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Property at forefront of NSW trillion-dollar future

The Property Council of Australia has backed the NSW 2040 Economic Blueprint released this week, which says creating liveable and connected cities is a key aspiration for the state.

The landmark NSW 2040 Economic Blueprint: Investing in the State’s Future presents a 20-year economic vision for the state, predicting New South Wales will be the first trillion-dollar economy in Australia.

Launched by Chief Economist Stephen Walters, the Blueprint includes strategies and recommendations to ensure a sustainable fiscal and economic future for the people of NSW.

“The Economic Blueprint was prepared after extensive consultation with industry, citizens and business leaders. It outlines the direction for the continued success of New South Wales in a changing world and expanding global economy,” Mr Walters said.

“The report identifies challenges and risks and highlights opportunities for NSW to grow industries, innovate and improve the economy. We’ve made 39 recommendations on where NSW Government and industry should focus its efforts for the greatest results.

“The Blueprint sets the tone for NSW’s continued role as the engine room of Australia’s economy.”

Property Council NSW Executive Director Jane Fitzgerald said the Blueprint balances critical short-term reform with longer term priorities that will boost the state’s competitiveness.

“It includes plans to leverage growth in the Asia Pacific, plays to our state’s strengths and underlines the need to support emerging industries that will provide future employment growth, particularly in growing areas in Western Sydney,” she said.

Ms Fitzgerald said the Blueprint underlined the need for short term microeconomic reforms to the planning system.

“We agree with the statements included in the Blueprint which describe the NSW planning system as ‘complex’ and ‘inflexible’ and an issue in need of attention,” Ms Fitzgerald said.

“Now is the time to draw together the streams of work to create a better planning system which can deliver the Sydney of tomorrow; we have a great opportunity to enact reforms now that will set the state up for the next 20 to 30 years.”

The report also 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

The immediate recommendations include improving the performance of the vocational education and training system, better long-term infrastructure planning and supporting the examination of the taxation system and the NSW Review of Federal Financial Relations.

The Blueprint will evolve and is designed to be reviewed and updated regularly.

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