Award Winning Tweed & Northern Rivers Economic Model
The Tweed and Northern Rivers Economic Modelling tool, developed specifically by TEDC, is now recognised as an innovative, best practice approach to understanding the structure of regional economies, as well as having the capacity to monitor and measure the impact of changes either as a result of policy development, or measure the impacts and or benefits of specific investment projects.
The initial model was developed by TEDC in 2002/03 and is based on data collected at the local level, which establishes a factual understanding of the structure of the local economy, in some instances dispelling some commonly held myths about what are the perceived drivers of a regional economy. Using input-output principles, a detailed economic analysis is given which can measure the direct and flow on effects of changes and or impacts on a range of industry sectors including changes in purchases and sales patterns in particular industries. In practical terms, this allows regional impact analysis, of the effect of, for example, a development project on each and every sector in the region.
The TEDC uses the model to provide the foundation for identification, measurement and evaluation of economic developments and initiatives with an annual updating process ensuring the reliability and accuracy of data. The TEDC uses the model to provide a robust foundation for the identification, measurement and evaluation of socio-economic developments and initiatives that best support sustainable development of the Tweed and Northern Rivers region.
The Economic Model has been used to undertake a number of assessments, evaluations, and consultancies including the following:
- An economic assessment of the impact of proposed routes for the Ballina/Byron motorway by-pass on the agricultural industries in the region (for the NSW RTA contractors);
- An economic assessment of the current value of the Tweed Heads Campus of the Southern Cross University (SCU), as well as assessments of potential increases in economic contribution to the Tweed Economy as a result of expansion proposals by SCU;
- An economic assessment for Tweed Shire Council of the Tweed festival and events, as part of the review of council’s policy for funding, and support for festivals in the Shire ;
- An economic assessment of the Tweed River Regional Museum proposal also for Tweed Shire Council;
- An economic impact assessment of Jack Evans Boat Harbour for TSC funding application;
- An economic impact assessment of Tweed Caravan Parks – TSC;
A number of consultancies have also been completed at the request of private enterprise on projects of state significance, as well as economic impact assessment of a range of projects for other regional councils.
To view practical examples of the Models application click on the PDF’s below:
Award Winning Tweed & Northern Rivers Economic Modelling Tool
Economic Model Summary of the Tweed economy 2004/05
