Support for Sydney businesses aims to improve the city's economy
Sydney's new Economic Development Strategy has been backed by businesses across the city, with praise for the 10 year plan to keep the New South Wales capital at the forefront of Australia's economy. This could provide encouraging results for those interested in purchasing commercial property in the city over the coming years, especially since the city accounted for approximately 7 per cent of Australia's entire economy during 2011/12.
Submissions from a number of businesses, including Sydney Business Chamber, Tourism and Transport Forum, AMP Capital, Pyrmont/Ultimo Chamber of Commerce and the Newtown Precinct Business Associations, have all praised the plan. With plans to support the continued growth of Sydney as a premier Australian city, businesses in the area are keen to support this change.
Lord Mayor Clover Moore said Sydney's resilience was proven after the city added nearly 2,000 new businesses during the global financial crisis over the last five years.
"Cities around the world compete for ideas, investment and talented people and our economic strategy is designed to ensure Sydney wins that competition. 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," said Ms Moore in a February 18 statement.
"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 over 437,000 jobs in Sydney, with 173,000 of them - almost 40 per cent - are in the finance and professional services area. The Economic Development Strategy highlights three main areas for growth focus. One is to strengthen the city's competitiveness - both nationally and overseas - while also improving productivity and capacity. Finally, the promotion of opportunities within the business community also takes precedence.
This plan could be a great opportunity for those interested in moving into the New South Wales capital city and establishing their own small business. Securing commercial real estate in the near future would be the best way to cement yourself in the area, in order to take the biggest advantage of these oncoming changes.
Furthermore, the plan could benefit residential investment property owners, as more business and a stronger economy could result in a higher number of people shifting to the city.