The economic recovery practice framework aims to guide practitioners to develop and implement economic recovery interventions that:
- increase local resilience to future disasters and shocks, and
- improve targeting and consistency of government support and actions for economic recovery.
This framework provides guidance to government to meet economic recovery responsibilities and support better outcomes for local businesses and communities. The economic recovery practice framework describes considerations to implementation by:
- describing the policy basis for the State Government’s role in supporting economic recovery from emergencies, natural disasters and other economic shocks and stressors, drawing on local and international evidence to demonstrate the role of government in economic recovery and that it is a crucial element of community recovery
- highlighting interdependencies between the economic recovery environment and recovery more broadly
- presenting a set of principles that can guide and effectively target the implementation of economic recovery activities, positioned in accepted economic policy principles and consistent with best practice from previous Victorian activities and experience from other jurisdictions
- noting the strong parallels between the rationale for and nature of the economic recovery response, with those associated with the government’s support for place-based structural adjustment and economic transition.
The economic recovery practice framework, summarised below, consists of:
- policy principles that should be considered in developing economic recovery actions
- economic recovery stages
- areas that government can support and stimulate economic recovery
- planning guidance to make the most of local strengths and long-term outcomes
- outlines implementation steps to aid decision-making, delivery and evaluation.
Economic Recovery Practice Framework
Support Victorians affected by economic shocks through:
- Recovery actions that will increase local resilience to future disasters and shocks, and
- Improving targeting and consistency of government support and actions for economic recovery
Government support and action for economic recovery must consider:
- Market failure: Intervention is required where market failures exist or market capacity is exceeded.
- Economic vitality: Economic activity underpins economic and community recovery.
- Community-led action: Community strengths and assets need to be acknowledged and built upon.
Economic recovery starts immediately after response and relief actions, planning for recovery starts during response and relief.
|Response and relief||Stage one: Stabilisation||Stage two: Stimulus||Stage three: Productivity and resilience|
|Managing immediate impacts||Managing short-term impacts to ensure business survival (0-3 months)||Stimulus to support recovery to a self-sufficient and sustainable 'new normal' (3 - 12 months)||Future-proofing against economic shocks and longer-term transitions (> 12 months)|
Government can support and stimulate economic activity areas.
|Industry and business||Employment||Community resilience||Enabling infrastructure|
|Supporting industry to survive and thrive in the future economy||Supporting people through jobs and skills||Communities drive the development of the future economy, underpinned by strong community cohesion||Strategic economy-wide investments and supports to underpin recovery and development|
Economic recovery planning must work with local strengths and optimise actions for long-term outcomes.
- Coordinated and complementary
- Strategic and targeted
Coordinated and orderly implementation provides transparent decision-making, delivery and opportunity to learn from evaluating actions.
- Impact identification and analysis
- Design and implementation
- Monitoring and evaluation