Great news this week with the NSW Government preparing to run more light rail services through the CBD after dark as part of its push to revive the city’s nightlife, once the lockout laws are relaxed.
At the same time, the NSW Treasurer has also demanded action on the economy calling for both state and federal governments to pursue major structural reforms in a bid to revive economic growth.
Australia needs a boost and it looks like the government is starting to rally to the war cry.
Recent Deloitte Access Economics research tells us that Sydney is missing out on about $16 billion a year because its 24-hour economy is underdeveloped.
The report also found economic activity after dark in Sydney is now worth $27 billion a year and supports more than 230,000 jobs.
But it could be far bigger.
The report says the 24-hour economy makes up 3.8 per cent of Australia’s economy, well short of 6 per cent in the United Kingdom.
That points to considerable potential for Sydney.
The 24-hour economy is a key driver of growth, and a significant contributor to the wider economy, employing around 1.17 million people across Australia and generating over $121 million in sales turnover nationally.
A vibrant 24-hour economy is more than just bars, restaurants and clubs.
It creates a range of opportunities for providers and users; from 24-hour gyms and supermarkets to late-night art galleries, to extended shopping and transport choices.
We are now beginning to nurture and support Sydney’s 24-hour infrastructure and activities more effectively, so the estimated annual value of Sydney’s night life will only flourish.
We have 24-hour trading bids for Sydney’s CBD to revive the city’s night-life and a range of sectors that can be given the opportunity to expand services after dark including arts and culture, retail and entertainment.
As cities across Australia grow, we must plan for new areas to have a great 24-hour offering naturally embedded in them and essentially become part of the country’s economic fabric.
Placemaking and precinct development in each state is also gathering pace.
The redevelopment of Howard Smith Wharves in Brisbane is the perfect example of delivering a site that has been repurposed and given back to the community, residents and visitors alike.
The once industrial space is full of restaurants and bars. It has become a beautifully developed space full of life with drinkers, diners, locals and tourists alike.
The cultural sector is also growing nationally with a number of major developments underway. Melbourne’s arts precinct at Southbank already has one of the highest concentrations of arts, cultural and creative organisations anywhere in the world – and presents up to 3000 performances and exhibitions each year.
However, the precinct is about to undergo a transformation which will introduce major new attractions such as NGV Contemporary – set to be Australia’s largest gallery dedicated to contemporary art and design – as well as a new Australian Performing Arts Gallery and an expanded Australian Music Vault.
Fabulous news
In Sydney, we have the proposed redevelopment of Pyrmont and the announcement that the Greater Sydney Commission is set to unveil a 20-year plan for the Greater Parramatta and Olympic Peninsular – which includes 105,000 new jobs for the region.
There is the Sydney Fish Markets project, this week’s sod turning of Sydney Modern project and the upgrade of Sydney Theatre Company in the Walsh Bay precinct.
We are on the cusp of delivering a new era of how we as Aussie’s live, and what we can offer our visitors to this great country.
So, let’s keep up the good work.
Cheers
Margy