EDA ECONOMIC REFORM ROUNDTABLE SUBMISSION
By Economic Development Australia
Australia is presented with a transformational opportunity to build economic complexity and resilience in order to meet the complex challenges of climate change and the shifting international economic and political landscape. Economic Development Australia( EDA) is ready to support the Government to unlock the Power of Place in order to achieve its ambitions for economic impact, competitiveness and productivity.
KEY SUBMISSION POINTS Creating a more dynamic and resilient economy Economic Development involves building the economic capacity of a place in order to deliver improved outcomes for the community. Best practice economic development is planned and executed at a regional, sub-regional and local scale( place).
Place is where policy becomes reality. Economic development is the intersection of infrastructure, skills, workforce, communities and wellbeing. A lack of coordinated, place based economic development strategy is resulting in many Australian cities and regions not realising their economic development potential. A coordinated, place-based approach will lift Australia’ s performance and thus, boost productivity.
Economic development has the most impact where there is partnership between different levels of government, academia, industry and other stakeholders. This connectivity has been lacking in Australia and has impacted competitiveness and productivity which relies heavily on linked up policy across all levels of government. EDA can play an impactful role, as a connecting force for these activities.
The Australian Government must recognise that transformational economic development happens locally, influenced by many factors outside its own macro policy controls. We urge the Government to build better connections to the local activities driving job creation, innovation and productivity which are happening withour cities and regions across Australia. EDA can facilitate these connections.
Investing in the net zero transformation To stem the decline in economic complexity experienced over the last decade, more impactful policy settings which accelerate areas of competitiveness are urgently required. EDA is building capacity in high-value investment attraction through its national training program, membership resources and its national Community of Practice( Investment Attraction).
EDA can play an important role in ensuring the growth potential of all towns, cities and regions are met.
Building a skilled and adaptable workforce Australia’ s economic development, competitiveness and productivity relies on proactively and urgently understanding and leveraging emerging and disruptive technologies at a place-based level. These innovations can boost productivity, community wealth building and resilience and EDA is leading efforts to ensure our cities and regions are poised to embrace and leverage this rapidly changing space.
Harnessing data and digital technology As the Government develops new programs seeking to boost Australia’ s productivity, all economic development activities should be framed within a theory of change to understand impact and efficacy.
Economic Development activities must be orientated towards sustainable, equitable and place-based economic development outcomes, the outcomes of which require consideration of different targets and metrics. EDA has been leading the national discussion for progressive economic development metrics.
VOL 18 NO 2 2025 06 www. edaustralia. com. au