By
Heritage Bank has pledged to support and promote regional markets by becoming a founding member of the Regional Activators Alliance (RAA).
The bank joins the 36 representative organisations across the country that comprise local councils, Regional Development Australia regions, economic development groups, and industry representatives.
The Regional Australia Institute (RAI) launched the RAA with the aim of advancing the opportunities to live, work, and invest in regional Australia. The federal government backs the alliance, allocating funding for the project in the 2020 Budget.
Heritage CEO Peter Lock said the bank's foothold in regional markets will allow it to make a significant contribution to the RAA.
"One of the positives to emerge from COVID has been a surge of interest in living outside our capital cities, recognising that regional lifestyles have a lot to offer," he said. "We’re delighted to be part of this new group and to support the push to attract more people to take up the fantastic opportunities available in regional Australia,” Lock added.
The RAA alliance is a crucial step to driving activity in regional markets, according to RAI CEO Liz Ritchie.
"Regions need people to fill jobs, grow businesses, and invest in their communities. We know the COVID-19 experience has changed the notion of how we work and this presents an incredible opportunity for us," she said.
Ritchie went on to explain the alliance will help push the already growing interest in regional Australia yet further.
"We are seeing that many areas are reporting significant drops in regional rental vacancies figures, with some going below 1%. Interest in Regional Australia is certainly significant at the moment," she continued.
Michael McCormack, deputy prime minister and minister for infrastructure, transport, and regional development, believes now is the right time to also focus on the opportunities that exist in regional Australia.
"I have always said regional Australia is big enough in which to get a good cup of coffee, but small enough to care — and now is the time to make the move," he said.
"There are jobs, there is a better lifestyle and there is the opportunity to build a fresh start — Regional Australia is the best place to live, work and raise a family."
