Parramatta Economic Development Board Meeting of 9 June, 2004

Today’s Meeting Aim of today’s meeting is to: Present highlights of information gathered for the development of the Parramatta City Economic Well Being Strategy Gather views from the Board about the actions which can be taken to support the short, medium and long term economic development of Parramatta

Background Information Parramatta has: a growing population; a highly skilled workforce (significant managerial and professional group; a high incidence of tertiary qualifications) 86% of residents employed in the services sector (Property and business services (13%), retail trade (13%) and health (10%). Manufacturing employs 13% of residents a large and varied services industry in the Central Business District (CBD) a large and varied manufacturing sector in the Local Government Area (LGA) a major role as a centre for regional employment a major role as a transport hub

Background Information We also know that as a region, Western Sydney: has a population greater than each of South Australia, Tasmania and the Northern Territory produces 10% of Australia’s GDP economic output is estimated at $77 billion p.a. is growing strongly both in terms of population and jobs 150 of Australia’s top 500 companies have a base here receives over $7.14 billion of NSW govt expenditure to cover a wide variety of initiatives in the region

Background Information We also know that Australia: is a very competitive country in an increasingly competitive world economy has economic growth rates that have been excellent has low levels of unemployment continues to grow traditional exports (eg. minerals) and innovative exports (eg. automobiles) is continuing to take decisions that increase the overall competitiveness of the economy

Challenges A series of challenges are emerging: Continuing with excellent rates of growth An ageing population Raising the participation rate of the workforce Increasing the productivity of the workforce Managing the economy in an environmentally sustainable manner Improving export performance Managing the current account deficit

Actions to Support Regional Development Urban Frontier’s 12 factors of sustainable economic growth Extensive linkages with global markets Generation of international and inter-regional exports Investment growth opportunities Supporting the growth of new firms from within – endogenous growth Access to capital A full selection of business and financial services Availability of strategic transport and communications infrastructure Developing, attracting and retaining a diverse, educated workforce High level of liveability, urban amenity and environmental quality Quality social and cultural infrastructure Supportive regulatory frameworks Effective governance

So the board might wish to consider The actions that it can take to support sustainable economic development in Parramatta To do this we propose to spend the rest of the workshop discussing this issue and getting your feedback about the priority actions that need to be taken over the short, medium and long terms