Place‐Based Policies and Nowcasting

Abstract

There is a growing need to gauge local economic activity in real time. Localised economic challenges have been emphasised in the wake of the COVID‐19 pandemic. Real‐time trackers (such as OECD trackers) and other nowcasting applications typically correspond to national or highly aggregated regions. In this discussion paper, we briefly explore how unconventional data might be used to produce nowcasts of local economies. We argue that in the absence of traditional nowcasting metrics, efforts to nowcast local economies need a local perspective, with data capture tailored to address heterogeneity across three domains: (1) resources, (2) people and (3) life.

‘Safe as Houses’: Recalibrating Homeownership in Australian Retirement Planning

“…Place-based policies are receiving increasing attention at both state and Commonwealth levels with the focus on addressing regional differences and disadvantages in place, for example, the Working Together in Place Policy initiated by the Victorian Government which stipulates a suite of place-based approaches (de Silva et al 2023;Hart & Connolly 2022). Continued policy focus should prioritise improving the quality and accessibility of the housing stock to support sustainable housing models that enable older Australians to age in place.…”

“…Australia, in line with the prevailing global trend, has a structurally ageing population. This demographic shift is expected to impose growing pressure on both government and household budgets, prompting a re-evaluation of retirement planning strategies (de Silva et al 2023). Housing and its location hold underlying significance in supporting successful ageing due to its connection with physical, mental and social well-being, as well as fostering a sense of belonging.…”

How COVID changed the world of data

“…Looking locally, Ashton de Silva, Maria Yanotti, Sarah Sinclair and Sveta Angelopoulos find unconventional real-time data such as pedestrian counts could be good high-frequency predictors of local economies, such as suburbs or central business districts (CBDs) (de Silva et al 2023). And finally, in response to rising house prices, Shuping Shi and Peter C. B. Phillips created a real-time "thermometer" of "housing fever" in Australia and New Zealand.…”