Regional Economic Development Plan

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Project Description

The Regional Economic Development Plan will set out a vision for Northern Tasmania and identify where future economic growth and jobs are likely to emerge.

The plan will be developed by 2018. It will provide the framework for the Northern Tasmania Regional Futures Plan and identify long-term targets for regional economic growth. It will focus on delivering business growth by promoting innovation and addressing skill requirements in the food and agribusiness, tourism, manufacturing, innovation and entrepreneurship, health and education sectors.

Regional Economic Development Plan

 

The plan will include an economic vision and objectives for the region; a contextual assessment which identifies areas of regional strength and likely change; an assessment of regional opportunities; an implementation plan that prioritises actions to promote business growth including infrastructure development, city planning, regulatory reform, and investment in innovation, research, education and skills; and a monitoring and evaluation framework.

Progress Statement

The Northern Tasmanian Development Corporation is developing a Key Directions Report comprising two components: a state of the region scenario and future economic growth scenario. This report will provide a snapshot of how the region is currently performing, as well as its potential growth options, which will be tested with regional communities, business and government agencies to inform the creation of the Regional Economic Development Plan. The Key Directions Report will be released during Q3 2018.

In March 2018, a Regional Modelling Platform was launched with the support of council members in the region. The Platform has been created to ensure consistent data is used for measuring the region’s economic and social profile. It can be accessed at https://economy.id.com.au/northern-tasmania

Six key focal areas have been identified within the Regional Economic Development Plan: Industry, Population, Place-making, Human Capital, Investment and Innovation. Emphasis on these areas will shape the plan's ultimate direction.

Next Steps and Milestones

Q3 2018: The Key Directions Report 'Future Economic Growth Scenarios', which identifies key sectors and outlines a preferred future, will be released.

Q4 2018: The consultation phase will conclude after running for 14 months. The consultation phase will involve the Northern Tasmanian Development Corporation consulting with enterprises and project proponents to identify business expansion and investment opportunities, new industry sectors, opportunities to leverage cultural assets, capacity building projects and enabling regional infrastructure that will promote and enable economic prosperity within individual local government areas and the region.

Q4 2018: The plan will be completed by the end of 2018 and implemented from 2018 to 2022. Further information can be found on the Northern Tasmanian Development Corporation’s website: http://ntdc.org.au/redp18/

Financial Information

Project cost: $300,000

Funding partners:

  • $140,000 - Tasmanian Government.
  • $160,000 - Regional Councils (via Northern Tasmanian Development Corporation ) (City of Launceston, Northern Midlands, Meander Valley, Flinders, Dorset, Break O’Day, George Town and West Tamar).

Responsibilities

The Northern Tasmanian Development Corporation (NTDC)  will develop the plan and engage with regional councils, the Launceston Chamber of Commerce, community groups, Aboriginal associations, Regional Development Australia Tasmania, the University of Tasmania, researchers and the Tasmanian Government.

The plan will be made publicly available following endorsement by the Launceston City Deal Executive Board. The NTDC will provide the Launceston City Deal Executive Board with regular reports on progress against agreed metrics and will release an annual public report.

The Australian and Tasmanian Governments will provide data to support the plan as necessary.