The Productivity Commission recently released an Initial Report into Transitioning Regional Economies. The Inquiry is intended to examine the regional geography of Australia’s economic transition, since the mining investment boom, to identify those regions and localities that face significant challenges in successfully transitioning to a more sustainable economic base and the factors which will influence their capacity to adapt to changes in economic circumstances.
The Initial Report found communities dependent on mining are considered highly resilient but regions with dependency on manufacturing have relatively low adaptive capacity. Policy for managing the transition of regional economies would thus not be a panacea approach, rather management is required to be led by local communities in partnership with government. This would emphasise the importance of enhancing the capacities of local people through the design of a management plans that have clear objectives and are capable of quantifying progress. The Final Report is due in December 2017. Submissions are now open.
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