Business Sydney says the NSW Intergenerational Report highlights the need for close collaboration between government and business in order to meet the increased demand for housing and jobs of the future, if Sydney is to maintain its mantle as Australia’s premium global city.
“This report predicts NSW’s population to reach 11.5 million in 2061, requiring 1.7 million new homes - with the majority in Sydney - so we must start addressing this now with planning reforms and job creation in the hi-tech and services industries,” said Damian Kelly, Acting Executive Director of Business Sydney.
“We are in yet another Sydney housing boom making it even more difficult for current, and the next generation, of workers to live in Sydney, so we must focus on addressing this through schemes like build-to-rent and stamp duty changes, if we are to house tomorrow’s employees in suburbs near to where the jobs are,” Mr Kelly said.
“The report says the fastest jobs growth will be in business and social services and this means developing precincts like the Tech Central to Everleigh and Pyrmont Peninsular, in order to generate the hi-tech, innovation, fintech and biotech jobs these precincts are designed for.
“Along with providing affordable rental and other housing options for these young tech workers of the future, we must also cater for key workers like police, nurses, teachers and other social services to live around these precincts through more affordable housing.
“Meeting the needs of Sydney into the coming generations will rely on delivering the major transport projects like Metro West and active transport options, to cut commuting time and costs for workers, as well as servicing future work hubs across the city.
“With the report predicting the median age of the state’s population to increase to 44, more emphasis on re-training this ageing workforce and changing attitudes to hiring older workers will be essential.
“Constant improvements to productivity are required, helping to drive up wages and jobs and economic growth to support government revenue and address the post Covid budget deficit,” Mr Kelly said.