Rachel Stock represented Central Queensland University at the Y20 Summit
Diversification is currently being promoted as a means of ensuring continued growth in the economy as the mining slow down begins having an increased effect. However can this also establish a demand and willingness to create, promote and adopt the kind of environmentally friendly technologies that must be adopted moving forward to combat climate change.
With the winding down of both manufacturing and mining operations across the country, much focus has turned to how Australians can utilise innovation to carry the economy forward. However, regional Australia has unique challenges with the reductions in these industries. Issues surrounding the labour benefits afforded by industry, economic reliance and public support relating to the industries will be considered. The problem of industry reliance can also be considered on a global scale, with similar projects being undertaken in the communities of the Appalachian Mountains in the United States, where regional communities were reliant upon mining and milling. By comparing the economic characteristics of affected regions across the G20 with those where the Murray Darling Basin Economic Diversification Program was successful in assisting businesses to diversify, recommendations can be made as to how such economies can be assisted to develop sustainable growth and industry using an adaptation of the program. Further this research, will investigate how a region’s industry reliance may hamper support, development and implementation of new sustainable technologies.