We cannot assume that our city's success will continue without preparing for 'over the horizon' challenges which are approaching with unprecedented speed.
“We stand on the brink of a technological revolution that will fundamentally alter the way we live, work, and relate to one another. In its scale, scope, and complexity, the transfor ation will be unlike anything humankind has experienced before. We do not yet know just how it will unfold, but one thing is clear: the response to it must be integrated and comprehensive, involving all stakeholders of the global polity, from the public and private sectors to academia and civil society.”
Prof Klaus Schwab | Founder and Executive Chairman
World Economic Forum | January 2016
In September 2016, the Committee for Melbourne launched its Melbourne 4.0 Taskforce to help prepare Greater Melbourne for the accelerating speed of innovation and disruption that has catapulted us to the early stages of the ‘Fourth Industrial Revolution’.
In May 2017, the Committee announced the taskforce’s findings, which made it clear that if we keep progressing with ‘business as usual’, the future of our city may not be all that bright.
In response, the taskforce identified nine Strategic Needs that we must address if we are serious about underpinning a liveable and flourishing Melbourne in the future.
The nine Strategic Needs that the Melbourne 4.0 Taskforce identified are guiding the Committee's future agenda, with a series of tangible policy initiatives:
Why ‘Future Skills’?
Linear careers will become less common as automation, globalisation and more flexible working arrangements are rapidly changing the nature of work. To succeed, our economy needs a workforce with a portfolio of skills and capabilities.
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Why ‘Innovative Ecosystem’?
Most globally relevant cities have a sizeable innovative (start-up) ecosystem. These places are attracting highly skilled workers and investors; generating the next wave of economic growth.
There are already great initiatives to help nurture Melbourne’s innovative capacity and ecosystem. However, there is a need for continuous improvement and development.
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Why 'Housing Mix'?
High cost of living – of which housing costs are a major determinant – has a detrimental effect on a city’s creativity and innovative capacity; expensive cities make self-employment and entrepreneurship more difficult.
In addition, without affordable housing emergency and public services workers will be unable to live near their place of work.
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Why ‘Competitive Internet’?
Internet speed, coverage, capacity and security will profoundly affect cities’ ability to compete in international markets.
We need a better understanding of our current and future internet requirements in light of international competitive
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Why ‘Airport Link’?
The world’s leading cities have high quality direct (public) transport links to their airports. Melbourne does not.
Appropriate options are available. They should be assessed as a matter of priority, particularly in the context of having a strong regional, interstate and global link as well as improving Melbourne’s international image.
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Why ‘Eastern Seaboard Transit link’?
Megaregions are the ‘New Competitive Unit’. They are integrated sets of cities and surrounding (suburban) hinterlands across which labour and capital can be allocated at very low cost.
Constructing a high-speed eastern seaboard transit link will be a major step forward in the creation of a megaregion, which will effectively alleviate some of the major population challenges that our capital cities experience, stimulate the economy and increase our ability to compete in international markets.
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Why ‘Metropolitan Collaboration’?
We need better metropolitan governance arrangements to build a resilient, economically competitive city that can confront the challenges and capture the opportunities that the 21st century will bring.
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Why ‘Eastern Seaboard Collaboration’?
Already a decade ago, the world’s top 40 mega-regions made up ‘only’ 18% of the population, but produced 66% of global economic activity and 86% of patented innovation – mega-regions are the ‘New Competitive Unit’.
Effective collaboration between the (capital) cities along Australia’s eastern seaboard will provide a real competitive boost.
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Why ‘Digital Capability’?
The scale and scope of rapid technological developments will drive productivity, growth and investment, as well as improve public services, and enable scientific breakthroughs. At the same time, it can cause great disruption to employment markets and society at large.
Melbourne must be digitally capable to successfully navigate the significant challenges and opportunities of the 21st century.
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As a member of the Committee for Melbourne, you can contribute your and your organisation's knowledge and insight to the various taskforces that are addressing the Strategic Needs.
Up-to-date information on the taskforces can be found in the section directly above.
To register your interest to participate in our taskforces, please email our team at research@melbourne.org.au.
Recognising the profound and unpredictable changes that will shape Melbourne’s future economy, the Committee for Melbourne has set up its MELBOURNE 4.0 Taskforce to:
1. Develop a clear understanding of – and shared language around – the future economic environment of Melbourne, across the city’s key stakeholder; and
2. Provide credibly informed policy programs to help our city and our member organisations prepare for the ‘over the horizon’ challenges and opportunities.
The taskforce will employ the vast collective knowledge and insight of the Committee’s diverse membership base to utilise a comprehensive City Strategy Model.
The process of the City Strategy Model can be broken down into a number of steps that cover the following key stages:
1. Business model analysis
Creating a ‘heat map’ of Melbourne’s value proposition.
2. External influences
Identifying the external trends and realities that are outside our control, but critically impact Melbourne’s future economy.
3. Scenarios
We cannot predict the future, but we can credibly explore the range of possible futures by developing scenarios arising out of the external influences.
4. Strategic options
The scenarios enable us to develop credibly informed policy options for our city, creating the next policy programs to help Melbourne’s economy thrive well into the future.
For over 30 years, the Committee for Melbourne’s influence has been built on the breadth, depth and calibre of our membership base and it is this collective strength that has been a major driving force behind the development and progression of our city.
Over the course of the MELBOURNE 4.0 Taskforce process, we will be organising workshops and conducting interviews to capture the knowledge and expertise of our diverse membership.
As a member of the Committee, you will be a key participant of – and active contributor to – the MELBOURNE 4.0 Taskforce. Through your participation, you and your organisation will be intimately involved in each stage of the process.
This is a fantastic opportunity to make a meaningful difference and help shape our city’s future.
To register for the MELBOURNE 4.0 Taskforce, click here.
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"Digital is the main reason just over half of the companies on the Fortune 500 have disappeared since the year 2000."
Pierre Nanterme, CEO of Accenture