8 MIL ILLIO ION (AND DIG IGIT ITAL) AT 2056: MANAGIN ING GROWTH IN IN OUR CIT ITIES – THE CASE OF SYDNEY Dr Tim Williams Chief Executive, Committee for Sydney
My preso will be about • Key global urban and economic trends • What they mean for Australian cities, particularly Sydney • Some reflections on digital innovation and urbanism: towards data driven and responsive cities • Advertising, information and IOT: convergence in our cities: now and direction of travel • If the future is about smaller homes, shared spaces and bigger lifestyles – and Sydney much denser than it is at the moment – what might this mean for outside media? • Will we see more tech based congestion management, new forms of transit , more sharing of streets(more sharing of everything), and more use of Australian city centres at night: no ‘shared econonmy ’ without a night time econ • public realm management even more important: how to marry great tech, great advertising and great city planning? • Look at how Sadik-Khan and business worked together to transform Times Square
Great city planning and new promo tech Google in pedestrianised Times Square (2014): more visitors than Disney
4 Digital media and public spaces co production of this between private and public sectors
Convergence of services/technology regulating data driven responsive city: all singing/dancing bus stops
The future’s here Adshel & Philips Newtown/ demo of web-enabled LED :
The whole notion of PT changing Bridj – tech enabled MicroTransit in Boston & Washington 7
8 The internet of things and digital media data analytics re consumers but also city users.. • Monit itorin ing customer data through mobile apps: smartphones, tablets, etc • All ll consumer products as advertis isin ing media ia ( Diageo’s bottles with personalised videos from gift-givers embedded in labels) • Trackin ing product fl flow to customers in production and distribution operations • Dig igit ital l sensors in products where business is conducted: in stores, branches, offices • Wearable digital devices to track customer usage of f products and services
In the digital age World cities are being talked of not just as locations of the ‘internet of things’ and data gathering but as…
In the digital age
In the digital age
In the digital age
Who is the Committee for Sydney? • Independent champion for Greater Sydney, ‘challenging the city to be great’ • Evidence-based thought leader within Sydney but now also around cities policy • Representing diverse membership organisations – public, private & not-for-profit sectors – broad range of industries – covering the geographic spread of Greater Sydney
Hope it’s already clear why we need Business Leadership Groups • Overcome constraints which bind city authorities: – Think beyond short term electoral cycles – Look beyond political geography / electoral boundaries – Members have experience in branding, sales, marketing, agenda setting, prioritizing – Strong bargaining position with central government as ‘customers’ rather than subordinates. • Develop strategies and advocate for policies to enhance a city’s competitiveness. • Often work coll llaborativ ively with local government and other city stakeholders • More dynamic and proactive than traditional Chambers of Commerce. • Concerned with making contributions to urban and metropolitan development: governance , public transport and affordable housing current obsessions: data driven cities/IoT • Not just a thinktank but a do-tank: Fintech Hub for example Source: The Business of Cities Ltd
Cities matter Most Aussie wealth is urban; most (sub)urban nation… • 23 m now: 35 m in 20 years • Sydney 6m in 15years ;8m in 40; Melbourne 8.1m :1.7% a year • 1% of Australia’s landmass creates 80% of wealth: more urban economy than the US. 10% alone comes from an area the size of Rottnest Island • 30% more patents where job density doubles. • Becoming more important in knowledge economy • Business gets cities: and is clustering in fewer higher value locations/as business re-urbanises in the post manufacturing era • and people are voting with their feet for cities and city living globally – and here :though focussing on certain places within cities • Overall trend: ‘smaller homes, shared spaces, bigger lifestyles’. • Sydney doing well at the moment :though Melbourne will be biggest • But there are challenges : the externalities of growth which we find difficult to manage leading to divisions: spatial, intergenerational, inner and suburbia and increasingly ethnic? • Two Sydneys: older compact city near the sea/10ks of cbd: public transport; and newer/sprawl city: basically Greater WS • Feds begun to recognise this and new Fed policy emerging – and GSC in NSW
New National Approach to Cities “ Historically the federal government has had a limited engagement with cities, and yet that is where most Australians live. It is where the bulk of our economic growth can be found. We often overlook the fact that liveable cities, efficient productive cities, the environment of cities, are economic assets. Making sure our cities and indeed our regional centres are wonderful places to live should be a key priority of every level of government ” . - Prime Minister Malcolm Turnbull
To cut to the chase - this is the way the world is going To cities in the S and E, wealth shifting too: closer to a really nice neighborhood near us…
Cities – where the world’s population and wealth going 2010 m metropoli litan popula lation 20
2050 metropolitan population 21
New patterns of growth and change blue is the one to watch Growth since 2000. Source: Brookings Global Metro Monitor (2015)
The south is the north of 21stC...
A wealthier Australia in a booming south grown 20% since 2008, surpass UK in 20 years
Pouring into a small number of very large cities 1% = 80% more than US
Very different model….
Cities of low density: sprawl, dispersed suburbia = about 40% density of LA! Will Sydney carry on with this model as we go from 4 to 8m? Up/out? Roads spread/PT agglomerates 28
Source: Bernard Salt, KPMG
Sydney growing twice as fast as London but Melbourne faster: will surpass Source: Bernard Salt, KPMG
Source: Bernard Salt, KPMG
City economies are increasingly recognized as the heart of the national economic picture Sydney’s GDP growth: 4% in 2014 Greater Sydney share of wealth rose to 23% and national FS exceeded contribution of mining: 30% of national growth in 2014/15 came from Sydney
One example of why cities matter to Australia Sydney Financial Services alone = Mining in WA Bigger by value than HK and Singapore FS
36 So overall: competitive global cities PwC AT Kearney IESE EIU City Average MORI Global Cities of Global Cities in Competitive percentile Power Index Opportunity Cities Index Motion ness Index score 1 London 1 1 1 1 2 2% 2 New York 2 2 2 2 1 4% 3 Paris 7 3 3 4 4 9% 4 Singapore 3 6 5 9 3 10% 5 Tokyo 14 4 4 7 6 16% 6 Hong Kong 10 5 7 17 4 17% 7 Amsterdam 4 25 9 5 17 22% Sydney overtaken by 8 Seoul 15 11 6 3 20 23% Amsterdam and 9 Vienna - 18 10 6 25 25% Vienna since 2011 10 Sydney 9 15 12 27 15 28% 11 Toronto 5 13 16 36 12 28% 12 Melbourne - 19 - 16 16 28% Melbourne has 13 Zurich - 31 13 12 7 29% reached a new high 14 Frankfurt - 26 11 28 11 30% 15 Berlin 12 17 8 25 31 32% 16 San Francisco 6 22 21 21 13 32% 17 Los Angeles 13 6 14 41 19 33% 18 Chicago 11 7 27 18 9 33% 19 Boston 0 23 23 11 10 34% 20 Washington 0 10 30 19 8 36% Source: Greg Clark
Australian cities: very strong investment destinations City Projects City Cross- Global 1 Singapore 409 10 Munich border real greenfield 2 London 334 11 Sydney estate FDI 2014 3 Shanghai 245 16 Stockholm investment 4 Dubai 234 17 Berlin 5 New York 169 23 Melbourne 6 Hong Kong 162 24 Hamburg 7 Sydney 125 29 Toronto 8 Beijing 97 37 Copenhagen Source: fDi Source: JLL 9 Bangalore 97 47 Brisbane Markets Global 300 10 Tokyo 96 56 Stuttgart 11 Dublin 91 57 Calgary 12 Paris 90 65 Perth 13 San Francisco 90 78 Montreal 14 Melbourne 88 86 Adelaide Brisbane 15 São Paulo 87 90 Vancouver ranked 5 th 16 Kuala Lumpur 69 and Perth 17 Helsinki 68 16 th globally 18 Amsterdam 63 for FDI 19 Mexico City 62 Strategy 20 Toronto 62 Source: Greg Clark
38 Where is the money going? Top 20 cities for commercial real estate momentum, 2015 38 Source: Jones Lang LaSalle
Economic performance since 2000 among HQoL cities: Syd does better than Melbourne from 2011 Source: Brookings Institution (2015)
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