Parramatta recorded a higher economic growth than Sydney’s CBD. PwC Australia released a report on Australia’s economic growth earlier this month and Parramatta recorded a 1.6 per cent growth compared to 1.1 last financial year for the Sydney CBD.
“Growth in Western Sydney has outstripped that of Greater Sydney and the Sydney CBF for much of the past decade,” says the report.
The report follows the Urban Development Institute of Australia (UDIA) mentioning Parramatta being one of the most liveable cities in NSW. It was a sample of 20 Sydney metropolitan suburbs and scored 135 points out of a possible of 170.
“Parramatta is the stand out leader out of the centres that were sampled with major public transport interchanges, close vicinity to major arterial roads and vibrant retail opportunities,” says UDIA NSW Chief Executive, Stephen Albin.
Western Sydney has more then an estimated population of 2 million people. It’s greater than the combined populations of Tasmania, Northern Territory and the Australian Capital Territory. Its home to just over 1 in 11 Australian and 1 in 3 are aged 24 years and under.
“Our growth rate of 1.6 per cent and gross output of $7,610m is a strong result for Parramatta and the wider economy of the region,” says Lord Mayor of Parramatta Cr John Chedid.
“Parramatta’s population is forecast to grow by more than 40 per cent over the next two decades and Council is investing in key infrastructure to support this expansion,” Cr Chedid said.