INFOGRAPH | THE DIVERSITY OF LOCAL ECONOMIES
Regional economies are often imagined in terms of their vulnerabilities and limitations, but new research from the Regional Australia Institute has found that many non-metropolitan Local Government Areas are highly diverse, and closely mirror the national economic profile.
Based on data from [In]Sight, the nation’s first online index of regional competitiveness launched last month, the Regional Australia Institute (RAI) found that of Australia’s 560 Local Government Areas, 252 are classified as ‘highly diverse’, spanning major cities to very remote regions. This challenges the popular notion that all regions are highly vulnerable to adverse shocks in their key industry’s markets.
Even in remote Australia’s local government areas, 34 per cent are classified as either ‘very high’ or ‘highly diverse’, with a further 23 per cent classed as ‘medium’. This reveals the potential for all regions, no matter what their size, location or natural advantages, to respond to shifting local and International market demands, if they can harness local diversity.