Brisbane 2022 New World City Action Plan

27 May 2015

Brisbane 2022

Lord Mayor Graham Quirk has been handed a comprehensive report by the Lord Mayor’s Economic Development Steering Committee – containing key recommended actions for a fresh perspective and approach to Brisbane’s next chapter of economic development to become a model New World City. 

The report, titled Brisbane 2022 New World City Action Plan, is an economic agenda to identify and prioritise the city’s actions toward 2022 and beyond. 
One of the report’s key findings is that the city must find ways to generate revenue from outside its regional economy and to that point, significantly, Brisbane is also fortunate to have inherent specialisations in the industries the world wants. 

This economic priority identifies what key growth sectors are in most demand globally, that is, what we can derive most "export" income from. Priority one also highlights the industries that are equally important, driving our domestic economy, acting as the supports and inputs that enable the international activities to optimise and grow. 

It is important to note exportable (ie. traded) sectors include not only the exporting companies themselves but also the companies in their supply chains that are contributing to the exporting companies’ performance and "indirectly exporting", even though their customers are local. These clusters also include those institutional supports (specialised legal and financial services/specialised programs offered through higher education/specialised research institutions) that support the sector going into global/export markets. 

As outlined in this report, both traded and non-traded (ie. population-servicing industries) are vital to Brisbane’s future growth as Australia’s New World City. We recognise the need for prioritisation of resources toward the productivity and access to global supply chains for Brisbane’s major growth industries. Recommended actions to escalate that process follow.

One of the clearest indicators highlighting the imperative for this change in focus of the city’s approach to economic development is comparative benchmarking of Brisbane’s economic profile to that of other major Australian cities.

The pie chart below demonstrates that Brisbane is a growing, emerging economy with an opportunity to target its identified strengths and improve its proportionate percentage of tradable sectors. 

1. Australian Industry Report 2014’, Office of the Chief Economist, Department of Industry, Canberra, 2014
2. Australian Bureau of Statistics (ABS), 2006-14 

Specifically, the chart constructed from the latest census data demonstrates that population-serving sectors contributed more than half of the growth in the Brisbane economy over the past decade. This can be explained by the rapid population growth through the 1990s and 2000s that drove demand in population-serving industries.

It is time to shift the thinking of how we approach economic development in our city by looking forward to how we can compete globally.

“If you only trade with yourselves, your economy virtually diminishes. Trading with the world is the number one idea,” Greg Clark - leading Global Urbanist

Download the full version here.

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