Vice-Chancellor and President, Distinguished Professor George Williams AO; Dr Rhonda Itaoui, Director, Centre for Western Sydney; Professor Andy Marks, Vice-President, Public Affairs and Partnerships; Executive Director, Centre for Western Sydney; Chancellor, Professor Jennifer Westacott AO; and Professor Neil Perry, Chief Economist, Centre for Western Sydney
Western Sydney University has launched an ambitious 30-year economic blueprint aimed at reshaping the future of Western Sydney. The plan will deliver higher incomes, better job opportunities, and an improved quality of life for residents, by accelerating the region from a peripheral economy into a national economic powerhouse.
Unlimited Potential: Western Sydney's Economic Strategy , released today by Western Sydney University's Centre for Western Sydney and led by Chancellor Professor Jennifer Westacott AO, outlines a once-in-a-generation economic strategy to transform Western Sydney's economy and harness its potential.
The strategy, which aims to transition Western Sydney to a 'core' economy, is expected to raise gross regional product (GRP) from $199 billion to $379 billion in 2036. As a result, the average resident in Western Sydney is projected to experience a $20,000 annual income boost, reduced travel times to work, and an increased likelihood of securing managerial or professional roles and holding a bachelor's degree.
To facilitate this transformation and enhance job creation in the region, the report details six strategic actions – referred to as 'leaps' – which include:
- Create a 30-year Western Sydney Infrastructure Funding Compact
- Establish a Western Sydney Infrastructure Advisory Council
- Accelerate technological innovation, digital skills and agility
- Strengthen capability links into international supply chains
- Secure a fair share of creative industries funding
- Benchmark and target investment and infrastructure delivery
Having undergone incredible acceleration in recent years in terms of population and economic growth, the report's authors highlight that Western Sydney has the potential to become a significant economic driver for Australia.
However, it is being held back by a lack of funding for physical and social infrastructure, as well as industry development, which has not kept pace with population growth. As a result, Western Sydney remains a peripheral economy compared to the Sydney CBD and eastern regions, reflected in a jobs-to-worker ratio well below 1:1.
Chancellor Professor Jennifer Westacott AO officially launched the strategy in Parramatta, alongside Vice-Chancellor Distinguished Professor George Williams AO.
"Western Sydney is experiencing an incredible economic and social transformation. As the third largest city economy in Australia, it has the potential to achieve so much more," said Professor Westacott.
"The report outlines clearly how we can harness the region's strengths – its vibrant entrepreneurial spirit, thriving small and medium enterprise ecosystem, highly-skilled people, and incredible multiculturalism – to drive the creation of jobs, unleash new industries, and connect Western Sydney with the world's largest supply chains."
"By doing this, we can elevate the prosperity of everyone living in this region and enable Western Sydney to drive the prosperity of Australia. However, we cannot achieve this vision alone. We need industry partners, all levels of government, community organisations, and other universities to join Western Sydney University to help unlock the region's full potential."
The region's shift to a core economy will depend on diversifying industries, growing skills, expanding the labour market, and improving connections to jobs. Leveraging investments and policy incentives, such as the Western Sydney International Airport, Aerotropolis, and the Bradfield City Centre including its Advanced Manufacturing Research Facility, and new precincts such as the Health and Education Precincts in Westmead, Campbelltown, and Liverpool, will be vital.
Professor Andy Marks, Vice-President, Public Affairs and Partnerships; Executive Director, Centre for Western Sydney, noted that rarely does a region have access to such an array of resources, funding vehicles, policy frameworks, and infrastructure investments.
"Western Sydney's capacity to fully leverage these opportunities depends on its ability to navigate and overcome inequities. The strategy outlines actions to disrupt unfair funding models for physical and social infrastructure addressing the historical concentration of power in the Sydney CBD. A thriving Western Sydney will have as many jobs as there are workers so that local industry GRP will be as large as what residents produce," said Professor Marks.
Professor Neil Perry, Chief Economist, Centre for Western Sydney, emphasised that the shift would change the nature of professions in the region, leading to more opportunities for skilled professionals, including in future growth industries, such as advanced manufacturing and technology.
"Income levels will increase with more local companies entering international supply chains and company headquarters centred in the core economy of Western Sydney. In turn, there will be a greater proportion of residents in manager and professional roles. Higher business and employment density and better utilisation of local skills and qualifications across Sydney's west will give rise to areas of accelerated productivity in high-value globally engaged sectors," said Professor Perry.
To view the Centre for Western Sydney's Unlimited Potential: Western Sydney's Economic Strategy, visit the web page . The Centre is the leading evidence-based authority on Western Sydney.
