Murray Bridge — Read text

RCMB Economic Opportuni-es & Challenges Discussion Paper 36 7. CONTEMPORARY ECONOMIC DEVELOPMENT MODELS Contemporary economic development models increasingly priori6se sustainable growth, social equity, and community wellbeing, signalling a shio away from tradi6onal profit-driven frameworks toward approaches that balance prosperity with responsible stewardship of people and planet. The concepts of Community Wealth Building, Regenera6ve Economic Development, and ‘Doughnut’ Economics each offer prac6cal pathways for growing regional councils to foster economic opportuni6es while addressing cri6cal challenges associated with social, environmental, and economic resilience. Community Wealth Building Community Wealth Building (CWB) focuses on retaining wealth within communi6es, promo6ng plural ownership, ethical local finance, fair employment, progressive procurement, and the purposeful use of land and assets for community benefit. CWB’s principles empower local people and enterprises, reduce inequality, and support long-term prosperity by priori6sing collec6ve wellbeing over short-term profits. Ins6tu6ons such as the Economic Development Associa6on Scotland have produced prac6cal guidance on CWB strategies for ci6es and regions. Regenera5ve Economic Development Regenera6ve economic development goes further than sustainability by ac6vely restoring natural, social, and economic systems. Its principles include ecosystem restora6on, the circular economy, systems thinking, equity, and localisa6on. This model not only minimises harm but also enables enduring prosperity and resilience, aligning economic ac6vity with community and ecological health. Doughnut Economics The ‘Doughnut’ Economics model reframes economic success as exis6ng within the space between society’s minimum needs and the planet’s ecological limits. The inner ring, the social founda6on ensures no one falls into depriva6on. The outer ring, the ecological ceiling prevents environmental overshoot. Opera6ng within this “safe and just space” is essen6al for the wellbeing of both current and future genera6ons. Doughnut Economics is increasingly adopted by regions, businesses, and policymakers who seek to balance growth with sustainability and fairness. Importance of the Wellbeing Economy Across these models, the theme of a Wellbeing Economy is central as it posi6ons human and ecological wellbeing as the primary objec6ve of economic development. This approach is crucial for growing regional councils facing contemporary challenges and opportuni6es, ensuring that policy and prac6ce promote a thriving, inclusive, and resilient community for the long term. Economic Development and Growth Strategy 2026-2030 111

RCMB Economic Opportuni-es & Challenges Discussion Paper 37 8. MEASURES – WHAT DOES SUCCESS LOOK LIKE? To measure the impact of the focus areas and key moves it is important to agree on a range of indicators and metrics that measure the impact in a par6cular ac6vity and its contribu6on to the overall objec6ve. Tradi6onal economic development measures typically measure growth in terms of value, gross regional product, income, development value as well as employment, and educa6on levels. As men6oned in sec6on 7, achieving growth for growth’s sake can be unsustainable and damaging in the long term as it does not take a holis6c approach. The Australian Federal Government has developed a framework under the ‘Measuring what Mahers’ policy comprising 5 themes with 50 indicators. Communi6es and Councils can select the measures that track outcomes of various ini6a6ves they choose to invest in. Click below to view the indicators. It is suggested a range of measures be agreed on for each focus area (and for some of the key moves) and a relevant blend of tradi6onal and wellbeing metrics be considered. The final agreed metrics will be displayed in an implementa6on / ac6on plan with an intended target. 112 The Rural City of Murray Bridge

RCMB Economic Opportuni-es & Challenges Discussion Paper 38 9. NEXT STEPS Based on the extensive economic profiling undertaken, an external environmental scan and future trend forecasts, a number of opportuni6es (and risks) are proposed and shared to test with key stakeholders including local industry leaders, the business sector and government leaders including the RCMB leadership team. This feedback will be considered and inform the final recommended areas to focus efforts as well as indica6ve ac6ons to resource and implement. This will result in amending the Opportuni6es & Challenges Paper to become the Economic Development & Growth Strategy for the period 2024-2029 reflec6ng all feedback received, as well as applying subject maher exper6se on a contemporary economic development approach. 10. REFERENCES 1. RCMB Strategic Plan 2024 - 2034 2. RCMB Growth Aspira6ons – December 2024 3. RCMB Investment Opportuni6es Prospectus 4. RCMB Economic Development Strategy 2020 - 2032 5. RCMB Economic Profile June 2025 Economic Development and Growth Strategy 2026-2030 113

2 Seventh Street PO Box 421 Murray Bridge, SA 5253 T 08 8539 1100 W murraybridge.sa.gov.au E council@murraybridge.sa.gov.au The Rural City of Murray Bridge