[In]Sight Theme Paper – Economic Fundamentals
The RAI today releases its final [In]Sight Theme Paper titled Economic Fundamentals, as part of a series of ten papers exploring Australia’s greatest competitive challenges.
The Theme Paper measures and ranks economic fundamentals for regions and Local Government Areas (LGAs) taking into consideration wages and labour costs, number of hours worked, business turnover, residential and non-residential building approvals, and the value of industrial and commercial buildings.
Key statistics include:
- 10 of the top 20 areas for Economic Fundamentals are regional;
- Business turnover is 50 per cent higher in the Heartland Regions;
- 4 out of 7 Economic Fundamentals indicators rank Heartland Regions as most competitive; and
- 14 of the top 20 LGAs with the highest per capita turnover are Heartland Regions.
The overall rankings for Economic Fundamentals show little difference between the major capital cities and regional Australia, indicating strong economic activity Australia-wide. This demonstrates remoteness is not a barrier to communities capitalising on their economic potential when conditions are favourable.