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Report highlights Sydney’s untapped potential in the cultural, live event and sporting sectors
A new Deloitte report, ImagineSydney, Play, highlights that although Sydney-siders’ participation in social, cultural and sporting events - during the day, and increasingly at night - generates significant business and employment activity, there is still unrealised potential.
According to Deloitte Managing Partner, Sydney, Nicola Alcorn the consultancy has “explored the value of play to Sydney’s economy, and how the arts and culture, the energy of the streets at night time, food, experiences, live events, and opportunities to get outdoors and be active, also present untapped potential.”
ImagineSydney, Play focuses on how, when and where the city plays, where potential for future development lies, and how government, business and people can benefit from the arts and culture, food, experiences, live events, and opportunities to get outdoors and be active.
Alcorn advised “so many things contribute to making a city a desirable place to live. Good employment prospects, affordable housing, safe spaces, reliable transport, accessibility and opportunity are all key, but these fundamentals don’t paint the full picture of why some global cities have a reputation for being wonderful to live in.
“Every city also has a vibe, a feeling, something you can’t quite put your finger on, that generates a sense of pride amongst its citizens and that makes people want to visit, stay, raise a family, study, work – and ‘play’.
Arts & culture
Alcorn said the research showed that, not only do Sydney residents enthusiastically participate in a wide variety of artistic and cultural activities, they also understand the importance of having a thriving, creative arts sector, adding "from fostering community links, to shaping local identity and providing a source of pride, we see the arts and culture sector as an integral, essential ingredient of our thriving, creative, global city."
The total economic visitation value of arts and cultural infrastructure and events in NSW is $1.4 billion per year, the value of this to broader society is $484 million per year, and more than 46,000 people are employed in the sector.”
Report co-author and Deloitte Access Economics partner Kathryn Matthews continued "a more innovative workforce is built on exposure to the arts and culture, and the richness of a city’s arts sector is crucial to attracting and retaining talent.
“Business can support this through sponsorship and patronage of the arts, but there is also huge scope for business to move beyond just monetary support. This might include looking at ways for their employees and artists to work together, learning about fostering creativity, and applying this to solving complex problems or executing on ideas.”
Sport and recreation
Alcorn commented “Sydney spends $3.2 billion per year on sport and physical recreation, and having good access to facilities and resources contributes to the health of a city on a number of fronts and, from an economic perspective, healtheir people tend to be more productive.
“Combining development with green space as our cities increase in density is ceretainly a balancing act. Access needs to be protected and expanded and, where cost is involved, kept affordable.”
The night time economy
Night time economies are increasingly recognised as driving growth in cities – Sydney’s night time economy is currently valued at more than $27 billion and supports more than 230,000 jobs.
Here Alcorn explained “the lights, sounds and social exchange at night contribute to a city’s atmosphere, and strong night time economy, defined by vibrant social venues, as well as food, shopping and even sporting events, attracts people, entrepreneurship, creativity and innovation, and generates jobs.
Matthews stated “the night time economy currently makes up 3.8% of Australia’s economy, but this figure is 6% in the UK, suggesting there is real upside potential for Sydney. If we aimed for 6%, and nurtured and supported night time infrastructure and activities more effectively, we estimate the annual value of Sydney’s night time economy could be more than $43 billion across increased spending, and more employment and tourism.”
Alcorn said that safety and security should always be paramount, but it was equally important that Sydney thinks beyond this, concluding “businesses, for example, should be encouraged to create entirely new retail, service or entertainment offerings for night time customers, and partner with arts and culture and community groups to support extended opening hours and local events."
The Deloitte ImagineSydney series seeks to contribute to the conversation around creating smart, flourishing and productive communities, and strategies that will drive economic and social development in Sydney. It includes two other reports:
• ImagineSydney, Create offers new solutions to unlocking the city’s future growth potential, and concluded that if just 10% of Sydney’s businesses did something new and innovative every year, gross regional product could increase by $25 billion
• ImagineSydney, Live finds that a more accessible 30-minute Sydney could deliver a $10 billion annual economic dividend for the NSW economy.
Click here to access Deloitte’s ImagineSydney reports.
24th October 2018 - Royal Botanic Gardens Sydney deliver $140 million to NSW economy
12th August 2018 - PwC report says Sydney is ‘no fun’ for residents
21st March 2018 - Business group reveals plan to develop Sydney’s night-time economy
1st May 2017 - Study shows ICC Sydney as an innovation driver
18th January 2017 - Sydney’s top exhibitions and art events staying up late
12th September 2016 - Sydney’s beaches deliver $2 billion in social value
10th February 2015 - Major events bring $510 million in visitor spending to NSW
29th July 2014 - Deloitte survey confirms rise in international visitors to Australia
14th April 2014 - Deloitte predicts significant growth for health and wellness industries
17th April 2012 - $1 billion precinct to boost NSW major events
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