Recreation opportunities, public transport, environmentally-accredited businesses, and night-time dining and entertainment spend – Surf Coast Shire Council is looking beyond traditional metrics to track economic success across the shire.
Adopted at the March Council meeting, the new Measures of Economic Success will help grow a more diverse and sustainable local economy.
Fifteen metrics have been grouped into three themes: People, Place and Business.
"Typically economic success is measured through Gross Domestic Product (GDP) and jobs growth," Cr Gary Allen said.
"We're now focused on a more holistic view. We'll look at factors that relate to the natural environment and lifestyle because we know this is what inspires people to live and work in the Surf Coast, and to visit."
Other metrics include highly-skilled workers, average tourism expenditure, local expenditure, business creation, and employment growth in key industries such as the arts, agriculture, health and tourism.
"We know our community cherishes the natural environment so numerous metrics have a sustainability theme," Cr Allen said. "From the number of workers who live locally – which helps reduce transport emissions – to corporate sustainability, as we know environmentally-accredited businesses deliver better outcomes such as waste reduction."
Data will be sourced from well-established and trusted sources including Australian Bureau of Statistics, Tourism Research Australia, Public Transport Victoria, EcoTourism Australia and economic modelling programs. Each metric will be scored out of 10. Weighted scores will then be added in each theme to produce an overall score out of 10.
"The scores will tell us if we need to do more work to improve prosperity," Cr Allen said.
"This new approach will enable us to direct resources and advocacy efforts where they're required, to ultimately make the Surf Coast a better place for businesses and residents."
The new measures align with the Council's Economic Development Strategy vision: By 2031, the Surf Coast is prosperous and has shaped its own identity that successfully combines lifestyle, environment, business and a strong sense of place.
The Council will report annually on the progress of the new measures.
