2024 AEDA Business Summit: A Visionary Outlook for Adelaide's Future

Last updated 30 May, 2024

The 2024 AEDA Business Summit, held on 22 May at the iconic Adelaide Oval, was an event brimming with forward-thinking discussions, groundbreaking ideas, and networking opportunities. Supported by Major Partner the University of Adelaide, this year's Summit brought together industry leaders, innovators, and business enthusiasts, all eager to contribute to Adelaide's vibrant economic future.

Keynote speakers and panel discussions focused on the city's property sector, sustainable tourism, luxury retail, property, placemaking, AI, and start-ups.

Opening Remarks

The Lord Mayor of Adelaide, Dr. Jane Lomax-Smith AM, delivered an inspiring address to more than 400 attendees, setting an optimistic tone for the Summit. Nikki Govan, Chair of AEDA, officially opened the event, emphasising the importance of strategic discussions and collaborative efforts to ensure the city’s economic growth. She noted that despite record levels of international student numbers and growing investor confidence, businesses face challenges due to rising costs.

State of the Economy

Alex Robson, Deputy Chair of the Australian Productivity Commission, introduced the concept of place-based productivity, highlighting how productivity parameters tailored to specific environments can drive growth.

While productivity growth has been improving, it is difficult to forecast, and the falling of real wages have accompanied the slowdown.

Robson’s insights underscored the importance of strategic policies in overcoming productivity challenges in Adelaide's service-based economy. Tailored policies are crucial, and local characteristics and community engagement must be considered in policy formation and service delivery. Implementing place-based policies that balance local needs and national goals can be challenging, and cost-benefit analysis is necessary to evaluate their effectiveness.


The Next 150 Years: The Transformative Power of AI

This panel featured:

  • Professor Simon Lucey, Director of the Australian Institute for Machine Learning
  • Dr. Adrian Johnston, Head of AI at MMAPT Robotics and ThincLab expert
  • Associate Professor Devika Kannan, Deputy Director of the Centre for Sustainable Operations and Resilient Supply Chain (CSORSC)
  • David Mackenzie, Managing Principal of Digital at Aurecon

The discussion centred on the critical mass of AI talent in Adelaide and its potential to transform the economy. Panellists explored the opportunities and challenges in commercialising AI technology emphasising that AI won't take jobs; rather, those who know how to use AI will.

The panel highlighted the importance of businesses taking action to explore options in implementing AI to keep moving forward and setting the right culture around AI – and the city (and state) has a concentration of talent, with different entities that you can liaise with to discuss what your options are.

The panellist agreed that AI implementation requires a proactive approach, experimentation is crucial, and a willingness to adapt to changing circumstances.

Australia's top-notch research output was highlighted and the urgent need to commercialise technology to stay competitive globally, noting the challenges in commercialising technology due to a lack of access to capital and funding.

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Property and Major Developments in Adelaide

Ben Parkinson, Managing Director and Head of Capital Markets at JLL, provided a compelling presentation on the drivers attracting major new tenants to the city's commercial buildings. He emphasised the necessity of sustainable development and the need for appropriate stock to achieve net-zero targets by 2030. For some existing buildings, this will mean major retrofitting, such as replacing older gas boilers, to meet the needs of large new tenants with their own carbon reduction targets.

Parkinson also highlighted the trend of businesses moving to brand new offices in the city, where employees can enjoy world-class amenities combined with retail, dining and entertainment options on their doorstep, making the office environment more appealing than working from home.

Investment and development in the city were highlighted as an attractive location due to its stable market and growing industries. The future of apartment development was discussed, with a need to consider the maturity of the market and construction costs.

Finally, the challenges of adaptive reuse and the need for developers to take on the risk of investing in sustainable development were emphasised.

Luxury Retail in Adelaide's CBD

Philip Corne, former CEO of Louis Vuitton Australia and New Zealand (LVMH), discussed the economic potential of a luxury retail precinct in Adelaide. Luxury brands play a significant role in defining modern consumerism and economic trends.

He stressed that luxury brands, with their obsessive focus on customer experience, could significantly impact the city (and Adelaide more broadly) and elevate its status in the broader economic landscape, attract brands, and stimulate the economy.

LVMH’s success in luxury brands is attributed to creativity, innovation, and a focus on heritage.

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Reimagining the Cultural Boulevard of Adelaide

This panel featured:

  • Michael Harvey, Director of Botanic Gardens and State Herbarium
  • Rhana Devenport ONZM, Director of the Art Gallery of South Australia
  • Dr. David Gaimster, Director of the South Australian Museum
  • Tracey Whiting AM, Chair of the Adelaide Festival Board

The North Terrace Cultural Boulevard Precinct has the potential to become a must-see destination, with its rich cultural institutions and beautiful public realm. Investing in these institutions and fostering partnerships between government, private sector, and cultural organisations is crucial for its success and to maximise impact and visitation for major exhibitions such as Chihuly in the Botanic Garden.

The discussion explored the importance of integrating natural and cultural elements to create a vibrant, cohesive public space that attracts both locals and tourists. The idea of transforming North Terrace into a pedestrian-friendly café society was proposed, where visitors can linger and enjoy the cultural ambiance after exploring Adelaide's cultural institutions.

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A Sustainable Visitor Economy

Jaclyn Thorne, Managing Director, and Rebecca White, Founder and Director of The Tourism Collective, explored sustainability in tourism and the visitor economy, advocating for a collaborative approach to sustainability stating, “we all have a role to play.”

In Adelaide, there’s a growing demand for sustainable tourism practices. While South Australia leads in advancements in renewable energy, nature regeneration, the circular economy, social impact, and cultural preservation, there is still a challenge in engaging the entire business community, especially SMEs, with sustainability. Businesses can look to the national Sustainable Tourism Toolkit for practical actions.

The Art of the Start-Up

Tim Stollznow, CEO and Founder of MyVenue, shared his success story of expanding into the US market as a disruptor in the sports and entertainment industry through innovative technology solutions. He praised Adelaide as a founder's paradise with everything a start-up needs to succeed, emphasising the importance of government support, universities, access to consultants, and hubs like Lot Fourteen in supporting the growth of startups. He believes businesses can make their own luck if they work hard and are disciplined. Other tips he gave were about the importance of finding the right team, adapting to market demands, and navigating regulatory requirements.

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View the Event Gallery

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