Sector-specific analysis
Financial Services Sector
A detailed analysis of the financial services sector outlined Sydney's key strengths and identified action required to further enhance the competitive position of Sydney, already a domestic leader with leading regional niche capabilities, into a regional financial services centre. The analysis provided the foundation for the development of the Finance, Insurance and Professional Services sector strategy of the NSW Business Sector Growth Plan.
Other activities supported by the Innovation and Productivity Council, and its secretariat, include:
- the work of NSW Department of Trade and Investment, NSW universities, and industry to establish an Institute of Advanced Finance to position Sydney as a regional and international financial services sector
- the Financial Services Hub Summit that was held in Sydney in July 2008. Co-hosted by the Department and the Commonwealth Treasury, the Summit provided a forum for discussion between industry, government and academia on the priorities, initiatives and actions that could be undertaken by government and industry to enhance exports by Australia's financial services industry
- providing co-secretariat support to the Sydney Carbon Market Taskforce, with the Department of Environment, Climate Change and Water. The aims to prioritise activities to develop industry skills and capabilities to ensure that Sydney remains internationally competitive and is well positioned when carbon market initiatives are implemented.
Creative Industries Sector
The Innovation and Productivity Council commissioned a detailed investigation of the economic contribution of the Creative Industry to the NSW economy. This resulted in the publication of The Creative Industry: Economic Fundamentals Report and the Creative Industry Insights Paper in February 2009.
The report demonstrates that NSW has the largest creative industries economy in Australia and is critical to the NSW economy. NSW is a national leader - employing 37% of the national creative workforce, with employment growth at twice the rate of other industries and average wages 18% higher than the average of all other industries. NSW also dominates employment in 10 of the 11 creative industry sectors investigated.
The report identifies opportunities for improving government support for the sector. The Innovation and Productivity Council has also supported subsequent research into NSW's design capability and industry sectors where design is mostly used. The findings of this research have been referred to the NSW Manufacturing Council, which is working to develop ways to improve the capability and effectiveness of SME manufacturers in the area of design.
Freight and Logistics Sector
The Innovation and Productivity Council conducted a detailed investigation of the freight and logistics industry in order to identify and examine the challenges and opportunities for innovation in the sector.
The first phase of the project overviewed the industry and identified barriers, technology uptake and the potential for web based freight matching to address port congestion. The report Path to Innovation: Innovation in the NSW Freight Logistics Industry was published in 2008. A key finding of the Path to Innovation report identified the need to examine, in detail, how key supply chains within NSW operate.
As a result, the Four Key NSW Supply Chains Opportunities for Innovation report was published in April 2010. The report examines and provides important data about the operation of four significant supply chains in NSW: Food and Beverage, Grain, Steel and Construction materials.
Related Documents
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