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CENTRAL COAST
REGIONAL SNAPSHOT
2016
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9
The Council of Australian Governments
(COAG) Regional Australia Standing Council
(RASC) has established national approaches
to regional development in order to facilitate
collaboration and coordination between
different levels of government.
This report is structured using the 5 determinants of long-term
regional economic growth as a framework for analysis.
RASC has agreed to five key determinants of long term
regional economic growth:
1. Human Capital, particularly education and skills
Human capital is the stock of knowledge, expertise and
abilities of a region.
2. Sustainable Communities (economic, environmental
and social) and population growth
Sustainable communities refers to the ability of a region to
endure in the long term. It has economic, environmental and
social dimensions.
Population growth refers to change in the size of a
population over time, caused by migration and natural
change through births and deaths.
3. Access to international, national and regional markets
This refers to the ability to trade goods and services in a
given market.
4. Comparative advantage and business competitiveness
A region has a comparative advantage when it can produce
a product, good or service at a lower opportunity cost than
other regions. Business competitiveness is the ability of a
business to sell and supply goods and services compared
to a competitor. A business has a comparative advantage
when its products or services cannot be easily duplicated
by competitors
5. Effective cross-sectoral and intergovernmental
partnerships
(including through place-based approaches) and integrated
regional planning.
Caveat
While every attempt has been made to ensure that information
within this document is accurate, Regional Development Australia
Central Coast accepts no responsibility or liability for any use /
actions undertaken as result of information contained herein.
Five determinants of Long-Term
Regional Economic Growth