Economic Development Committee Meeting

 

  BUSINESS PAPER

 

 

 

 

 

 

 

 

 

 

 

Tuesday 13 May 2014

 

 

 

 

 

 

 

 

 

Administrative Centre 30 Frances Street Randwick 2031

Telephone: 02 9399 0999 or

1300 722 542 (for Sydney metropolitan area)

Fax:02 9319 1510

general.manager@randwick.nsw.gov.au

www.randwick.nsw.gov.au


 

 

 

 

 

 

 

 

 

 

 

 


Economic Development Committee                                                                            13 May 2014

 

 

 

 

 

 

 

 

 

 

 

 

 


Economic Development Committee Meeting

 

Notice is hereby given that an Economic Development Committee Meeting of the Council of the City of Randwick will be held in the Council Chamber, First Floor, 90 Avoca Street, Randwick on Tuesday, 13 May 2014 at 6:00pm.

 

 

Committee Members:           The Mayor, S Nash, Andrews, Belleli, Bowen, D’Souza, Garcia, Matson, Moore, Neilson, Roberts (Deputy Chairperson), Seng, Shurey, Smith, Stavrinos & Stevenson (Chairperson)

 

Quorum:                           Eight (8) members

 

NOTE:    At the Extraordinary Meeting held on 29 September 2009, the Council resolved that the Economic Development Committee be constituted as a committee with full delegation to determine matters on the agenda.

Apologies/Granting of Leave of Absences 

Confirmation of the Minutes  

Economic Development Committee Meeting - 14 May 2013

Declarations of Pecuniary and Non-Pecuniary Interests

Address of Committee by Members of the Public

Privacy warning;

In respect to Privacy & Personal Information Protection Act, members of the public are advised that the proceedings of this meeting will be recorded for the purposes of clause 66 of Council’s Code of Meeting Practice.

Urgent Business

Economic Development Reports

EDC1/14    Eastern Suburbs Economic Profile........................................................... 1

EDC2/14    economy.id........................................................................................ 5    

Notice of Rescission Motions

Nil 

 

 

 

…………………………………………………….

Ray Brownlee

General Manager


Economic Development Committee                                                                            13 May 2014

 

 

Economic Development Report No. EDC1/14

 

 

Subject:                  Eastern Suburbs Economic Profile

Folder No:                   F2009/00243

Author:                   Suzanne Williamson, Economic Development Officer     

 

Introduction

 

Successful economic development models are built around true partnerships between government and business. Randwick City Council’s Economic Development Strategy (2009) is grounded on the principle of working in partnership with the businesses and general community and these partnerships are viewed as important drivers to accomplish better outcomes. Effective partnerships help Council to better manage the regional influences on our City’s local economy including participating in joint projects and information sharing with neighbouring Councils.

Randwick City’s economy is part of a complex and diverse network of activities that extends well beyond the boundaries of the Randwick City local government area. It is critical that Randwick Council compiles economic and demographic information in order to understand and continue to monitor the nature and workings of the local economy so that it can determine the most effective way to support economic development in the local area. As well as assisting Council officers in the strategic planning of the area, ‘information provision’ is a key tool for providing business assistance.

 

In 2011 Randwick City Council completed the first comprehensive economic and demographic profile for the Randwick local government area and it was noted at that time that although the local economy was reasonably specialised, that collectively the Eastern Suburbs area had a strong diverse economy. To explore this further Randwick Council proposed a partnership with Waverley and Woollahra Councils in 2013 to develop the jointly funded Eastern Suburbs Economic Profile.

 

The aim of the project was to gain a better understanding of economic activity in the combined council areas, and to identify industry gaps and business opportunities within the Eastern Suburbs region. SGS Economics & Planning was contracted to produce the document in consultation with and under direction from the three Councils with Randwick Council acting as project manager. The profile has now been completed and is tabled for Council approval.

 

Issues

 

The Eastern Suburbs Economic Profile provides detailed, comprehensive information and analysis regarding economic activity at local precinct, local government and also at a sub-regional level. The profile allows for the analysis of the wider economic and public policy issues impacting on the area’s economic activity.

In summary the Eastern Suburbs Economic Profile:

·           highlights broad and local trends in major industry sectors in the Eastern Suburbs, particularly in education, health and retail industries;

·           presents a baseline analysis of current economic activity;

·           details the floor space mix and vacancy rate of each main retail centre;

·           presents industry and land use profiles;

·           models retail floor space demand by commodity type for selected major centres in the Eastern Suburbs, including Randwick Junction, The Spot and Maroubra Junction;

·           identifies the employment projections for the region to 2031, including:

* discussion of the major projects that will assist the development of the area;

* the precincts where employment growth is projected;

* the industry types where employment growth is expected; and

* outlines the key findings and framework for the consideration of a future economic development strategy.

 

Some key findings from the Profile for both Randwick City and the Eastern Suburbs region are outlined below.

 

Retail Trends

·           retail trade growth was approximately 5% in the five years to 2010 with significant acceleration in retail spending in the short to medium term unlikely;

·           traditional centres such as those found in Randwick City are facing pressure from specialised developments in surrounding local government areas such as Eastgardens and Bondi Junction;

·           centres are changing to add themes like ‘eat streets’ with a focus on cafes and fresh food;

·           online retailing continues to expand, with clothing and accessory businesses as the most likely to be affected and those businesses in the service retail sector such as cafes, restaurants and bars as the least likely to be affected.

Tourism

·           the Eastern Suburbs is a key tourism destination although the number of accommodation establishments has been declining. The proposed 110 room Adina Royal Randwick Hotel will be a significant boost for tourism accommodation in Randwick City;

·           Chinese visitors have accounted for 49% of tourism growth over the last two years;

·           the number of Indian visitors to Australia has increased by 235% between 2000 and 2010.

Employment

·           the eastern suburbs have a high proportion of education and healthcare sector jobs compared to the Sydney Greater Metropolitan Area (GMA). SGS anticipates this trend will continue, with future job growth largest in these sectors;

·           Randwick residents are characterised by high household incomes and high levels of tertiary education and they benefit from a high degree of accessibility to jobs.

Future Directions

·           the education and healthcare industries have high employment, high growth and high specialisation and most of the growth for theses industries in the Eastern Suburbs will occur in the Randwick Health and Education Precinct;

·           growth in retail floor space demand will be an opportunity to reinforce our existing convenient and high amenity centres;

·           attracting increased tourist and visitor spending based on location and environment should be further investigated;

·           Randwick should try to capture a greater share of employment in the financial and insurance sector by promoting local opportunity for home businesses, home based workers and convenient access for regional offices.

 

A comprehensive presentation and analysis of the findings of the Eastern Suburbs Economic Profile will be given at the next Randwick City Business and Economic Leadership Forum scheduled for 11 June 2014.

 

Relationship to City Plan

 

The relationship with the City Plan is as follows:

 

Outcome 8:       A strong local economy.

Direction 8a:      Vibrant business, commercial, and industrial sectors that provide ongoing and diverse employment opportunities and serve the community.

Direction 8c:      Develop and strengthen effective partnerships with key locally based organisations.

 

Financial impact statement

 

The cost of the Eastern Suburbs Economic Profile project was shared between the three Councils with the Randwick component of $20,619.42 allowed for in the Economic Development budget for 2013-14.

 

Conclusion

 

The Eastern Suburbs Economic Profile is the first stage in developing an improved understanding of economic activity across the joint Randwick, Waverley and Woollahra local government areas. The profile will form the basis and framework for future joint discussion between these local government authorities on economic development opportunities within the eastern suburbs.

The Eastern Suburbs Economic Profile provides insight into the economic conditions and options for the future for the key commercial centres in Randwick City. To support the growth of our local economy the profile should be published on Council’s website and promoted to businesses and investors through the Chambers of Commerce.

 

Recommendation

 

That:

 

a)     Council endorse the Eastern Suburbs Economic Profile as commissioned by the three eastern suburbs Councils; and

 

b)     the Eastern Suburbs Economic Profile be published on Council’s website, promoted to businesses and investors through the local Chambers of Commerce and presented to participants at the next Randwick City Business and Economic Leadership Forum scheduled for 11th June, 2014.

 

Attachment/s:

 

1.

The Eastern Suburbs Economic Profile

INCLUDED UNDER SEPARATE COVER

 

 

 


Economic Development Committee                                                                            13 May 2014

 

 

Economic Development Report No. EDC2/14

 

 

Subject:                  economy.id

Folder No:                   F2009/00243

Author:                   Suzanne Williamson, Economic Development Officer     

 

Introduction

 

Randwick Council, in conjunction with its local and regional partners, plays an important role in identifying and addressing the challenges, as well as promoting and facilitating the opportunities for economic development and employment in the local area. While private enterprise is the primary driver of economic growth, local government can make an important contribution as a promoter, facilitator and provider of current and comprehensive economic data in order for local businesses to make informed decisions.

Economy.id is an online economic profile that presents detailed benchmarked time series economic data sets, specific to local government areas. The economy.id package also incorporates an interactive impact assessment module that allows for the estimation of economic impact and the estimation of additional consumption effects across all industries within the target area. The impact assessment module has the functionality to model the impact of new developments on the local GDP or alternatively the impact of loss of industry.

 

The economic data and statistics are available on our Council website for staff and community groups, investors, business people and the general public to readily and easily access the information. Economy.id is currently subscribed to by over 70 councils across Australia. For the past seven years Randwick Council has subscribed to the .id Community Profile and Community Atlas, which is a comprehensive online demographic resource regularly used by council staff and the resident population. Economy.id links with and enhances the value of this already well used resource.

 

Issues

 

Following on from the recently completed joint three council Eastern Suburbs Economic Profile, an opportunity arose to purchase economy.id through a Waverley, Woollahra and Randwick Council group initiative. It was negotiated with economy.id to provide a combined three Council eastern suburbs regional site with a drop down menu that provides all the same regional economic data sets localised and specific for each individual Council. The modelling/impact assessment module is available for both the joint regional area and each local area if required. The localised modelling function enables assessment of the economic impact and flow on effect of any proposed development within Randwick City. The regional modelling function allows for assessment of any economic impact across the joint three Council eastern suburbs area.

 

Economy.id will be accessible to both staff and the general public through the Randwick Council website from mid-June and will be showcased to the Randwick business community at the next Randwick City Business & Economic Leadership Forum scheduled for 11 June 2014. The Randwick business community and the Chambers of Commerce will also be offered free training sessions to learn how to use this great resource to access data for their business plans and general information.

 

 

Relationship to City Plan

 

The relationship with the City Plan is as follows:

 

Outcome 8:       A strong local economy.

Direction 8a:      Vibrant business, commercial, and industrial sectors that provide ongoing and diverse employment opportunities and serve the community.

Direction 8c:      Develop and strengthen effective partnerships with key locally based organisations.

 

Financial Impact Statement

 

The cost of economy.id for the Eastern Suburbs combined area was shared between the three Councils. The Randwick component of $11,000.00, plus $1,000.00 for the additional local site and local modeling functionality, was allowed for in the Economic Development budget 2013-14.

 

Conclusion

 

It is vital for local government to be able to quantify and describe their local economy and the role it performs in employment and wealth creation. Economy.id provides a detailed online local economic profile of a local government area or region. The online and easily accessible provision of current and comprehensive economic data at both the local and regional level through a subscription to economy.id is supported by the Randwick Economic Development Strategy Action 2.3: Profile expected demographics and promote to businesses.

 

Recommendation

 

That:

 

a)     Council endorse the economy.id online economic information tool as commissioned by the three eastern suburbs Councils; and

 

b)     the economy.id online economic information tool be published on Council’s website, promoted to businesses and investors through the local Chambers of Commerce and presented to participants at the next Randwick City Business and Economic Leadership Forum scheduled for 11 June 2014.

 

 

Attachment/s:

 

1.View

economy.id summary information

 

 

 

 


economy.id summary information

Attachment 1