Thursday, May 30, 2024

Council releases plan for Sydney’s long-term prosperity

City of Sydney Council has released a new post-pandemic economic strategy for public feedback.

The Council says the Economic Strategy Discussion Paper will help guide the city’s bounce back from COVID-19 and cement Sydney as a revitalised, premier destination for business, retail, tourism and employment.

The Discussion Paper includes research and analysis of emerging global and local trends and will be used to garner feedback from the NSW Government, industry, precinct partners, local businesses, workers and wider community, as well as the City’s Business, Economic Development and Covid Recovery Advisory Panel.

Lord Mayor, Clover Moore said the new strategy would help ensure the City continues to support a more prosperous, innovative and inclusive economy.

“In December 2013 we published a ten-year plan to strengthen our economy and support business. Since then, the climate crises and pandemic have had a devastating impact on our economy and our community,” the Lord Mayor said.

“We need to examine the new challenges and consider how to create a sustainable and resilient economic future. The new strategy will set out a short to medium term framework, with high-level actions for the city’s economic recovery and long-term prosperity.

“Sydney is home to Australia’s largest local economy, generating more than $138 billion per annum prior to the pandemic. As Australia’s global gateway our economy plays a significant role in supporting and influencing economies far beyond our geographic boundary, so it is important our economy is thriving and ready to meet the challenges and opportunities of the future.”

The Lord Mayor said it was time to prepare a new economic strategy, particularly given the changes and uncertainty facing the city and economy.

“The vision identified in the draft discussion paper will help increase our economic resilience and ensure our long-term prosperity,” she said.

“We look forward to hearing from businesses big and small, employers, workers and our wider community as we create a plan for a resilient, sustainable and fair economy.”

Business Sydney Executive Director, Paul Nicolaou said building Sydney back “better than ever and reclaiming its rightful place as first choice for regional, interstate and international visitors” will require a team effort between both tiers of government and the business community.

“This initiative by the City of Sydney is a great example of the increasing co-operation and collaboration necessary between council and business to produce long-term recovery strategies that will make Sydney’s CBD a vibrant and attractive place for workers and visitors,” Mr Nicolaou said.

The discussion paper outlines four major directions that will transition Sydney to a strong and resilient economy:

  • Transition to a green and circular economy;
  • Building an innovation economy;
  • Strengthening city’s inclusive economy;
  • Revitalising the city centre.

The economic strategy discussion paper will be open for public comment for around six weeks while key business and industry stakeholders are briefed and advisory panel members are consulted.

The City will review feedback and work with the advisory panel and other stakeholders on the City’s next economic strategy. It is anticipated this will be presented to Council in 2023/24.

Feedback can be provided via Sydney Your Say.

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