unsystematic approach . It often occurs when surplus assets are identified or when asset sales are required for budgetary reasons , or when an opportunity to partner with a community or social enterprise arises .
WHERE DO WE GO FROM HERE ? As yet , no Australian Council has prepared a comprehensive CWB strategy that looks at all aspects , however the City of Sydney is moving in this direction . It is developing an overarching CWB framework and policy to guide all their future activities and spending . This framework should help drive the CWB purpose more clearly in service and infrastructure delivery and serve as a clear statement of the council ’ s values and how they will conduct themselves .
Adopting a CWB approach is about decision making that is much broader than financial cost . To be effective , it requires building relationships across communities and between local institutions . It requires access to tools and strategies to build up local suppliers and implement social procurement policies . For local government , it begins with recognising that traditional models aren ’ t working , setting the CWB vision and then working with partners to change the culture .
As the name implies , Community Wealth Building needs to start by looking at the circumstances of the specific community and asking , how can we use these principles of place-based economic justice in the way that suits and meets the needs of our community ? It will be based on a response to local communities and their needs and the development of sustainable , fair and inclusive local economies . While Australian local governments has been slow to adopt CWB to drive their local economic development activities , the benefits of doing so are significant and the post-Covid context provides the perfect opportunity for this shift .
Note : CLES is working with cities and jurisdictions in the UK to implement Community Wealth Building . SGS Economics and Planning has an MOU with CLES to promote CWB in local economic development in Australia .
REFERENCES
ABOUT THE AUTHOR
PATRICK FENSHAM Patrick Fensham is a Principal and Partner at SGS Economics and Planning and has 30 years experience in consulting including in economic development and strategic planning . He has worked internationally and in all states of Australia , for private sector clients as well as for all levels of government . Pat has undertaken numerous economic and employment related studies in his time with SGS including a Greater Western Sydney Economic Development Strategy , a Newcastle Job Creation Strategy and the Warnervale Economic Land Use Study for Central Coast Council . Pat presented with a panel of consultants organised by the City of Greater Bendigo reviewing the proposition for an Economic and Innovation Corridor from Melbourne to Echuca . In 2019 Pat completed a three week learning exchange with the Centre for Local Economic Strategies ( CLES ) in Manchester in the UK . CLES has been leading the development and application of Community Wealth Building initiatives with several UK cities and with the Welsh and Scottish governments . Pat ’ s public speaking engagements include presenting to the Bendigo Invention and Innovation Festival 2020 and the VLGA-LGiU Global Local Executive Panel on Community Wealth Building . Pat is also part of the SGS team involved in delivering the EDA ’ s National Education and Training Program .
IT ’ S TIME TO
PUT ROCKY ON YOUR RADAR
ADVANCEROCKHAMPTON . COM . AU