Industry Action Plan - Professional services
The Professional Services Industry Action Plan has now been released. The plan, developed by the industry-led taskforce, outlines a vision and strategy for the NSW professional services sector over the decade to 2021. The plan, while supporting the overall competitiveness of the sector, has a particular focus on finance and insurance, legal and regulatory services, and engineering and associated services.
The Professional Services Taskforce's vision is to make NSW a Centre of Leadership for the professional services industry in Australia and the Asian region over the next decade.
A range of recommendations is proposed in response to the opportunities and constraints identified by industry to strengthen productivity and growth.
These are based on three building blocks that develop NSW's strategic capabilities and strengths:
- Improving NSW's position by building on our comparative strengths and emerging markets – targeting growth in areas of existing strength; adding depth to our links with, and profile among, key international decision makers, and realising our potential as a centre of excellence in the Asian region;
- Removing barriers to business competitiveness – to achieve an efficient business environment that provides few or no barriers to the supply of services (balanced with the need to ensure quality standards and consumer protection remain); and
- Leveraging the government's spend and intellectual property to develop the professional services industry – by ensuring there is a well understood pipeline of government spending needs to enable the industry to better plan its future investments as well as ensuring the skills, capabilities and intellectual property generated by government activities supports the industry's long term competitiveness.
The plan sets out actions for both industry and government to encourage industry growth, productivity and innovation, and export performance. The NSW Government's response to the plan's recommended actions has also been released.