Atlassian’s Mike Cannon-Brookes has welcomed a $38.5 million state commitment to Tech Central, which includes $5 million for a new innovation hub and a governance model to steer Sydney’s largest tech district.
Key Takeaways
- The NSW Government has committed $38.5 million to Tech Central in the 2025–26 Budget, forming part of an $80 million package under the Innovation Blueprint 2035.
- $5 million has been earmarked for the Tech Central Innovation Hub at 477 Pitt Street, replacing the Sydney Startup Hub.
- The strategy was released at the Tech Council of Australia National Tech Summit in Sydney.
- As it stands, 70% of Australia’s largest tech companies are located in or near the precinct, including Atlassian, Canva and Block – with the new Atlassian HQ skyscraper slated to open in 2027.
- Housing is a core feature of the new strategy, with 950 homes planned for the Central Precinct (30% affordable) and another 500 in Camperdown, including 200 build-to-rent units.
- The strategy outlines a new governance structure for Tech Central, with a formal delivery body to be established and chaired by industry – addressing years of stalled coordination and lack of oversight.
Key Background
Established in 2018, Tech Central was designed to anchor Sydney’s innovation economy and bring together startups, universities, and global tech firms. It now spans six inner-city neighbourhoods and contributes $42 billion annually to the NSW economy.
But for all its scale, the precinct has long lacked a functioning governance model. Previous attempts at coordination stalled, and startups often found themselves squeezed by high rents and limited affordable space. The new strategy, developed by Investment NSW, is intended to address those weaknesses.
Central to the plan is the $5 million Innovation Hub at 477 Pitt Street, which will replace the Sydney Startup Hub. The facility is billed as a focal point for early-stage ventures, offering subsidised workspaces, flexible labs, and proximity to investors and research institutions.
Atlassian Co-founder and CEO Mike Cannon-Brookes said Tech Central is a big bet on the future – and “the kind of long-term thinking our industry needs.”
“We’ve backed Tech Central from the beginning because we believe in the vision. Australia has all the right ingredients for a world-class tech industry – the talent, the ideas, the track record of innovation – but a physical hub is what turns those foundations into a real ecosystem.”
Mike Cannon-Brookes, Atlassian CEO
Alongside the hub, the government is emphasising housing and infrastructure. Nearly 1,500 new homes are planned across Central and Camperdown, with affordable housing quotas attached. Upgrades to public spaces, precinct branding, and night-time economy measures are also included.
“To make the most of the massive economic opportunity presented by the sector, we need a skilled and creative workforce: people with ideas, ambition and curiosity. And people need a home,” Damian Kassabgi, CEO of Tech Council of Australia said.
“Tech Central will be that home for Australia’s technology industry. It’s more than just physical infrastructure but a community where people can connect and collaborate.”
Big Number
$42 billion – the annual estimated economic output generated by Tech Central’s ecosystem of 4,300 businesses, 100,000 workers, and 150 research institutes.
Contra
With no KPIs set to be published until after the governance body is formed, Shadow Innovation Minister Mark Coure called the plan “big on buzzwords but light on delivery,” highlighting ongoing issues with connectivity and startup affordability.
“The Minns Labor Government has rushed through this move despite opposition from innovation stakeholders and is now trying to claim that paying for the moving vans is a win for the sector,” he said.
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