The CBDs creating prosperity

The CBDs of Sydney and Melbourne generate almost 10 per cent of all economic activity in Australia, and triple the contribution of the entire agriculture sector, according to the Grattan Institute’s latest report.

‘Mapping Australia’s Economy’ reports our capital cities are the drivers of prosperity for Australia as the economy has gone through significant change, moving to more knowledge intensive work.

Jane-Frances Kelly and Paul Donegan, who wrote the report, found 80 per cent of the value of all goods and services produced in Australia is generated on just 0.2 per cent of the nation’s land mass. CBD and inner city businesses are also more productive.

The interesting thing is that even in industries such as mining, many of the knowledge jobs are housed in the city. More than a third of WA mining jobs are in Perth CBD – roles like accountants, administrators and even some engineers.

But with this significant change in our economy, comes the requirement to have the workers close at hand. Too many people live too far away from the CBD to really help us achieve the most of our economic prosperity and to become truly efficient.

This is a major driver of much of the development and planning changes we see in our capital cities as we speak; the need to have the people where the action is and ensure we are as productive as possible. This is not just about apartments and housing, but also about transport and better infrastructure.

Read the report to better understand these trends: http://grattan.edu.au/publications/reports/post/mapping-australias-economy-cities-as-engines-of-prosperity/



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