This report directly addresses the biggest change to Australian regional policy in decades – the introduction of collaborative approaches and ideas of long-term regional deals. While competition is still seen as the status quo, to date there has been little legitimate consideration of alternate approaches. By creating the case for why collaboration should be part of the regional development policymaker’s portfolio, the report answers questions from policymakers such as; what is collaboration, why is it needed, what it will add to the regional development process, and what is needed to make it work? To help policymakers understand the ‘what’ and ‘why’ of collaboration we have drawn on international and national insights, cases and examples. In doing so, this report provides follow-up examples of where collaboration has been a success, clear risk and reward profiles for collaboration, understanding of capabilities and tools required for success. It also provides a framework for understanding when to use collaboration, and addressing the three core principles for enacting collaboration, namely; agreeing your outcome, understanding the capabilities at hand and addressing the ‘rules of engagement’.