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Smart, vibrant, local – Yarra’s economic plan
11 December 2014
Cultivating Yarra’s ‘knowledge economy’ and emerging creative industries will be key to building a thriving and resilient local economy over the next five years, according to Council’s newly adopted Economic Development Strategy 2015-20.
Yarra Mayor, Cr Phillip Vlahogiannis, said the strategy sets a new direction for how Council can best support economic growth in Yarra.
“This strategy underpins Council’s work to foster investment and jobs growth in Yarra over the coming five years. It’s about creating a smart city, with vibrant business precincts and engaged local businesses,” Cr Vlahogiannis said.
“The knowledge economy, which includes the health, education, finance, information technology and engineering sectors, is expected to be a strong driver of future prosperity and jobs, and currently accounts for 46% of all local employment,” Cr Vlahogiannis said.
“Yarra is also home to a vibrant and growing creative business community, which not only contributes to the unique character of our city, but accounts for 21% of all local businesses. Identifying and supporting creative economic clusters, or geographic areas where like businesses enjoy the benefits of being located together, is one of the ways Council plans to encourage growth.”
“Yarra’s retail sector will continue to play a significant role in our local economy and is a vital source of employment thanks to our renowned shopping strips. These retail strips serve their local community, making them important to the liveability of Yarra. The eclectic shopping opportunities they provide also make our shopping strips drawcards for visitors.”
“Building a robust economy means making Yarra an appealing place for investors, business operators, workers and consumers. Council recognises that supporting diverse street life, distinctive neighbourhoods, reliable and varied transport options and liveability enhancements in Yarra will help to attract investment and to support jobs growth.”
“Yarra’s proximity to the CBD makes it a major contributor to state employment and productivity, with Yarra contributing about 3% of Victoria's total Gross State Product (GSP),” Cr Vlahogiannis said.
Council conducted extensive research and consulted with Yarra’s Business Advisory Group, local business associations, small and medium business operators, and other key stakeholders to ensure the strategy reflects the challenges and opportunities presented by the local economic context.
To view the Strategy, visit the Economic Development Strategy webpage.
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