The City of Ballarat Economic Program 2015 – 2019 sets out a practical framework to guide economic development in the City of Ballarat over the next four years
The Program builds on Councils 20 year economic vision which incorporates three core themes:
1. Regional Development - The Capital of Western Victoria
2. Economic Growth and Diversification - Australia’s Premier High Technology and Knowledge Based Regional Economy
3. Capitalising on Population Growth - A Bigger and More Diverse Community
While addressing the period 2015 – 2019, the program has an eye to the future and lays the foundations for Ballarat to continue its growth and development embracing elements of the new economy such as information, communications and telecommunications while retaining its core and fundamental strengths in key industries such as manufacturing.
Underpinned by a detailed literature review, best practice analysis and extensive industry consultation, the final document was guided by a project reference committee comprising over 20 of Ballarat’s commercial, industry and economic leaders.
The Economic Program presents clear economic scenarios and outcomes for Ballarat based on forecast population growth, participation rates and productivity gains. To drive these outcomes and leverage Ballarat’s core economic assets four key platforms have been identified:
1. Economic Growth and Transformation - actively nurturing opportunities for local firms to deliver productivity gains, improved participation levels and ongoing economic and industry growth resulting from Ballarat’s strong forecast population growth
2. CBD Activation – driving the activation of Ballarat’s CBD to further develop one of the city’s economic turbines
3. Innovation – improving the quality of economic activities through innovation to achieve an increase in standard of living
4. Building Capacity From Within
a) improving the capabilities of local firms to positively influence economic growth and employment creation
b) Building and developing key economic sectors including health, retail, manufacturing, education, tourism, construction, business services, information communications and telecommunications and agriculture
The Economic Strategy 2010-2014 sets out a 20-year vision for the Ballarat economy. It outlines the role of Council, businesses, industry, government and other stakeholders to achieve this vision.
The Strategy will help Council and stakeholders to deliver economic development outcomes to ensure we can meet the employment and service needs of the city’s growing population and prepare for the changing industry structure.
In developing the Economic Strategy, Council engaged industry experts to provide their input and buy-in to the overall vision and the Strategy itself.
The vision, as outlined in the Strategy, is for Ballarat to become:
The Capital of Western Victoria - By building on existing services, facilities and infrastructure linkages, Ballarat will consolidate its position as the capital of Western Victoria over the next 20 years.
Australia’s premier high tech and knowledge based regional economy - Ballarat’s diversified knowledge based economy – defined by higher education, health services, research, manufacturing, information technology and business services - will grow, integrate and evolve to generate significant new investment and employment.
A bigger and more diverse community - As the local economy grows and diversifies, Ballarat will accommodate a much larger and more diverse population.
The research and consultation that was undertaken to inform the Economic Strategy identified seven key industry sectors that are significant to the Ballarat economy. The sectors identified are:
Business Services (including property, finance and insurance)
Health and Community Services
Manufacturing and Information
Communications and Technology (ICT)
The Strategy also identifies two economy wide priority areas that are vital to the growth of the Ballarat economy - a skilled workforce and business development and innovation capabilities.