Image: Lord Mayor of Sydney, Clover Moore (AAP Image/Bianca De Marchi)
by HOPE PRATT
City of Sydney has unveiled its 10-year plan to boost the city’s economy, with a 24-hour economy and a goal to add 200,000 jobs to the council area by 2035.
“Investing in Central Sydney is essential to maintaining the economy’s buoyancy and success while invigorating our city,” said Lord Mayor Clover Moore AO in light of the announcement.
At its July meeting, Council will discuss the proposed Economic Development Strategy 2025-2035, that aims to invest $540 million into economic development with innovation, sustainability, and an inclusivity being the key strategic directions.
An additional $100 million for public domain works that work to extend the light rail from Parramatta to Green Square has also been proposed by the Lord Mayor.
According to Lord Mayor Clover Moore AO the strategy aims to expand Sydney’s $142 billion yearly economic output, which amounts to approximately 6% of Australia’s gross domestic product.
“Australia’s economy is changing. We need to stop relying on digging things out of the ground and transition instead to sustainable and inclusive industries.”
“We must create the space and conditions in our cities to accommodate the jobs of the future, so that innovation thrives and the world’s best and brightest minds work here.”
The strategy outlines City of Sydney’s plans across 4 scales: global Sydney, Australia’s economic heart, city of distinct precincts, and strong local neighbourhoods.
Central to these are 8 momentum building projects across Sydney, that aim to create 200,000 new jobs by 2036, with 70 per cent being within knowledge and innovation industries.
“Tech Central”, the innovation district south-west of the CBD between University of Sydney and University of Technology Sydney, is a key target for these developments.
While the strategy addresses Sydney’s need for economic rehabilitation since COVID-19 lockdowns, and the city’s need for expanded public transportation, the ongoing delays and expense of previous light rail projects has cast doubt on the viability of the City’s plans.
Additionally, the federal government’s plans to limit international student enrolment could also disrupt the council’s strategy.
Despite these challenges, the Lord Mayor has remained optimistic.
“This strategy will contribute significantly to ensuring Sydney remains the leading innovation and knowledge-based economy in the nation, renowned for its creativity and productivity, with an economy that is robust, resilient, innovative and dynamic,” she said.
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