GROUND-BREAKING research is under way in the Limestone Coast to potentially unlock billions of dollars in growth opportunities.
The Limestone Coast Local Government Association (LGA) has partnered with the Regional Australia Institute to pinpoint priorities that will turbocharge the region’s economy.
Considered the nation’s leading independent “think-tank” for regional areas, the institute has already identified billions of dollars in growth opportunities for a number of interstate centres.
The Limestone Coast is the first region in the state and one of only eight across Australia to partner with the institute on the major project.
Regional Australia Institute general manager of partnerships David Spear – who was in Mount Gambier this week to meet with council and business delegates – said the initiative had a “solid track record”.
“We are looking at the economic growth trajectory for the region and we will be able to see the weaknesses and strengths,” Mr Spear told The Border Watch.
He said the study would identify the top three to five “game-changing” areas to give the best return to the economy and the community.
“Through that data insight and analysis we will be able to look at where the greatest benefits can be achieved by targeting particular areas,” he said.
He said this week’s visit was about “ground-truthing” the analysis the institute had already compiled.
“We are seeing an economic transition going on in the region, including a shift in growth towards services. This is particularly in health and social-type services,” Mr Spear said.
He revealed the competitive strengths of the region’s key industries – such as agribusiness, forestry and fishing – also remained fundamental.
While opportunities needed to be driven in other sectors, the leading analyst warned the region could not take its “eyes off the ball” in growing the competitive advantage of these key industries.
There is also an opportunity to grow the region’s “business-dynamo”, which refers to its vitality, innovation and entrepreneurialism.
“The data analysis shows the region has some real potential in that area. This project is about being on the front foot to make sure we have clear data and a business case,” Mr Spear said.
Limestone Coast LGA project manager Michaela Bell said the study would identify a path to grow the region’s population, economy and human services.
She said the project would also identify gaps hindering progress.
Ms Bell said the institute researchers would visit the seven councils as well as a number of key businesses this week.
Limestone Coast LCA president Mayor Erika Vickery said the project would give direction where the region could get the “most bang from the buck”.
She said this would allow councils to swing their energies behind these strategies.
The final report will likely be tabled at the Limestone Coast LGA June board meeting.
