Ranking shows region on track

DIVERSIFICATION is key to having a resilient economy, says Regional Australia Institute deputy chair Jack Archer.

The Northern Rivers has been ranked among the most economically diverse regions in the nation.

Regional Australia Institute's online ranking tool Insight rated the Northern Rivers 20th out of 60 for economic diversity.

There was however some variance in the region's local government areas.

Lismore, Byron and the Richmond Valley's were all ranked near the top third of local government areas in Australia.

Ballina did even better, coming in at an impressive 78 out of the 563 areas ranked but Kyogle however was ranked a lowly 314.

Mr Archer said diversity was important because it made regions more resilient.

"It gives you options," he said.

"If you've only got one string to your bow then you're very much tied to riding the ups and downs of that."

While the Northern Rivers scored some startling rankings, Mr Archer said it was not about being the best region in the country.

He said all the themes under the rankings, including infrastructure, demography, innovation, labour force, institutions and business sophistication, were different.

"We want people to engage in diversity and look at other strengths and weaknesses in their areas," he said.

"That is much more important than who is the best and who is the worst."