Local government a key driver for NSW's economy
Cities Leadership Institute were proud to partner with the Sydney Business Chamber to host a briefing session on the state of the NSW Economy with NSW Chief Economist Stephen Walters on October 18th.
The discussion provided a valuable opportunity to highlight the critical role local government plays in driving and sustaining good economic growth.
Local government are often the first to be impacted by changes in the economy, and local town centres around New South Wales are currently seeing high retail vacancy rates due to a changing retail sector and pressures on the economy at large. The amount of development applications local councils receive is often a key indicator of the health of the economy.
With global economic growth expectations predicted to be precarious and business and consumer confidence down, local government has a unique chance to drive a renewal in productivity and strengthen the State's economy.
What was clear from the session is that government support for local infrastructure has the potential to stimulate the economy and deliver directly to local communities.
The NSW Economic Blueprint, due to be released on 26 November 2019, will provide further details on economic challenges and opportunities and present a 20 year economic vision for the state.