South Australia is currently facing one of its most challenging economic and social transformations in its history. For a small developed economy that is (and has been), largely dependent on its natural resources as its primary source of income, growth and prosperity, it now needs to adapt more quickly and effectively to ever increasing challenges of globalisation, the rise of low cost developing economies, and technological advancements.
Over recent decades South Australia’s decreased ability to compete globally has meant that the State has been forced to play catch-up in international markets. Export growth and diversification is critical for the State’s growth, and whilst South Australia’s exports have increased in absolute terms over the last two decades, it has lost a significant proportion of market share. Continued reliance on commodities exports only, will see further declines in the State’s global competitiveness and increase exposure to volatile commodity prices.
The findings and policy implications in this report provide a future direction, based on empirical evidence, that builds on South Australia’s strengths.
The EDB recognises that a productive cultural and creative sector is as a key marker of a successful economy and makes a community liveable. A vibrant arts ecosystem is both an economic force in its own right and supports the state in attracting and retaining the diversity and calibre of residents we seek to drive the connectivity, innovation and creativity that underpins our future prosperity across a range of sectors.
Two discrete elements of work are being pursued by the EDB’s Creative and Cultural Sub-committee:
The first is a literature review of materials that provide learnings from other locations (both nationally and globally) on the social and economic impact on cities and regions that have invested in the creative and cultural sector
The second recommendation is to take lessons that are applicable to South Australia from the literature review to develop a common framework or tool for assessing creative and cultural sector investment opportunities
The literature scan and framework will support and facilitate State Government prioritisation of funding opportunities and contribute to clear, robust and consistent decision-making. Building on State Government policy for funding assessments, it will have a broader remit to consider additional social and cultural factors beyond the use of a purely economic lens in making investments in the sector.
The Conference will highlight the leading transformational global trends and bring together international experts to explore the business innovation and social innovation opportunities through people’s participation and productivity. At the heart of the design and thinking is ensuring people in their 60’s and beyond have better choices that bring their life greater purpose and meaning, and more control in determining the choices available to them as they transition through life’s course.
For further information regarding the Conference program, speakers and registration please click here.
CEDA’s Economic Political Overview 2017 brought together leaders from industry, academia and government to provide insight to key indicators and influences on the political and economic landscape in South Australia and what they mean for our future.
Raymond Spencer, Chair Economic Development Board of South Australia, addresses issues facing the National and State economy, the role of all South Australians in maintaining and indeed advancing South Australia’s prosperity and standard of living, and the current focus of the Economic Development Board in 2017.
The Economic Development Board of South Australia is challenging businesses and entrepreneurs to demonstrate their an innovative product or service developed they have developed to meet the growing global demands of the Ageing Well market.