Most of us are aware of the 80/20 rule, The Pareto Principle, it states that 80% of the effect comes from 20% of causes. For example 80% of your revenue may come from 20% of your customers / clients.
Another application, weather based in fact or not of an 80/20 split arose recently in conversation. The person I was speaking with used the example that in the “East”, traditionally 80% of time is spent on planning and 20% on implementation, but in the “West”, 20% of time is spent on planning and 80% on implementation. A reasonable conclusion from this is more time spent on planning makes for better outcomes and less time required for implementation as a result. Perhaps it also reduces the need to rework within the implementation phase, not only shortening it but leading to more efficient and effective outcomes.
As we enter an election campaign this seems a good guiding light for policy decisions and settings. Particularly from a property perspective.
Development is not only a driver of economic growth and prosperity within the construction phase but it also allows business to better meet the communities needs for delivery of services, provision of goods, and production of key inputs and outputs. This is vital where the supply of otherwise improved property is constrained, and also where there are demands as a result of social and demographic change. Not only the number of people but where those people are choosing to live and work, and what they are choosing to do. Development importantly assists meeting the need for housing and accommodation.
Within Greater Launceston we have seen a number of residential sub-divisions developed over the past 3 years. We have continued to see a transition in parts of our city. For example the Invermay/Inveresk area moving away from more traditional uses and toward a higher education hub, a sought after residential location, accommodation such as the Silos Silo Hotel and a large format retail centre – all these uses a far cry from the original centre of operations around the railyard and associated industry. Development however need not be as broad reaching – it can be specific, take for example the new St Lukes building under construction in Cimitiere Street, the Rebel Sport site coming out of the ground in York Street or the transition of the former Allgoods Tent City building into Du Cane Brewery & Dining Hall. All exciting, all different and all completed by Tasmanians.
Regardless of your position on the appeal of a specific development it is without doubt that in the main development is both positive for the community from a productivity viewpoint, and from an economic viewpoint, not to mention from a social viewpoint. Be it a broad acre sub-division or someone building their own home, a major industrial park or a redevelopment of a single fronted retail property.
The residential sub-divisions throughout greater Launceston, the industrial sub-divisions within Launceston and at Western Junction are developments that will in turn spawn more development activity specifically on the titles released – this will result in dollars spent in our local community, provide housing for those needing housing, provide new business premises that will hopefully assist with increased productivity within the state and higher employment levels.
Ideally those on both sides of government when considering development and capacity – residential, commercial, retail and industrial – spend some considerable and considered time on how they see this looking going forward – what plans are there for infrastructure expansion, what are the likely growth corridors and expansion areas and how will they be serviced and how is development best supported in these areas to meet the needs of the community as we grow. What mechanisms can assist with applications and approvals to see sustainable and considered development best supported, how can government meaningfully engage with the community including local government and government owned business enterprises as well as other stakeholders to secure the best outcomes. These are all things that need to be considered.
We are in need of a well-articulated, strategic and considered approach. We have a long development runway available to us, if government can become a responsible enabler of development then time spent on planning this approach will be of benefit to not only those of us of working age now but also to our children and our grandchildren. This is a step outside the election cycle and a chance for intergenerational decision making.
Let’s see what happens.