Different paths to local economic development
Across Australia, councils are turning to economic development strategies to shape their local economies. But these strategies are far from uniform. They vary by scope, audience and approach. These differences reveal a lot about local priorities.
Different audiences
Economic development strategies are written with multiple audiences in mind — local residents, businesses, councillors and external stakeholders.
Some strategies lean inward, focusing on supporting local communities and businesses through skills, services and liveability. Surf Coast’s strategy is a good example, highlighting small business support, town centre vitality and sustainable growth.
Others lean outward, positioning the municipality within the state, national or global economy. The City of Melbourne’s strategy is firmly outward-facing, highlighting the city’s contribution to the Victorian and national economy. Moreton Bay has also taken this approach, emphasising its role as a major growth hub for South East Queensland. Geelong’s strategy is similarly outward-facing, setting out the region’s role as a driver of growth and investment beyond its boundaries.
Every council takes a different path to economic development, but place is always central.
Different scopes
Some strategies are ‘whole of council’ documents, spanning transport, safety, liveability and the economy. Adelaide’s work reflects this integrated approach, making economic development part of the city’s broader identity.
Others are tightly focused on the economic development unit itself. Moreton Bay’s strategy has more of an emphasis on operational matters — business engagement, investment attraction and workforce initiatives. This narrower scope can sharpen priorities and give the team clear accountability.
Different approaches
Councils also differ in how they structure their strategies:
Place-integrated: A growing number combine economy and place into a single document. Stonnington has framed its strategy around activity centres and precincts. Greater Dandenong is developing an Economy and Place Strategy, linking sustainable growth, wellbeing and the activation of centres such as Central Dandenong, Springvale and Noble Park. Casey has taken a similar approach, embedding economic development in liveability and precinct planning. Together, these examples highlight how economic strategy and place-making are increasingly converging.
Network-based: Monash has focused on its university and innovation precincts, convening networks of industry, academia and government to drive growth.
Sectoral: Almost every strategy includes a sectoral lens, reflecting local strengths — manufacturing in Dandenong, tourism and international education in Cairns, or digital industries in Melbourne. The choice of sectors helps define where councils see their competitive edge.
The strategy ecosystem
Economic development strategies don’t exist in a vacuum. They often intersect with other council documents that play complementary roles.
Investment prospectuses: These are one of the most common follow-on tools. For example, Whittlesea has produced a prospectus informed by its strategy to showcase regional opportunities. Where the strategy sets the direction, the prospectus translates it into a concise, outward-facing pitch for investors and government.
International engagement frameworks: The City of Melbourne’s strategy connects directly with its international engagement work, linking local strengths to global opportunities.
Council plans: At the highest level, council plans set broad priorities for governance and community wellbeing. Economic development strategies need to align, showing how growth supports liveability, sustainability and inclusion.
When these documents are integrated, councils create a clear narrative: the economic development strategy sets direction, the prospectus markets opportunities, international frameworks extend reach, and the council plan ensures alignment.
Common priorities
Despite the variation, some themes appear again and again across Australia:
Innovation and industry growth: from Monash’s innovation precincts to the City of Melbourne’s focus on tech sectors.
Skills and workforce: partnerships with TAFEs, universities and schools, central in places like Moreton Bay and Whittlesea.
Small business support: concierge services, training and networking feature in nearly every strategy.
Investment attraction: outward-facing economic development strategies, like those in Melbourne, Geelong and Cairns, position their economies for state, national and global investment.
Place activation: activity centres and main streets remain a focus, linking vibrancy with economic outcomes.
Sustainability and climate opportunity: a growing theme, with climate action framed as both an economic driver and resilience measure.
What works well
The strongest strategies match scope with audience. The City of Melbourne’s outward-facing strategy makes sense for a global city, just as Surf Coast’s locally focused plan makes sense for a smaller, community-oriented shire. Moreton Bay’s regionally focused plan makes sense for a fast-growing hub.
Place-integrated approaches, like those in Stonnington, Dandenong and Casey, are powerful where activity centres drive much of the local economy. Sectoral approaches provide clarity when grounded in genuine competitive advantages. Network approaches, like Monash’s, create momentum by drawing partners together.
Above all, successful strategies are anchored in evidence and lead to action. They build credibility with investors, confidence with businesses, and trust with the community.
Closing thought
Economic development strategies are never one-size-fits-all. Councils choose different lenses depending on their context, resources and ambitions. The best align scope, audience and approach — and connect with other plans to form a coherent narrative. Done well, they don’t just sit on a shelf. They shape how a community grows, and how it positions itself in a changing economy.
Econovation helps councils design and deliver economic development strategies that are evidence-based, action-oriented and outward-looking where it counts. If your council is considering a new strategy, or refreshing an existing one, contact Andrew Wear (andrew.wear@econovation.com.au) for a discussion on how Econovation might be able to help.