Wednesday , January 27 2021

The Deloitte report reveals the city's underperforming nightlife economy



Bad old Sydney. Our restaurants close when the sun is still out, all under 65 bored and miserable, and various bars and clubs – minus the big old casino, of course – are struggling to be open.

But here's something else to throw in our depressing boiler: Sydney also loses about $ 16 billion a year due to an underdeveloped night economy.

Deloitte Access Economics report, called Imagine Sydney: Play, examining the city's total nightly economy – that is, our revenue based on activities that take place between. 6 pm and noon 06.00 every day.

The current estimate for Sydney's nightlife economy is DKK 27.2 billion. Dollars a year – still the strongest and most concentrated in Australia.

But it accounts for only 3.8 percent of the country's economy. In the United Kingdom, total night wage turnover is 6%. By the country's economy.

In other words, if Greater Sydney matched Britain's rate, it would add an additional $ 16 billion a year.

Report co-author and Deloitte Access Economics partner Kathryn Matthews said the annual value of Sydney's nocturnal economy could exceed $ 43 billion if we looked at untapped potential.

"The night economy is currently 3.8% of Australia's economy, but this figure is 6% in the UK, suggesting there is real upside potential for Sydney," she said. "If we targeted 6 percent and encouraged and supported night-time infrastructure and activities more effectively, we estimate the annual value of Sydney's national economy could be over $ 43 billion across increased spending and more employment and tourism."

The controversial lockout laws in 2014 forced several companies to close, and there are far fewer people on the street than before, but the report notes that this is only part of the problem.

"It's reductive to think of Sydney's nocturnal economy as just pubs and clubs or the lack of them," the report says.

It says a number of sectors will need to expand their nightlife services, ranging from restaurants and bars to arts and culture, entertainment and gyms.

"A living nail economy creates a number of opportunities for providers and users; from 24-hour gyms and supermarkets to night clubs, to extended purchasing and transportation choices," the report continued.

Despite a widespread appetite for more opportunities, Sydney's main night-time exploitation activity is at a landslide merchant, research shows.

An alarming committee for the Sydney report released last year, also highlighting our struggling nail economy, suggested that we look to Adelaide as inspiration.

It noted over 700 shops operating late on Thursday and Friday night in the southern Australian capital, while the city encouraged new small bars and cafes in its CBD.

This greatly puts Sydney's smaller siblings more on an equal footing with major world cities such as Berlin, London and Hong Kong.

The researchers noted 36 percent of Berlin's commercial revenue comes after 18:00. In London, it is 34 percent. In Hong Kong and San Francisco, it is 33%.

In Sydney, a "world city" is often compared to these big players – that's only 23 percent. And 21 per cent In CBD specifically.

To make matters worse, most of these expenses are on food and groceries, suggesting that Sydneysiders spend their nights indoors with boxed wine and microwave meals.

At the same time, Sydney stands while live performance and entertainment accounts for almost four percent of London's nightly expenses.


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