Project Example - Wellington Economic Profile

Many people believe that if you walk down the main street of any small town, stare in the shop windows at the faces of the local retailers and then take a drive to the edge of town and back, you can get a good idea of the performance of the local economy.

The problem is, you may be missing more than you realise. In fact, your local economy may be performing much better than a year ago. It may also be outperforming neigbouring regions, or regions of a similar size or nature elsewhere in the country; all signs of economic development missed in a "drive by" appraisal. A more accurate profile of the local economy can only be gained through detailed analysis of a set of social and economic indicators which may include:

The Shire of Wellington, a regional municipality in Victoria's South East, has commissioned Essential Economics to produce an Economic Profile of the Shire in each of the past four years. Essential Economics gathers and analyses the most up-to-date and reliable data from sources including the Australian Bureau of Statistics; Department of Employment, Workplace Relations and Small Business; Australian Taxation Office; and the Office of the Valuer General. A profile is then prepared which compares the Shire's performance across a number of indicators against neighbouring shires, as well as against a selection of comparative regions in western Victoria. Every year the database of information grows, allowing long and short term trends to be assessed.

The profile assists the Shire to accurately monitor the performance of the local economy and to make informed decisions to enhance the effectiveness of its development strategies.