Think HBR

From the editor

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Newcastle is experiencing a massive development boom with billions of dollars of recently completed and current projects. Driving around Newcastle is exciting, with larger and smaller projects underway and cranes dotting the skyline.
Residents and visitors must be impressed with the volume and quality of projects in the city.
After years of virtual neglect, areas of Newcastle are completely transforming and moving more towards the modern city we deserve.
The great part is that there is so much to come and in a few years Newcastle will truly be a city we can be proud of.
It also is a shining example of Government and private investors working together, with clearly articulated aims and accompanying Government actions providing a much more investor friendly environment than existed for several decades.
Much of the investment in Newcastle can be traced to the Government’s decision on the truncation of the inner city heavy rail and construction of a light rail system. It was a major catalyst for the renewal of Newcastle and showed the importance of certainty in Government policy and decision making.
The mine grouting fund announced in 2015 is another example of Government listening to the private sector and taking positive action.
It also highlights the damage that is done by Governments in delaying decisions that reduce investor certainty and confidence.
Many politicians do not seem to understand the negative impact of delayed decision making and actions, particularly when we are in a competitive global economy.
Even if the decision is not the most favourable for business and investment, a decision made is often better than no decision. At least we know where the goal posts are and can make informed decisions on the viability of a potential decision or project. So full marks for the NSW Government on this occasion and hopefully other political figures will learn from this experience and work more closely with business and investors to create better outcomes for everyone.