Figure 3. Strategic Actions for Priority Growth Industries in the Hunter

bringing $570.4 million in annual revenue, tourism is one of the most important industries in the region. Estimates show the MidCoast tourism industry has the potential to grow to over A$1.55 billion by 2030.

In addition to tourism, the region has a long-established agribusiness sector including beef cattle and dairy farming. Beef cattle production and processing employs over 1,000 workers in the region while there are over 150 separate dairy farms utilising coastal and hinterland pastures ideal for dairy cattle.

The region is well suited to aquaculture activities including oyster farming and commercial fishing with many prosperous commercial operations in place. Other major economic industries in the region include manufacturing, retail, construction, education, health, aged care and community services.

Health care and social assistance is the largest industry employer in the MidCoast Council area making up 18.5% of total employment. These industries are well supported by the eight local business chambers across the MidCoast region.

Major investment opportunities exist for businesses that complement the area’s environmental values and relaxed lifestyle attributes. MidCoast Council has undertaken a number of key projects to advance the economic opportunity of the area including the development of the Taree Aviation Business Park.6

Finally, the third key initiative of the RDA Hunter is the preparation of a Smart Specialisation Strategy for the Hunter which aims to boost regional competitiveness for economic growth and job creation by identifying Strategic Actions to deliver innovationdriven growth and implementation programs to support the Region’s seven Strategic Growth Areas, as illustrated below:

Figure 3. Strategic Actions for Priority Growth Industries in the Hunter7

6 http://www.hbrmag.com.au/assets/2020-Hunter-Investment-Prospectus.pdf 7 smart-specialisation-strategy-for-the-hunter-region.pdf (howardpartners.com.au)

6 State Level Considerations

Further to the National framework for the Hunter Region and MidCoast local government area, there are a broad range of State policy documents and strategies that provide another level of consideration to land use planning across our rural landscape and more detail on these documents can be found in the Rural Strategy Background Reports.

However it is the 20-Year Economic Vision for Regional NSW and the Global MegaTrends identified in this document that provide the key links between the Regional Development Australia Strategic Growth Areas and Actions, and the relevance of the MidCoast as a Functional Economic Regional within the New South Wales State policy framework.

6.1 20-year Economic Vision for Regional NSW

The NSW Government 2018 release of the 20-Year Economic Vision for Regional NSW recognised the implications of ‘Global Mega-trends’, the shifts in environmental, social and economic conditions that change the way people live. Four key global megatrends affecting NSW were identified in the original 2018 document:

Megatrend 1 - The rise of Asia

By 2030, four of the five largest economies will be in Asia: China, India, Japan and Indonesia. As incomes in Asia rise, the spending power of younger generations is rapidly increasing, creating a growing market for premium products and quality goods and services. With the evolution of social and consumption patterns there has also been a trend for increased spending on tourism, which could remain significant for regional NSW; and with longer-distance non-stop international flights, the increased potential for direct-to-market access for regional businesses.

Megatrend 2 - Rapid urbanisation

Regional NSW offers a diversity of choice in terms of lifestyles, and the increasing importance of regional centres is reflected in the hub-and-spoke model underpinning the NSW Future Transport Strategy 2056. In particular, ‘Metro Satellites’ areas such as the Hunter region, have the potential to unlock and capitalise on urban productivity and innovation, but this must be balanced by providing infrastructure and developing cities that are smart and sustainable.

Megatrend 3 - Demographic and social change

With ongoing ageing population trends and relocation on over-65s to regional areas, regional NSW has the potential and opportunity to provide the workforce to serve the older population. The rise in demand for aged care and health services and the changing economic and social patterns provide new opportunities for careers in health care and social assistance, with over 34,000 additional jobs forecast by 2022 in regional NSW.

Megatrend 4 - Digital disruption

Advances in digital technologies and connectivity have also facilitated an ideal environment for entrepreneurship. Ranked fifth in the world for our favourable

entrepreneurship environment, Australia is a great place for entrepreneurs, start-ups and innovators. For regional NSW, state-wide digital connectivity and disruptive technology have the potential to transform the future of farming, education, healthcare, local business and standards of living. This potential is described in more detail in the NSW State Infrastructure Strategy.

8

In 2021, in response to the COVID-19 pandemic and significant disruptions to travel, trade, investment and population migration at both national and international levels, the document was Refreshed and a fifth trend identified:

Megatrend 5 – Rising uncertainty

Global investment and trade are now set in an environment of rising geopolitical tensions, unknown epidemiological impacts of COVID-19, risks to supply chains, Brexit and accelerating digital disruption. A changing climate is highlighting the vulnerability of communities’ water and energy supply, and regions’ ecosystems and biodiversity. As the global economic outlook is highly uncertain, so too is the most effective economic response. Mirroring global trends, Australians are increasingly aware that the way they live, work and do business is subject to rapid and frequent change.9

In acknowledging this fifth mega-trend, the NSW Government have renewed the commitment to regional development.

The regions host a third of NSW’s population and produce around one fifth ($125 billion) of Gross State Product. The Vision Refresh identifies how regional NSW will continue to be a vibrant and growing part of the NSW economy, solidifying the regions as the perfect place for people to live, work, play and invest. The delivery of the Vision Refresh will bring an additional 64,000 new jobs and an extra 180,000 new residents to regional NSW.

To ensure regional communities are well-placed to adapt to this growth, the vision sets out the investment priorities that will benefit regional communities now and into the future, including: Good transport and freight infrastructure; Digital connectivity; Secure and sustainable access to water and energy; Tailored skills and education offerings; and A stable business environment.10

Regional NSW is well positioned to take advantage of the opportunities presented by these megatrends. It has a favourable climate for agriculture with access to global markets; the beaches, parks and bush coveted by tourists and retirees; and the knowhow to take advantage of new technologies in freight and logistics, and agricultural technology.

This in turn represents a new opportunity for the MidCoast as a ‘Coastal’ Functional Economic Region (FER), with diverse primary production and rural industries, significant and rapid changes to our population as a result of migration out of metropolitan areas, and our proximity to key markets in both Queensland and New South Wales.

8 https://www.nsw.gov.au/a-20-year-economic-vision-for-regional-nsw/global-forces-shaping-our-regional-economies 9 A 20-Year Economic Vision for Regional NSW 10 About the Vision | NSW Government