Wollongong Economic Development Strategy 2019-29

Wollongong City Council has released its draft Economic Development Strategy 2019-2029 which is on public exhibition until 28 June 2019. The key focus of the strategy is to create more jobs in Wollongong by generating an innovative and more sustainable local economy through:

• Generating 10,0 additional jobs in the decade to 2028 to reduce the jobs deficit, this will be more than double the 4998 net new jobs created in the decade to 2018
• Lifting median incomes by generating new industries that are higher paying, have a greater share of full-time jobs and are expected to grow in the future
• Targeted sectors and industries to align with the existing talent pool, in particular commuters and graduates of the UOW to create more local job opportunities for residents.

Based on research and economic data, the target sectors for future growth identified include ICT/Tech, Financial and Insurance Services, Professional and Technical Services, Public Administration and Electricity, Gas, Water and Waste Services. These sectors are also broadly aligned with those identified by Wollongong’s existing business attraction agency, Advantage Wollongong.

There are a number of mechanisms that will be implemented to achieve the strategic objectives and ‘game-changers’ that if delivered would have a positive impact on the local economy. Council has advised of their intention to advocate for these projects with key partners and government to bring these major projects to reality, which include:

• Critical transport projects to reduce the travel time between Wollongong and Sydney
• Capitalising on the growth of Western Sydney and the development of the Aerotropolis
• Increases to the office capacity in the Wollongong City Centre
• Development of unused and underutilised employment lands
• Attraction of more major events and tourism infrastructure
• Completion of the Australian Industrial Gas Energy Terminal Project
• Establishment of a city centre university campus
• Delivery of the Port Kembla container terminal project
• Further evolving as a smart city
• Improving the effectiveness of advocacy.

Property Council has had an active role in providing input to the strategy and representing the industry to ensure any opportunities or challenges are addressed. Engagement was also carried out by Wollongong Council directly with a number of developers, agencies and other stakeholders from the industry to gain their feedback. Some of the key action items in relation to planning include:

• Enabling a mechanism to expedite employment generating projects which involves input from multiple specialist teams across Council
• Implement policies that support a mix of office development in the Wollongong city centre including new A-Grade commercial buildings
• Implement policies that support appropriate jobs generation in other employment areas
• Undertake a Tourism Lands Review in order to investigate the use of tourism-specific zoning on key coastal sites to ensure the provision of sufficient beds in Wollongong
• Conduct a survey of local investors every two years to obtain feedback on business investment
• Establish an investment industry forum every 6 months where council can gain insights and share communication about key projects.

View more information here on the Economic Development Strategy or to make a submission.