Smart cities around the world have frequently demonstrated a significant return on investment.87 They deliver economic, environmental, governance and social benefits.
Being smart should not be confined to Fast-growing Cities. Smaller Cities, Regional Centres, Small Towns and Rural Communities can be transformed with smart technology. However, many of these areas face infrastructure challenges that large cities generally do not, including reliance on a single critical infrastructure asset. These challenges need to be considered when planning smart infrastructure.
The Australian Government should also review its current approach to funding for smart centres. This has enabled some high-value projects, but is 'bottom-up' in its nature. It is based on competitive bids. Funded initiatives are varied and do not always provide scalable approaches that can be redeployed.
The model should evolve into a collective 'top-down' approach. Strategically aligning funding for smart places, the IoT and 5G initiatives with consistent goals, objectives and outcomes will be a better way to help Australia advance towards being a smart nation.