A GLOBAL banking economist says Bendigo is leading the way in economic growth and development for regional cities.
A low Australian dollar and low interest rates was creating favourable investment and interest in local retail, education and manufacturing businesses, said Tom Taylor, head of National Australia Bank’s international economics team.
Affordable property prices was another incentive for business growth.
“The regional economy is performing very well and that offers lots of lessons to other parts of the state,” Mr Taylor said. “It is a positive story for Bendigo, which is not the case for some regional cities. What is being done here to plan economic growth and development is being done well.”
The leading economist was in Bendigo to speak to 120 business leaders wanting insights to the global economy and to understand how regional industry played out on the world stage.
Mr Taylor said three strong points stood Bendigo in good stead and ahead of the regional economic pack.
“Diversification. Bendigo has a variety of industry, which helps if one sector is not performing well at a particular time,” he said.
“While it creates difficult decisions when balancing land rezoning for business, future industry and people living nearby, local authorities have a favourable attitude to business just the same.
“To create this success you need to have good systems in place for a planning process and Bendigo has that. In turn, Bendigo will benefit from jobs.
“And, thirdly, good housing prices and lack of congestion makes it an appealing choice for people; they want to live here.”