Economy

One of the key objectives of the W2040 community plan will be to understand trends, challenges and opportunities that will shape our local economy over the next 20 years. These will be used to inform the decisions we make today and determine the impact these changes could have on our local employment and economic security over the longer term.

The world is undertaking economic transformation on par with the industrial revolution and technologies like 3D printing, micro-manufacturing, robotics and cloud computing are transforming the nature of the workplace, replacing occupations but also creating new jobs and connection into globalised markets providing opportunity for overall economic growth.

Warrnambool is not solely reliant on one industry but has an economy where many different sectors make significant contributions to our economy in different ways whether it be through measures such as employment, exports, wages and salaries, output or the number of businesses.  Our economic prospects will be guided by how we perform and compete on the supply side of our product, services and experiences to local, national and international markets to support labour force participation, population growth, and productivity growth to drive our long term economic growth and sustainability in a more global, competitive and connected market place.

Warrnambool is a highly liveable coastal regional city with a strong track record of steady, sustained population and economic growth.  Warrnambool’s ongoing economic challenge is to create employment, skills and industry growth while attracting, retaining and expanding businesses in our city in an environment that is more connected, competitive and disruptive to create a resilient, sustainable economy for our city’s future.

GOAL: A dynamic, vibrant and healthy community

Priority 1 - A community that embraces technological innovation

A community that is adaptive to digital innovation and technological change.

Priority 2 - A diverse economy

Our resilient and diverse economy will see our new and existing industries succeeding in local, national and global markets.

Priority 3 - A creative and collaborative culture

Research, innovation and our culture of continuous learning will drive our vibrant economy.

Priority 4 - A global player

Through our established international capability, a significant proportion of our wealth will derive from the City’s flexibility across world markets and in-bound tourism capacity.