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Ross Elliott from The Pulse argues that cities are undergoing a long‑term structural shift away from CBD‑centric office economies towards polycentric, suburban‑focused urban systems.
The shift has been driven by three primary forces.
First, growth in finance, property, and business services — the sectors that fuelled CBD expansion in the 1990s–2000s — has been slowing for years. In contrast, health and education, which are more suburban‑based, have become the main engines of metropolitan job growth.
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About the author
Leith van Onselen is Chief Economist at the MB Fund and MB Super. He is also a co-founder of MacroBusiness.
Leith has previously worked at the Australian Treasury, Victorian Treasury and Goldman Sachs.
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