Economic 2021 Development Strategy newcastle.nsw.gov.au Economic Development Strategy 2021 1 Welcome Acknowledgment We recognise and respect the cultural heritage, beliefs and continuing relationship with the land of the Awabakal and Worimi peoples. We acknowledge the proud survivors of more than two hundred years of resistance. The City of Newcastle reiterates its commitment to address disadvantages and to support Aboriginal and Torres Strait Islander peoples of this community to attain justice. Smoking ceremony held at the new City Administration Centre building at 12 Stewart Avenue. The ceremony also included; Wakakulang Dance Troupe, Aboriginal catering and a special guest talk by artist Saretta Fielding. City of Newcastle City of 2 Economic Development Strategy 2021 3 Contents Executive Summary 6 Our Economic Opportunities Map 12 Our City Community Strategic Plan 14 Newcastle at a Glance 15 Our Economic Journey 16 Our Global Commitment 18 Our Collaborative Approach City of Newcastle Context 20 The Regional Context 22 Economic Development Collaborators 23 Business Attraction Partnerships 24 New Local Framework 26 Our Challenges 30 Our Engagement 34 Our Strategic Approach Skilled People 37 Innovative People 44 City Shaping 51 Vibrant City 61 Enquiries References 67 For information contact Economic Strategy and Government Relations Manager Phone 4974 2000 Appendix A Published by Action Plan 2021-22 City of Newcastle PO Box 489, Newcastle NSW 2300 Phone 4974 2000 Fax 4974 2222 [email protected] newcastle.nsw.gov.au © 2021 City of Newcastle City of Newcastle City of 4 Economic Development Strategy 2021 5 Executive Summary The City of Newcastle’s (CN) Economic Development of the 21st century demands a skilled workforce Our Collaboration: Our Strategy seeks to environmental, economic and social conditions Strategy (EDS) 2021 offers a transformative with research indicating nine out of every ten supplement the work of the economic development that will play out over the coming decades. perspective to economic development with a new jobs will require post-school qualifications.2 ecosystem in Newcastle. We have maintained the Our challenges have been disaggregated into deliberate people-centred and place-led approach. Consequently, this presents a challenge for the vision from the Greater Newcastle Metropolitan four categories: population challenges, industry Our view is that the success of our local and regional skills base of the Newcastle population, where Plan, with all Newcastle Local Government Area transition, climate emergency and economic economy is built on the talent, skills and ingenuity almost 50% of our people do not have a post- (LGA) catalyst areas being identified with the skills impacts exacerbated due to COVID-19. of our people. These skills lead to innovation, school qualification and less than 15% of our that will enable their success. We have identified creativity and ultimately the formation of new jobs population are skilled international migrants. Summerhill Waste Management Centre and the In developing this Economic Development Strategy, and investment. Our Strategy seeks to build a skilled circular economy as new emerging opportunities. extensive stakeholder and expert engagement and innovative community supported by key city The CN is responding to these trends in this has been undertaken. This included workshops with infrastructure and enhanced by a vibrant lifestyle. Economic Development Strategy. Our approach Our Strategy also articulates that the City of our Strategy & Innovation Advisory Committee, is based on a framework called ‘New Local’ Newcastle will not actively pursue a business the City Taskforce and representatives from the Historically, it has been assumed that people follow which advocates for a people-centred and attraction approach. The City of Newcastle will seek business, innovation and community sectors. jobs. This is changing. Jobs are beginning to follow place-led approach to economic development, to supplement the work of Regional NSW and the Engagement also included targeted conversations people. The improvements to communications and and reimagines the role of local government. Business Attraction Committee rather than lead with population groups most impacted by technology, combined with the increasingly service- our own business attraction processes. Research the COVID-19 economic recession including based economy of the 21st century mean that many First and foremost, our Strategy will invest in increasingly demonstrates that the marginal rate young people and international students. jobs are no longer anchored to a location. This people, their skills, their networks and their of return is greater in investing in existing local trend has been further accelerated by COVID-19. investments. Our delivery programs will provide a businesses and enabling them to grow, rather than Our Priorities: Our detailed and evidence-driven This is changing migration patterns and offers an suite of opportunities for local residents and seek incentivising big corporates to relocate to the approach has led to four priorities being identified opportunity for Newcastle to strengthen its economy. to attract new talent to the city to fill existing region. Our view is also that business attraction in this Strategy – Skilled People, Innovative People, skill gaps. Our programs will be inclusive and, in is more effectively delivered at a regional level, City Shaping and Vibrant City. Two priorities focus on Newcastle has a range of economic opportunities many cases, targeted to minority populations. where the LGA boundaries are not considered. investing in people and ensuring that the population surrounding the city centre, which are described as of Newcastle is skilled and innovative. The remaining the Innovation Arc in this Strategy. The Innovation Our Vision: Strengthen existing and create new Our Approach: Our Strategy has taken an two priorities focus on enhancing the foundations Arc is defined as the catalyst areas identified in the economic opportunities for all in the 2020s. evidence-driven approach to identifying priorities, of our city, which enable people to create their own Greater Newcastle Metropolitan Plan. These catalyst establishing delivery programs and proposing opportunities in Newcastle. For each priority there Our Mission: Empower, retain and attract sites include Williamtown (Newcastle Airport), Port actions. We have engaged with and implemented are a number of four-year delivery programs, and people with skills for the future. of Newcastle (and surrounding industrial lands), the New Local framework to inform our Strategy then a suite of clear, timely and measurable actions University of Newcastle Callaghan, John Hunter Horizon: The Strategy targets ten-year outcomes development. New Local is a series of ten principles, that City of Newcastle and partners will implement. Health and Innovation Precinct, Hunter Park/ for the Newcastle economy. These outcomes which provide a roadmap to restart, renew and Broadmeadow and the City Centre. To these we will be achieved through four-year delivery reboot our local economy in a post COVID-19 add Summerhill Waste Management Centre. Each programs and one-year action plans. and climate emergency world. Developed by of these areas is aligned to an industry, many international experts, New Local advocates for of which have received significant government Review: The Strategy will be refreshed a people-centred and place-led approach to or private-sector investment. Importantly, they every four years (next in 2025). Action economic development, which builds resilient provide the right circumstances for new enterprises plans will be updated annually. and regenerative communities, cities, towns and to establish and scale, as well as for new talent mainstreets. The ten principles have been applied in to locate and create new opportunities. Governance: The delivery programs and actions will the Newcastle context and underpin all our work. be reported annually to CN’s Strategy & Innovation To enable the Innovation Arc, a skilled and diverse Advisory Committee, who provide an important Our Strategy also fronts up to the challenges labour supply has become the most critical input advisory role to the implementation of the Strategy. facing our local community. These challenges have for enterprise to enable both local and global been informed by the CSIRO’s global megatrend competitiveness.1 The service-based economy research, which identified significant shifts in City of Newcastle City of 1 Buss 2014. 6 2 Goldstein 2018; Heath 2020. Economic Development Strategy 2021 7 Skilled People: Innovative People: City Shaping Vibrant City The Skilled People Priority is about enabling and The Innovative People Priority is about increasing The City Shaping Priority is about continuing the The Vibrant City Priority is about enhancing expanding these human capabilities to strengthen capacity for local residents to solve problems transformation of Newcastle towards increased the sectors that drive city vibrancy through and drive existing and future opportunities and generate new economic growth. Enabling economic diversification and improved amenities. activation, performance, interaction and in Newcastle. This will be delivered through the right conditions for people to experiment Newcastle has emerged as Australia’s leading post- cultural consumption. The City of Newcastle partnerships with business, industry and local and invest in change helps to diversify