Economic development strategy

Our economic vision for Sydney

The City of Sydney’s 26km² local area generates more than $142 billion in economic output each year, with influence extending well beyond its boundaries. Home to more than 22,000 businesses, one in 3 ASX top 100 companies, more than 520,000 jobs and the number one ranked startup ecosystem in the Southern Hemisphere, our local economy is prominent on the world stage.

Despite a strong recovery from the pandemic, challenges like climate change, affordability, and global economic shifts remind us of the need for resilience and adaptability.

How we’ll deliver a strategy for success

Our bold 10-year plan targets 200,000 new jobs in our city by 2036, with 70% of these in knowledge and innovation industries. To achieve this, a place-based approach will focus actions across 4 scales: from global Sydney to Australia’s economic heart, as a city of distinct economic precincts, down to our strong local neighbourhoods.

Guided by the outcome areas of sustainable, inclusive, innovative and experiential, 33 actions will be achieved to help create a city where innovation thrives, diversity is celebrated and local experiences shine.

Priority and momentum-building projects

We’re providing more than $540 million in economic development investment, spearheaded by these projects.

• Investing in transport: Extending light rail from Broadway to Parramatta Road and on to Green Square. This project will enhance connectivity, spur housing development and create thousands of jobs at the heart of Sydney’s tech, cultural and educational epicentre. We’re committing more than $100 million in public domain works to make this vision a reality.
• Unlocking Tech Central via Broadway: Unlock the innovation and economic potential of Tech Central with partnerships, ecosystem support and activation in the immediate area and commitment to light rail in the longer term.
• Accelerating the green economy transformation: Position Sydney as a global focal point for sustainable investment and leading innovation to accelerate net zero transition.
• Supporting Indigenous enterprise: Adopting a whole-of-business lifecycle approach to support Indigenous enterprises to seed, find space and scale.
• Retaining international student talent: Partnering to support the integration of international students into Sydney and the local workforce, providing pathways to fill skills gaps and improve the overall student experience.
• Putting vacancy to creative use: Unlocking private property through mutually beneficial partnerships that match underused commercial spaces with creatives displaced or priced out of the city.
• Exploring localised circular economies: Working with business collectives and small businesses to identify, unpack and action circular economy opportunities at the precinct scale.
• Evolving the visitor experience: Holistically review visitor needs and the visitor journey, partnering with government and industry to refine and coordinate visitor services and promote deeper visitor experiences.
• Promoting vibrant streets: Develop more effective and efficient approaches to activating our streets in partnership with high street or micro-precinct business collectives.