Our region faces a staggering growth challenge over the next twenty years with more than one million new residents due to arrive. And the Westmead precinct will do more than just treat this expanded population. It will employ them. The Centre for Western Sydney has identified 318,086 people leave the region every day to access work. The industrial base of Western Sydney is being disrupted and changed by the growth of new industries that rely on highly skilled knowledge workers. The proposed Westmead Innovation District model is well placed to generate these knowledge jobs.
To help promote the opportunities the Westmead precinct presents, the Westmead Alliance has commissioned Deloitte Access Economics to undertake new economic modelling to report and explore the contribution and impact that Westmead has on the national economy. This report breaks new ground; eleven institutions have come together to help realise the economic potential of health, education, research and business all operating within the Westmead Innovation District. The results are remarkable. This study details the current economic contribution to the Australian economy, a forecast for 2036 at current levels of investment and a potential Innovation District that would house 50,000 jobs and make Westmead a true jobs engine for Western Sydney.
More than $3.4 billion of public and private investment has been committed to rebuild Westmead over the next decade. We have also identified a further $2.4 billion of projects required over the next decade to transform Westmead into Western Sydney’s first true Innovation District by 2036. This report builds the case for more private investment and industry collaboration in the fields of bio-tech, med-tech, allied health and primary care. It makes clear recommendations around identifying land for redevelopment, resolving critical transport and infrastructure barriers, and a more enlightened planning vision that will help attract new talented workers to the precinct. On behalf of the Westmead Alliance, I invite you to join us in delivering this additional $2.8 billion per annum of economic output to the NSW economy, and leveraging this investment further to secure Western Sydney as the knowledge jobs engine room of Australia.