TNE program director Jacqui Bell joined economic development practitioners from across NSW this week to explore what a wellbeing economy looks like in practice – and what the Hay community’s approach to transition can teach the rest of us.
Earlier this week, TNE program director Jacqui Bell presented to economic development practitioners from across NSW local and state government at the Department of Primary Industries and Regional Development’s 2026 Regional Economic Development and Investment Attraction event.
Her session took a slightly sideways look at the economy: exploring what a wellbeing economy looks like and grounding this big-picture conversation in the practical work Hay Shire Council and the Hay community have been doing to think differently about economic change.
Across the broader event, a clear theme emerged: councils and regions are navigating increasingly complex conditions, from renewable energy development and industrial growth to shifting investment patterns, housing pressures, workforce demands, infrastructure constraints, planning system challenges and community cohesion. The scale, pace and constant state of flux are making it increasingly difficult for regions to manage change, plan strategically and act with confidence.
Local government is deep in the trenches of this work – trying to govern and lead through overlapping economic transitions, often with limited resources, unreasonable timeframes and imperfect information.
For us, this points to the need to rethink approaches to economic development: to redefine what “good” looks like, work with regions rather than doing development to them, and build from each place’s unique strengths, local economic system dynamics and advantages.
As Jacqui noted: “For many regions, maybe the question is no longer ‘how do we get certainty?’ or ‘how do we attract investment?’ but instead: ‘how do we organise early enough to manage the downstream impacts of our current economic system, while addressing upstream drivers and shaping new opportunities to create value?’”
“In a world where certainty is harder to come by, the challenge is not waiting for perfect conditions. It is building the local knowledge, capability and confidence to navigate uncertainty – and shape development in ways that leave regions stronger for the long term.
“As we shared in our session, the economy is not fixed. It is shaped by decisions, values, institutions and power – and it can be redesigned.”
There were many bright sparks and wonderful examples of “Lego wins” shared across the two days, says Jacqui. With the right support, local governments are well placed to do this reimagining and drive the change we need to see – building economies that better serve people, places and planet.