LOCAL GOVERNMENT
THE NEW AGENTS OF CHANGE AND PROSPERITY
Michael Faulkner , Lead Business and Economic Development , City of Cockburn and Victoria Green , Executive Corporate Affairs , City of Cockburn .
ABSTRACT From a societal point of view , increases in quality of life , which includes longterm prosperity , is the ultimate vision of economic development for democratic governments .
Over the past ten years , the role that local governments ’ play in the lives of its residents has changed from the traditional regulator , facilities operator and service provider , to a broader role as facilitator and enabler of business growth and industry stimulus .
Local communities and businesses have gradually increased their expectations of local government in all spheres , however the role of economic development in particular , is an area that has evolved to being that of an ‘ agent of change ’ and a ‘ conduit ’ between local government policy and compliance , enabling private enterprises ’ entrepreneurial aspirations and commercial outcomes to be encouraged .
No longer seen as just regulators , local governments , through this expanded economic development functionality , assist businesses in building capacity and capability . This is achieved through collective action and large-scale , longterm investment , and by supporting innovation creativity .
From micro sole traders to global organisations , the spectrum is vast . Facilitating and advocating for industrial upgrades , regulatory reform and infrastructure improvements , local governments can assist in lowering transaction costs to expedite economic exchanges , reduce risk and red tape , and support the utilisation of private sector capabilities .
Key to the success in implementing local government economic development activities is :
• Having a strategic focal point and motivator for local governments ’ increased involvement in economic development and investment attraction .
• Having the capacity to invest in projects that otherwise would not initially be commercially attractive to the private sector .
• Desire to develop the “ Knowledgebased ” economy to stem “ Brain Drain ”.
• The capability to generate social capital , build trust to increase business engagement .
• Inter-departmental cohesiveness .
VOL 15 NO 1 2022 10 www . edaustralia . com . au