body bg

Inform-Banner

[In]Sight: Economic diversification and the competitiveness of regional Australia

  • Year: 2014
  • Author: Regional Australia Institute
  • Country: Australia
[In]Sight is an online index and interactive map tracking the competitiveness of Australia’s 560 Local Government Areas (LGA) and 55 Regional Development Australia (RDA) regions, unlocking thousands of insights into regional Australia. 
 
 [In]Sight’s economic diversification indicator (within the Business Sophistication theme) is based on a comparison of the industry employment profile (% of workers in each industry) for each LGA and RDA with Australia’s national employment profile. More diverse regions have an employment profile closer to the profile for the economy as a whole. 
 
This report shows that:
  • Australia’s regions are more economically diverse than most people assume. 
  • Diversity is possible in all regions. 
  • While diverse regions are generally also more competitive, many diverse regions are not highly competitive. 
While diversification should be included as one indicator of success for regional development, 
[In]Sight results suggest that for most regions further diversity of employment should not be a goal in itself. Instead, a strategy of building the local contribution of existing industry to ensure that the 
diversity already present in a region can be effective in offsetting the risks from a reliance on one or more key industries. 

Related Items

The Anatomy of the Australian Entrepreneur: Understanding Micro, Small and Medium Business Entrepreneurs in Australia

This report is the result of research into how Indigenous and non-Indigenous owned micro, small...

Bringing Business into Australian Regional Development

Much of Australia's insight into business conditions is dominated by metropolitan perspectives,...

Regional Economic Development Guide

Australia’s regions are vital to the national economy, cultural identity and environmental...

Share this with your friends

Footer Logo

Contact Us

Level 2, 53 Blackall Street
Barton ACT 2600
AUSTRALIA
Telephone: 02 6260 3733
or email us