Developed by Neighbourhood Economics in partnership with SGS Economics and Planning, the reports focus on the communities of Corio and Norlane in Geelong’s north and examine both the opportunities and structural barriers involved in building stronger local economies that retain and recirculate wealth within communities.
The launch brought together representatives from philanthropy, local government, community organisations, academia and the social enterprise sector to explore what community wealth building could mean in the Australian context – and why this conversation matters now.
What is community wealth building?
Community wealth building is an approach to economic development that seeks to shift how local economies function and who benefits from them.
Rather than focusing solely on external investment attraction or economic growth as measures of success, community wealth building asks deeper questions about how wealth is created, who it stays with, and how communities themselves can have greater influence over their economic futures.
The significance of this work
The reports are an important contribution to growing conversations around economic justice, place-based development and systems change in Australia.
Importantly, the work does not just focus on the opportunities of community wealth building, but also honestly examines the barriers and structural conditions that continue to shape inequity and exclusion.
Drawing on community engagement in Corio and Norlane, alongside economic analysis and international practice, the reports explore the practical realities of shifting systems that have historically extracted value from communities rather than building and retaining wealth within them.
The work also reflects the importance of listening deeply to communities – not just to community aspirations for the future, but also to lived experiences of how systems, services and the economy shape everyday life. In doing so, the reports offer practical insights alongside a compelling challenge to rethink how economic development is understood and practiced.
For Greater Melbourne Foundation, this work aligns with our commitment to social justice and equity, and the growing recognition that long-term change requires a redesign of the economic systems that shape people’s lives.
At its heart, community wealth building asks us to consider what an economy could look like if it were designed to genuinely serve people, place and planet. One that builds shared prosperity, strengthens community agency, and retains wealth within communities rather than extracting it from them.
At a time when many communities continue to experience deep inequity and exclusion, this work contributes to a broader conversation about what a more just, regenerative and community-led economy could look like in Greater Melbourne and beyond.
Why this matters
If we are serious about addressing inequity and social injustice, we must also be willing to examine the economic systems that continue to produce unequal outcomes.
Too often, communities experiencing disadvantage are viewed primarily through a deficit lens, or valued mainly for their labour, rather than recognised for the assets, knowledge, leadership and contribution they already hold.
Community wealth building offers a different way of thinking.
It asks what might be possible if economic development were designed not only for growth, but for shared prosperity. If local wealth were retained and reinvested in communities. If communities themselves had greater influence over the systems that shape their daily lives.
And what if community wealth building was not seen as a complementary initiative, but as part of the core economic development model that we collectively commit to?
While community wealth building continues to gain momentum globally, there is a significant local opportunity: to explore what it could mean for Greater Melbourne and Victoria more broadly.
As reflected during the launch event, this work not only feels necessary – it also feels possible.
About Neighbourhood Economics Neighbourhood Economics is an Australian initiative focused on reimagining local economies in places where prosperity and opportunity have not been equally shared. Led by Bill Mithen and Annie Smits, the work draws together community voice, economic practice and systems thinking to explore how local economies can better support shared prosperity, community participation and long-term wellbeing.
The initiative is helping build momentum around community wealth building in Australia and contributing to broader conversations about economic justice, local ownership and regenerative approaches to economic development.
The Foundation is grateful to Neighbourhood Economics and SGS Economics and Planning for their leadership in progressing this important work and conversation.