Sydney's skyline is set to soar after the government gave its in-principle approval to a deal encouraging office buildings to be built higher than the 309-metre-tall Sydney Tower.
Planning Minister Rob Stokes announced on Sunday that the state government had given it's "in-principle support" to the City of Sydney's Central Sydney Planning Strategy - the biggest revamp of the CBD's skyline since the 1970s.
Under the 20-year development strategy for Central Sydney, commercial blocks would be allowed to be built higher than 300m - a dramatic 24-storey increase on the city's current tallest commercial building, Chifley Tower, which stands at 216m.
The vision is tipped to bring more jobs and growth to the city's CBD.
"Sydney CBD is Australia's economic gateway to the world, generating nearly $110 billion each year," Mr Stokes said in a statement.
"This strategy means we will deliver nearly three million square metres of new office space to ensure Sydney remains the commercial hub of the nation."
The government negotiated three amendments to the strategy before giving its approval, including allowing for up to 50 per cent more floor space for development in certain areas, encouraging more office space by removing a residential accommodation bonus and preparing a new development contributions plan to fund public infrastructure.
Australian Associated Press