A Deloitte Access Economics report has revealed Sydney is losing out on $16 billion a year due to an underdeveloped night time economy.
The night time economy currently comprises 3.8 per cent of Australia’s economy, compared with the United Kingdom’s night time economy which sits at 6 per cent.
Report co-author Katherine Matthews says it is reductive to think of Sydney’s night time economy as simply pubs and clubs, and a vibrant night time economy creates a range of opportunities for providers and users, from 24 hour gyms and supermarkets to late night art galleries and extended shopping choices.