Parramatta 'an economic powerhouse'

 Lord Mayor of Parramatta Cr John Chedid has welcomed the release of a white paper by PwC Australia which shows Parramatta has had higher economic growth than Sydney’s CBD.

The new research found Parramatta recorded 1.6 per cent growth compared to 1.1 per cent last financial year for the Sydney CBD.

“This result confirms Parramatta and Western Sydney’s place as an economic powerhouse, finding that growth in Western Sydney has outstripped that of Greater Sydney and the Sydney CBD for much of the past decade,” Cr Chedid said.

“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,” he said.

The research shows that Western Sydney’s economic growth outstripped the city centre for much of the past decade.

The white paper, which takes a suburb-by-suburb view of the economy, found that economic growth in Australia is uneven with key drivers including population growth and transport infrastructure.

“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.

“I am continuing to lobby for government and private sector support for our much-needed Western Sydney light rail project which will provide even greater potential for future growth. 

“Work is already underway to complete a 12 km off-road pathway between Westmead and Meadowbank which will link key residential areas to the University of Western Sydney and Parramatta.”

Parramatta was last week ranked as the state’s most liveable suburb by an Urban Development Institute of Australia (UDIA) report.

With a population of more than two million people, Western Sydney is home to one in 10 Australians, while Parramatta is the busiest transport hub in NSW, outside of the Sydney CBD.