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Economic well-being is about ensuring people have educational opportunities, employment and a decent income. It is also about supporting businesses and enabling opportunities for innovation and entrepreneurship.
A thriving economy is one in which unemployment is low, incomes are relatively high and evenly distributed, and people are well educated. Entrepreneurship and innovation are important for economic growth and for sustaining a dynamic economy. These all contribute to the well-being of people. When people are in employment, when the economy is thriving, and people have money to buy goods and services, their well-being improves.
Despite fluctuations, particularly evident around the time of the global financial crisis (2008 to 2010), both of the community outcomes that make up the economic well-being aspect of the WR-GPI (prosperous community, and innovative and entrepreneurial community) exhibited improvement between 2001 and 2016.
All members of our community prosper from a strong and growing economy. A thriving business sector attracts and retains a skilled and productive workforce.
Innovation, creativity and new endeavours are welcomed and encouraged. Ideas are exchanged across all sectors, resulting in a creative business culture. We have excellent education and research institutions, and benefit from being the seat of government.
Natural disasters (and the cost of cleaning up after them) actually create an increase in GDP, thus counting natural disasters as a benefit to our economy. From a GPI perspective, natural disasters would be a decline in our well-being