Long-term plan needed to push Perth’s prosperity

PERTH is being held back by a “crisis of complacency” and losing its competitive edge in key areas of innovation, investment and infrastructure.

The Perth’s Pathway to Prosperity report, released today, found that the mining and resources boom had diverted attention from planning for longer-term economic resilience.

It said a long-term economic growth strategy was needed to put Perth at the forefront of the technologically savvy, innovative, connected and collaborative cities generating a new wave of global prosperity.

“For more than two decades cities in Australia, Asia and around the globe have been strategically and co-operatively transforming their urban, business and government systems to capture economic opportunities,” the report said. “Yet Perth has not moved farbeyond the starting line.

“Perth does not have a vision or strategy for its economic future and because of this, action to capitalise on the city’s competitive advantages, stimulate innovation and investment and respond to global challenges has been limited and ad hoc.”

The report, by the Committee for Perth, said the impact on the broader community was clear, with an increasing proportion of people considering moving to another State.

“Perth’s perceived attractiveness as a place to live, visit, learn and do business is also relatively low — and is trending downwards compared to other cities in Australia, Asia and around the globe,” it said.

Unlike Perth, the other cities benefited from long-term strategic efforts to generate innovative, knowledge economies and build smarter, more efficient, sustainable and liveable urban areas.

“The report found that while Perth benefited from the mining boom, it also hindered growth,” committee chairman John Langoulant said. “The economy grew and created jobs, yet when the downturn came it hurt and jobs were lost.

“What is needed is for government and industry to work together to create a long-term economic growth strategy so that we can adapt and respond to economic changes.

“This current economic downturn is the perfect time to act. We need to do more than sit back and wait for the next boom to come along and save us.

“We must proactively shape the future together.”

The report also recommended the development of a brand to promote Perth as a place to invest, work and learn. A strong competitive identity was important.

“Places need to engage with the outside world in a clear, co-ordinated and communicative way,” it said.

“Together, vision and brand can unite people around common goals, creating a powerful dynamic for progress. “The research ... determined a need for Perth to establish a recognisable image that truly reflects the region’s ambition, contribution and potential on the world stage.”