Towong Shire is a pristine rural and relatively unpopulated area. The economy of the shire is based around primary production, particularly agriculture and forestry. There are many small towns in the municipality, such as Corryong and Tallangatta, that service these industries.

	2012-13	2011-12	2010-11	2009-10
Expenditure ($)	12.666m	15.660m	12.431m	12.394m
Revenue ($)	15.174m	13.810m	13.885m	12.929m
- Charges ($)	6.229m	5.858m	5.485m	5.037m
- VGC Grants ($)	3.589m	3.617m	3.451m	3.253m