social, environmental and cultural aspects of the community.
To do this, we will explore diverse strategies for achieving economic growth that strengthen local industries and improve circular economy performance. We will prioritise working with councils to enable the right conditions for creative and entrepreneurial thinking to meet future challenges and needs.” (MAV Annual Plan 2024 Strategy 4 Sustainable Economy)
Local Government NSW Definition
I really like the statement on Local Government NSW’s website:
“Local government plays a key role in the promotion of local and regional economic development and employment growth. Economic development creates employment, provides essential goods and services and establishes communities as attractive places to live, work, learn and visit.
The sphere of local government is closest to the community, therefore it has a unique role in recognising and enhancing the identity of local places. Indeed, local character is a key economic asset, which is why councils strive to find a balance between economic growth and the preservation of local culture.”
These examples demonstrate that economic growth without economic development runs the risk of destroying what drove the economy in the first place.
What may have seemed like a good growth strategy for individual businesses may in fact be detrimental to their businesses, and to the amenity and lifestyle of the local community and the greater good.
My 2024+ Focus Areas that benefit Economic Development
Find out more about the key areas that I am focusing on for 2024+ in the articles below and how these are economic development assets for the Macedon Ranges Shire:
CR JENNIFER ANDERSON 