HUNTER, ILLAWARRA, WESTERN SYDNEY RISK BEING LEFT BEHIND NEW ECONOMIC DEVELOPMENT INFRASTRUCTURE REPORT WARNS
If State, Local and Federal Governments do not adopt a new approach to infrastructure planning, the Illawarra, Hunter and Greater Western Sydney risk being left behind 'Global Sydney' according to a new report released today by the Australian Business Foundation.
The Hunter, the Illawarra and Western Sydney have been subjected to major economic and social changes over the last three decades including globalisation, restructuring of manufacturing industry, new technologies and trade liberalisation. In addition, economic and employment patterns have changed and continue to change dramatically.
Regional Infrastructure: New Economic Development Opportunities for the Hunter, Illawarra and Western Sydney Regions looks at how different approaches to current and future infrastructure could lead to greater economic opportunities and benefits for our regional centres, identifying four key strategies:
- Priority attention to infrastructure that connects people and places in and between regions
- Infrastructure that turns regions into knowledge hubs, with high performance industries;
- Better alignment of State and regional responsibilities for infrastructure planning and use; and
- Actions to build effective partnerships for managing and financing infrastructure
"The capital costs of enhancing physical connectivity may be high, but the cost of doing nothing or making incremental infrastructure investments may be higher", said Mr Jonathan Cartledge, Australian Business Foundation
High-speed rail links, new options for freight and expanded port opportunities were considered the most likely transport infrastructure to enhance regional business development and access to global markets.
Mr Cartledge said for government to attract investment in large scale infrastructure projects there must be an emphasis on effective partnerships with the private sector. Superannuation funds represent a valuable resource for infrastructure investment. Innovative ways of harnessing these funds and financing infrastructure represent the future for infrastructure projects in the Hunter, Illawarra and Western Sydney regions.
"Government must collaborate with business at all levels to identify regional strategies for infrastructure to secure the greatest economic benefit. The possibility of a State led Regional Infrastructure Fund may provide new opportunities to foster stronger regional economic development and to meet community aspirations for jobs and a secure quality of life", said Mr Cartledge.
"Regional economic development today is less about attracting prize investments like car plants, and more about ensuring that local firms are participating in world wide chains, leveraged by the local 'knowledge base' which comprises R&D, special design skills, clever business models, advanced risk assessment skills and the like," he said.
One of the biggest challenges faced is attracting investment in knowledge infrastructure, like technology parks, industry clusters that link education and business and turn regions into globally competitive high skilled hubs of industry.
The Australian Business Foundation worked with public and private sector infrastructure managers, users and stakeholders in the Illawarra, the Hunter and Western Sydney, to identify the barriers and opportunities for new economic development.
Australian Business Foundation, sponsored by leading industry organisation Australian Business Limited, is an independent, private sector think tank. Founded in 1997 in response to concerns about Australia's declining position on world competitiveness benchmarks and fuelled by the urgency for fresh insights and practical intelligence to boost Australia's capabilities and global competitiveness.
For further information contact:
Australian Business Foundation: 02 9458 7553
