"Cannon-Brookes endorses $5 million renovation of Tech Central"
The NSW Government has unveiled a new strategy for the Tech Central Innovation Hub, which includes a significant investment and plans for housing development. The strategy, revealed at the Tech Council of Australia National Tech Summit in Sydney, outlines a new governance structure for Tech Central, with a formal delivery body to be established and chaired by industry.
At the heart of the strategy is a commitment of $38.5 million in the 2025-26 Budget to the Tech Central Innovation Hub, which will be located at 477 Pitt Street. The Hub is set to replace the Sydney Startup Hub and is expected to boost the sector, with the government claiming it as a win for the industry. However, opposition parties have criticised this stance, arguing that the government is trying to claim victory for simply funding the moving vans.
The Tech Central Innovation Hub is expected to be a significant player in the tech ecosystem, with 4,300 businesses, 100,000 workers, and 150 research institutes already part of the ecosystem. As it stands, 70% of Australia's largest tech companies are located in or near Tech Central. A key attraction to the area is the upcoming Atlassian HQ skyscraper, set to open in 2027 within Tech Central. Co-founder and CEO of Atlassian, Mike Cannon-Brookes, has welcomed the commitment to Tech Central.
Housing is a core feature of the new strategy, with 950 homes planned for the Central Precinct, including 30% affordable housing. Additionally, another 500 homes are planned in Camperdown, including 200 build-to-rent units.
However, the strategy has not escaped criticism. Shadow Innovation Minister, Mark Coure, has labelled the plan as "big on buzzwords but light on delivery." He has raised concerns about ongoing issues with connectivity and startup affordability, issues that have been highlighted by innovation stakeholders. No Key Performance Indicators (KPIs) have been set to be published until after the governance body for Tech Central is formed.
Despite the criticisms, the NSW Government remains committed to the Tech Central Innovation Hub, with an estimated annual economic output generated by the ecosystem at $42 billion. The organization formally established to lead Tech Central and led by the industry is not explicitly named in the provided search results. The future of Tech Central remains a topic of interest and debate as the governance body is established and the Hub takes shape.
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