NSW 2040 Economic Blueprint Released
NSW Treasurer Dominic Perrottet released the NSW 2040 Economic Blueprint on 20 November, which is a document designed as a roadmap to enable continued success for the state’s economy, by identifying challenges and risks, and highlighting major opportunities for the NSW Government to grow industries, innovate and improve the economy with a target of two trillion dollars by 2040.
Prepared by the NSW Chief Economist Stephen Walters, the Blueprint predicts a solid future for NSW on the back of a strong financial position, high levels of education, focus on innovation and growth and the proximity to the booming Asian middle class, with an expected growth and demand in NSW exports for decades to come.
Industries most likely to grow include finance, mining, tourism, cybersecurity, medical technology, food production and agricultural technology, aerospace and defence and hydrogen for fuel. Some of the challenges that NSW will face include an ageing population, climate change, high energy costs, water scarcity, threats to biodiversity, tax inefficiencies and disruptive technology.
Immediate recommendations include improving state infrastructure planning, working with the Commonwealth and states to agree on a national energy policy and committing to long-term initiatives to encourage advanced manufacturing.
The report was prepared in consultation with a network of stakeholders and outlines a range of key aspirations for NSW to reach by 2040 including:
- The nation’s first trillion-dollar economy
- Healthy, productive people
- Liveable and connected cities
- Productive, vibrant regions
- Innovative and world class businesses
- A sustainable environment with reliable and affordable energy
- Enhanced performance of government.
Read more about the blueprint here.
Property Council Roundtable – Infrastructure Contributions
In mid-November, Property Council and a group of members met with NSW Treasurer Dominic Perrott and Minister for Planning and Public Spaces Rob Stokes to discuss the barriers to investment in NSW and more particularly, the current inefficient and complex infrastructure contributions system.
The presentation to the Treasurer and the Planning Minister outlined the challenges with the current system, the impacts and effects of the system on the industry, the community and local government and proposed a range of short, medium and long term solutions in which Government could consider implementing.
The meeting was successful and was well received by both Ministers and Property Council will continue to work with both departments on next steps with a proposed reform agenda for the contributions system. This work complements the work already being carried out by Property Council’s Contributions Taskforce which was created to develop key solutions to tackle some of the issues being faced by the industry.
Update on NSW Building Reforms
Since the appointment of the NSW Building Commissioner David Chandler OAM and the release of the NSW Government’s Building Stronger Foundations: Discussion Paper, the NSW Government introduced the Draft Design and Building Practitioner Bill 2019 in which Property Council provided a submission to and is currently before the NSW Legislative Assembly.
Property Council also made a submission to the Government inquiry into the regulation of building standards, building quality and building disputes being carried out by the Legislative Council. This second submission also considered changes that had been made to the exposure draft in response to submissions received.
This process was supported by a Roundtable with the NSW Building Commissioner David Chandler, where the commissioner outlined his vision for implementing key reforms and discussed how the Property Council and its members could further contribute to this process. The next steps in this process will be contributing to the work on the reform’s regulations where much of the policy content will be contained. To know more please email firstname.lastname@example.org
Update on LSPS Process and Housing Targets
Over the last few months, Property Council has been actively engaged in the Local Strategic Planning Statement (LSPS) process with a number of councils across Greater Sydney, with 13 submissions made on a number of individual LSPS’ and eight member briefings held with nearly 20 councils.
The next steps in this process will be to ensure that the draft documents developed reflect the strategic outlook of the Greater Sydney Commission’s (GSC) plans. Property Council is currently partnering with Ethos Urban to work together with the GSC to provide an effective overview of the strategies and areas where more work needs to be done to ensure targets can be met.
The Property Council is also focused on ensuring the release of the six to 10-year housing targets across Sydney is also achieved. These targets are critical to provide industry and the community with an understanding of what housing needs to go where to meet the demands of our growing and changing population.
The data for these targets also needs to align with forecasts from DPIE and industry forecasts so that expectations are aligned. Property Council is continuing to work closely with the Greater Sydney Commission on these important outcomes and to provide feedback to these processes.