Review to help build business

ALMOST 700 Sunshine Coast businesses have identified the three main drivers to grow the region’s economy and create more jobs and prosperity. The findings are based on a survey conducted by Lucid Economics and supported by Sunshine Coast Council, as part of a review of the Sunshine Coast Regional Economic Development Strategy.

Businesses representing various industries completed the survey. Two-thirds of respondents believed that growing existing businesses is the best way forward, while 64 per cent want a greater focus on innovation and entrepreneurship. Meanwhile, 55 per cent believe boosting the skills and talent of the workforce was necessary for growth.

The survey also revealed the key economic assets of the Sunshine Coast: lifestyle, environment, and tourism attractions. Inflation, labour availability, and increasing wages are seen as the three main barriers to growth.

Sunshine Coast Council Mayor Mark Jamieson said the insights shared were instrumental in shaping the review of the Regional Economic Development Strategy (REDS), which is 10 years into its 20-year vision. The feedback will inform the future direction of the REDS and ensure the Sunshine Coast remains on-track to realise its vision of becoming Australia’s most sustainable region: healthy, smart, and creative.

The REDS sets out a vision for the region to become a $33 billion dollar economy by 2033. The project is expected to be completed by September 2023.