Tweed shire and Coolangatta from the air.
Tweed shire and Coolangatta from the air. John Gass

Tweed among top five most diverse economies in nation

TWEED has made a list of the top five most diverse regional economies in the country.

Analysis by the Regional Australia Institute shows the Tweed local government area has topped the list for both "economic fundamentals" and "labour market efficiency".

The institute released the results of its national regional competitiveness index, to show which areas of Australia were doing the best overall.

It was measured on numerous key issues such as infrastructure, human capital, business sophistication and innovation.

The report showed Tweed was in the top five across all measures along with areas including Broome in Western Australia and Port Augusta in South Australia.

While the report confirmed economic diversity, or a range of economic drivers, did fall the further away from major cities, it showed the resilience of areas like Tweed.

"The continuum of diversification goes from high to low in correspondence with location from major cities to very remote," the report reads.

"However (it) also shows that diversity is possible in all regions. Inner regional Australia is highly diverse as are the majority of regions in outer regional Australia."

The report also showed that without the cushion of economic diversity, towns that rely on one or two main industries can "suffer disproportionately" from economic shocks.

The top five were Tweed (NSW), Port Augusta (SA), Broome (WA), Surf Coast (Vic), Wingecarribee (NSW).

Key findings:

  • Australia's regions are more economically diverse than most people assume.
  • Most non-metropolitan regions have a level of employment diversity close to the national employment profile.
  • Diversity is possible in all regions, including smaller and remote areas.
  • While diverse regions are generally more competitive, many diverse regions are not highly competitive.
  • This challenges the widely held notion that increasing diversity will, in itself, provide a foundation for economic success.

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