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The NSW Government’s 24-Hour Economy Strategy

Source: Benjamin Sow

NSW Government releases ’24-Hour Economy’ Strategy

The NSW Government has released a 24-Hour Economy Strategy to revamp Sydney’s nightlife, support local businesses and create more jobs in the wake of COVID-19.

The strategy will be driven by a new Coordinator General tasked with unlocking the city’s cultural and economic potential by bringing stakeholders together from across industry and councils and looking at opportunities to cut red tape and regulation.

Treasurer Dominic Perrottet said the plan would make Sydney the best place to live and work as well as setting the State up for dynamic recovery following COVID-19.

“There is no denying Sydney is one of the best cities in the world, but we need to continue to do everything we can to ensure the jewel in our crown continues to shine both day and night,” Mr Perrottet said.

Related: “Australia facing its worst economic contraction in history”

“This strategy aims to drive investment, create jobs and attract more businesses to the CBD and surrounding suburbs, laying the ground-work for our State’s economic recovery so we can keep more businesses in business and people in jobs.”

Minister for Jobs, Investment, Tourism and Western Sydney Stuart Ayres said that the standard worker no longer works from 9am-5pm, and says the new strategy acknowledges this.

“When we started planning this Strategy our goal was to take advantage of the $16bn economic uplift from realising the potential of non-traditional work hours. Now, with the job losses resulting from the pandemic, that goal is more important than ever.”

“Sydneysiders deserve a global city that’s thriving 24-hours a day, and the world wants a 24-hour Sydney. We are going to turbocharge Sydney by working closely with industry and councils to implement the 39 actions across the Strategy’s five strategic pillars so the productivity of the night can rival that of the day to create more employment opportunities in arts, entertainment and cultural events throughout the evening.

“COVID-19 has hit the tourism, hospitality and the arts sectors hard. This Strategy sets out a pathway to activate home-grown events that create safe opportunities for people to enjoy across Greater Sydney,” Mr Ayres said.

The 24-Hour Economy Strategy will be spearheaded by a new 24-hour Economy Coordinator General who will be responsible for bringing this strategy to life. A Neon Grid or ‘night map’ will also be developed to target investment towards and help promote 24-hour economy hubs across Sydney.

The NSW Government will work closely with industry and councils to identify and accelerate local 24-hour economy hubs across Sydney.

The full strategy is available here.

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Ellie Dudley

Ellie Dudley

Ellie Dudley is a journalist at Dynamic Business with a background in the startup space and current affairs reporting. She has a specific interest in foreign investment and the Australian economy.

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