Economic model provides key to planning

Measuring the economic benefits of key events and industries in the Coffs Harbour region is one of the aims of an economic modelling tool being developed by Southern Cross University, in conjunction with La Trobe University.

The Coffs Harbour City Council and Coffs Harbour Chamber of Commerce are funding the project, which is designed to assist economic planning in the Coffs Coast region.

SCU Associate Professor Don Fuller said through regional economic modelling it was possible to gain a greater understanding of the contributions being made to employment and value of output by key sectors in the Coffs Coast economy.

“We will be able to determine how much revenue is generated from particular sectors, such as tourism, and how much of that revenue stays in the region,” Dr Fuller said.

“We will also be able to apply the model to particular events or activities. This allows us to understand the nature of the regional economy and provides a useful basis for economic and strategic planning.”

Dr Fuller said Tony Moore, from La Trobe University’s Centre for Sustainable Regional Communities, would be presenting a seminar on the value of input/output modelling at the Coffs campus on Thursday, March 10, and all interested people were encouraged to attend.

“La Trobe University has been developing the regional economic model which is widely used throughout Australia. For example, the City of Adelaide has used the model to estimate the employment and value of expenditure impacts resulting from the Grand Prix.

“SCU’s Division of Business at Coffs Harbour will be working closely with La Trobe University to tailor the model to the Coffs Coast regional economy.”

The seminar will be held at SCU’s Coffs Harbour campus on Thursday, March 10, from 11am to 1pm in CG5.