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Sydney’s Expanding Cultural Economy

Release Date: 30/01/2015
The Sydney Business Chamber has described the major upgrade of two of the city’s cultural assets as a sign of the strength of Sydney as a cultural hub and its importance within the visitor economy.
Patricia Forsythe, Executive Director of the Sydney Business Chamber said, “The recently unveiled plans for the Australian Museum Crystal Hall and the Sydney Modern Project by the NSW Art Gallery are both developments which will provide Sydney with long term economic and social benefits.”
“The plans are part of the Infrastructure NSW proposal for a $600 million investment in Sydney’s CBD cultural precinct and are part of the government’s focus on cultural renewal.
“With more that 10.6 million visitors to the Sydney CBD each year we can only expect that number to grow with increased spending on cultural assets throughout the city.
Mrs Forsythe said, “The challenge is to maintain the competitive advantage we have in drawing visitors to our city.”
“The visitor economy is a growing part of Sydney’s economy. In the year ending December 2013 Sydney CBD received 1.9 million international visitors contributing nearly $2.4 billion to Sydney’s economy.
“We also have evidence that International visitors are drawn by cultural assets. In 2009, 51 percent of all international visitors to Australia attended at least one cultural attraction while here.
“Continued government investment in Sydney’s cultural assets is a boon for the Sydney economy.
“Sydney is on the doorstep of the fasting growing tourism and business markets in the world. Increased spending on CBD cultural assets will grow the Sydney tourism sector and also enhance Sydney’s international appeal.
Media contact: Patricia Forsythe 0418 165 466 or Kate Bryant 0424 186 367

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