Debtset – Bailiff-Sheriff Aust MEMBER Login
Business support keeps Sydney in the lead
BUSINESSES of all sizes are backing the City of Sydney’s new Economic Development Strategy, praising the 10-year plan to keep Sydney at the forefront of the Australian economy.
The draft strategy reveals the City of Sydney’s economic output was estimated at over $100 billion in 2011–2012 - almost a quarter of the NSW economy and seven per cent of the Australian economy.
Submissions from major business groups including the Sydney Business Chamber, Tourism and Transport Forum, AMP Capital and smaller groups like the Pyrmont/Ultimo Chamber of Commerce and the Newtown Precinct Business Associations, have welcomed the strategy.
The groups have written submissions supporting the City’s work to ensure Sydney remains the premier place in Australia to live, work and visit.
They also praised the City’s leadership role in engaging and promoting business and in analysing emerging issues that keep Sydney’s economy flourishing.
Business groups also said they want the City to continue to engage with the sector and proceed with development of an Asia Action Plan to quantify the importance of this rapidly growing market.
Lord Mayor Clover Moore said the past five years of withstanding the worst of the global financial crisis while adding nearly 2,000 new businesses proved Sydney’s resilience.
“Cities around the world compete for ideas, investment and talented people and our economic strategy is designed to ensure Sydney wins that competition,” the Lord Mayor said.
“Sydney is the leading knowledge-based economy in Australia, home to Australia’s largest and most globally-connected finance and insurance district and home to the country’s largest digital community.
“We are determined to build on our great record. The City is investing $1.9 billion in a 10-year infrastructure program that includes $220 million for the transformation of George Street. In the southern part of the City, we’re investing $440 million building a new town centre at Green Square.”
There are 437,000 jobs within the City of Sydney, with 173,000 of them - almost 40 per cent - in the finance and professional services areas.
The Economic Development Strategy identifies three priorities - to strengthen Sydney’s competitiveness, improve productivity and capacity, and promote opportunities for Sydney’s business community.
As part of the broad strategy, a series of action plans are being developed to analyse in detail the issues faced by new and established industry sectors and to set programs to respond to emerging challenges.
Draft action plans covering the priority retail and tourism sectors have already been completed and welcomed by business and tourism groups. Major retailer David Jones has backed the City’s desire to make Sydney Australia’s premier retail destination that is a match for comparable global cities.
Tourism Accommodation Australia welcomed the tourism action plan as a major milestone for the accommodation sector by recognising the importance of the tourism to the local economy.
Upcoming plans will be prepared for small business and entrepreneurs, creative and digital industries and international education.
Action plans will also be produced for new and emerging sectors, including Sydney’s green economy.
ends
