Torres Strait is a remote area that generally has land pressures and disputes, limited access to finance (which is further affected by the land tenure system), limited core skills and lack of professional services.
When combined, these limitations have a serious effect on economic development opportunities for individuals, groups and communities in the region.
For many business ventures in the Torres Strait, a key consideration to their survival is the size of the local market, access to financial and professional support in establishing their enterprise, and overcoming the types of difficulties that the region's geography presents.
At a more fundamental level, the small population of island communities and low per capita income represent major obstacles for any attempts to develop a local economy.
However, many island communities and individuals throughout the region are becoming more proactive in collective and individual ventures that contribute towards employment and increasing per capita income.
Some organisations and groups that have a role in stimulating economic development within the Torres Strait are:
TSRA Approach
Within the scope of its funds and operations, the TSRA directly assists economic development within the Torres Strait through a number of initiatives through its Economic Development output which includes the Business Funding, Home Ownership and Community Economic Initiatives Schemes.
These schemes support individuals, organisations or councils in establishing sustainable enterprises that will generate local income and provide employment.
In 2006-2007 the TSRA budgeted approximately $4.69 million dollars to support direct economic initiatives throughout the region.
This figure does not include the TSRA's financial contribution to other development areas or industries separate from its Economic Development program.
As outlined in its Development Plan, the TSRA aims to assist with:
An Integrated Approach
As it can be appreciated, stimulating the development of a sustainable local economy requires an across-the-board approach involving stakeholders at all levels.
Fostering the establishment of local enterprises requires support and cooperation between all those groups and agencies named above to target key priority areas.
The TSRA is only one of those agencies and within its area of operation the Authority has entered a partnership arrangement with the Queensland Department of State Development to provide a business advisory service to the region.
Alternative enterprises such as aquaculture are also being explored to establish mid to long-term viability in Torres Strait.
New economic opportunities would complement the established fishing and tourism industries and help to diversify the region's economic base.
There are already a number of community enterprises contributing to economic development in various island communities.
Community Control
A fundamental principle underpinning Torres Strait economic development is the right of individuals, groups and communities to determine for themselves the most appropriate approach to building their economies.
The TSRA and other agencies that lend support can only provide assistance and direction when individuals or communities have decided how they wish to progress.
There is generally a view amongst Torres Strait communities that establishing a regional economy is an important building block for overall community, social, cultural and political development and all these areas link to each other.
It is for this reason that economic development will be an issue in the Torres Strait for many years to come and, as presently acknowledged, a whole range of stakeholders will have a role to play nurturing it. For further information on the TSRA's strategies for supporting regional economic development, see the Small Business and Economic Development Section of the TSRA’s Development Plan which details the Authority's approach.