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Sydney Markets Limited

Sydney Markets 2.0

Shaping the future of the market
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Our Belief Project Updates Our Purpose Why We Matter Projects Underway Market of the Future October 2026 July 2026 May 2026 December 2025

Our market. Our future.

When thinking about the future of Sydney Markets, we need to develop a clear ambition and strategy that is owned and supported by everyone within the markets community.

To do this, we've commenced a process to build collaboration, connection and shared vision, which we are calling Sydney Markets 2.0. This page brings together a number of updates over the course of this process.

On 30 July 2026, we shared where this work is headed next. Read the July 2026 update →
Start here
Our belief.

See and hear from our own market community about this wonderful place we all share, what it means to the people in it, and why it must keep moving forward.

Subtitles are included in the film.
Catch up on the story so far
Project Updates
Hear from our CEO and Chair
Hear from Sydney Markets CEO Anthony Boyd and Chair Robert Kaye SC on where the Markets is headed as presented 30 July 2026.
Latest update
Latest update
Earlier updates
Our Belief
Our belief: the experience of fresh produce belongs to all of us, but it needs a champion. That's why we exist.
Our purpose isn't just to run a market. It's to make sure fresh, seasonal, quality produce stays within reach for every person in NSW.

We also have to stay viable for every grower and trader who depends on us.

Living up to that belief means being honest about what has to change: culturally, behaviourally and operationally. The way we operate hasn't changed much in 30 years, while the rest of the industry has modernised around us. We need to take control of our own future with better ways of working, better data, and a site that's fit for the next 50 years.

What we do matters
Why Sydney Markets Matters

Sydney Markets has championed fresh produce in NSW for over 200 years. We're the place where growers, traders and buyers come together, setting prices, moving produce efficiently, and giving businesses and families across the state access to quality, fresh, seasonal fruit, vegetables and flowers. We're a crucial link between the people who grow fresh produce and the people who consume it. As Sydney grows, that role only becomes more important.

Here's the scale of what we do
1/3
Of fresh produce in NSW
Sourced from across the country, one third of all fresh produce sold in NSW passes through Sydney Markets.
$
Industry price setter
Trade here shapes what growers earn and what shoppers pay right across the state.
$3B+
Traded annually
Turnover through the market is estimated at more than $3 billion every year.
Variety & seasonality
We give NSW consumers variety and seasonality, backing farmers and growing regions across the country.
Jobs & economic activity
The market creates jobs and economic activity across the fresh produce supply chain.
Support NSW food service
We keep fresh produce flowing into food service, retail, cafes, restaurants and large-scale catering.
The challenge we're responding to
We need to modernise this market

The market we operate today wasn't built for today's challenges. Operating costs keep climbing while price growth stays limited across a lot of categories. Regulation and compliance keep increasing. Buyer numbers are falling, and consumer behaviour is shifting. We've been losing ground to big supermarkets buying directly from farms, and our controls and governance have slipped.

Doing nothing isn't an option.
Operating costs
↑ Climbing
Price growth
→ Limited
Regulation & compliance
↑ Increasing
Buyer numbers
↓ Falling
Consumer behaviour
⇆ Changing
Market share
↓ Losing
Controls & governance
! Inadequate
Work has already started
Projects Underway

Work to modernise the market has already started.

Regardless of where this leads, we will continue our focus on near term changes and initiatives that we have already commenced. This includes addressing safety, waste management, site utilisation and operating efficiency and hours amongst other things.

Operating hours
We're reviewing operating hours to ease traffic and congestion.
Use of space
We're looking at how we better utilise space across the site.
Access & parking
We're improving unloading zones, car parking and roads.
Waste & cleaning
We're overhauling waste and cleaning arrangements.
Data & systems
We're investing in the data systems and integration this market needs to run efficiently, today and into the future.
There's a bigger project here
Market of the Future

But there's a bigger project here: creating a fully modern market. A much safer market. A facility underpinned by better data and technology. Processes and systems that drive efficiency and lower costs, making us the first choice for growers. A market that creates value today and is adaptable for the future.

What it looks like

Hover or tap any point to find it on the plan.

Artist's impression of a modern, purpose-built Sydney Markets, with ten numbered details called out across the site

We've spent a lot of time and energy working through how best to progress from here, and we believe the best path for Sydney Markets is to explore the option of a modern, purpose-built market, whether that be here at Flemington or elsewhere.

This is not a decision. It's part of a process to do the work and understand the viability of all the options. At the same time, we're still laser-focussed on near-term improvements and day-to-day operations.

The story so far
Project Updates

Each update below is preserved as it was originally published. The most recent update is open by default.

Latest update · 6 October 2026
October 2026 Update

Improving today’s market. Planning for its future.

Over the last few months, we have been working on two fronts: developing options for the long-term future of the market, and progressing six key initiatives in the short term. These initiatives aim to improve safety, day-to- day operations and the financial performance of SML, and ultimately strengthen our business for the future. All six are detailed in this update.

Rent reviews

Warehouse changes from 1 December 2026

Rents have lagged costs and the broader property market over the last 10 to 20 years, affecting SML’s financial position.

The Warehouse rent review, as stipulated in Warehouse lease agreements, was due in January 2026. We deferred this while we assessed rental relativities across the Markets and developed a longer-term approach to rents.

Over the next 12 months, we will review rents across all market sub-classes, starting with Warehouse tenancies. Adjustments will reflect relativity to market rates and the provisions of each lease or occupancy agreement, rather than a blanket increase.

The review has three parts:

  1. Market rent review. Review rents across all market sub-classes.
  2. Lease audit. Check rent charged against each agreement and correct discrepancies.
  3. Review of occupied spaces. Review car parks, storage rooms and stands. Space used without an agreement will be valued and placed on a commercial agreement.

Notices to Warehouse tenants will be issued in the coming weeks, with an implementation date of 1 December 2026.

Electricity

Reductions effective from 1 July 2026

Electricity is a major cost for many in the market and forms part of our periodic reviews to improve service provision and the tenant experience.

A change in our procurement strategy has delivered significant savings on previous years. We are passing those savings on to tenants through tiered rate reductions, which have been communicated and took effect from 1 July 2026.

Car parking

Review: late October 2026 to Q1 2027

We see significant opportunities to improve the customer experience, transparency, consistency and revenue from parking, while working within current system and infrastructure limitations.

An independent review of parking across the site will begin in late October and run through to Q1 2027, with traders and other users consulted throughout.

The review will examine:

  • Parking’s role in supporting the markets.
  • Pricing and parking products.
  • A future parking model and roadmap.
  • Current inventory, usage, allocations, demand, access control, and truck and trailer parking.
  • Governance and how parking is operated.
  • Feedback from traders and other users.

Management of truck parking in Buildings V and Y will also be returned in-house to SML.

Waste and cleaning

Levy from January 2027

Our spend on waste and cleaning now exceeds $13 million a year and continues to grow. Waste left on roads and walkways also creates safety risks. SML can no longer fully absorb these costs, and we need to change how waste is managed on site.

A waste audit recorded 208.8 tonnes in a one-week period across general waste, pallets and cardboard, with general waste representing more than half of that total.

From January 2027, costs will be allocated to each market user group and area through a levy. Levy amounts will be confirmed and communicated to tenants before the end of 2026.

We will work with each user group to identify and implement practical measures to reduce waste and levies over time.

D-Shed review

Know Your Tenant program: November 2026

A lack of strong documentation and unapproved sub-leasing has made it difficult to know who is trading in D-Shed, their right to occupy or the space they use. This is both unsafe and inconsistent with the standards we want to uphold.

Our Know Your Tenant program will run for three weeks in November 2026. It covers growers and grower traders operating in D-Shed Monday to Friday, 3.00am to 6.00am.

  1. Meet. Management and Market Officers will meet every weekday tenant.
  2. Verify. Check identity and the relevant licence or occupancy agreement.
  3. Confirm. Confirm the space occupied and associated rental arrangements.
  4. Rectify. Rectify occupancy agreements within a set period, with rental arrangements reviewed and adjusted accordingly.

Operating efficiency and hours

Consultation from mid-October 2026

The operating efficiencies survey highlighted traffic bottlenecks, unclear market access rules and inconsistent enforcement. These are creating safety risks and inefficiencies, particularly in the GTA.

In response, we have developed a proposed six-month pilot program and will seek feedback from market user groups.

The proposed pilot includes:

  • Remodelled traffic flows. Changes in and around A, B and C Sheds, including one-way truck movements, two-way forklift movements and designated back-dock loading and unloading bays.
  • Changes to buyer access. Physical buyer access to the GTA from 4.30am, Monday to Friday, with back-dock servicing available from 12.00am for online buyers and pre-orders.
  • Targeted enforcement. Additional SML Market Officers to enforce the new traffic flows and buyer access arrangements during the six-month trial.

Strengthening safety

Alongside these operational initiatives, we are introducing a revised Drug and Alcohol Policy, with testing beginning in November 2026.

A new online WHS induction will also roll out in October 2026. Tenants and their employees will need to complete the induction before entering the site.

Latest update
July 2026 Update

Since May, we've continued to work through what a modern Sydney Markets could look like.
See our ambition for the Market of the Future →

In the last 9 months, we've engaged widely and consulted deeply. That engagement has led to real change around the market. It's also allowed us to establish a deep understanding of our role, our reason for being, and what's going to be important as we think about the future. We're incredibly proud of how far we've come in this process:

18
Workshops and sessions
1,050+
Hours of engagement
420+
Stakeholders engaged
34
Initiatives underway
14
Initiatives completed
The announcement

There is a once-in-a-generation opportunity to create the next chapter for Sydney Markets, together.

To get there, we need to properly explore our options for the creation of a modern market of the future: redeveloping Flemington is one path; building a modern, purpose-built facility on a new site is the other. It's now time to decide where our future will unfold.

This is about future value for the market ecosystem and our shareholders, and it's possible now because of the value of our Flemington site to a government motivated by housing and jobs.

As we explore our options, there are two things we will not compromise on. First: a plan that allows us to build a new market for the future, one that is modern, fit-for-purpose, and set up to thrive for the next 50 years. Second: a financial outcome that is fair and benefits all shareholders.

Our goal is to bring something formal back to our shareholders within the next 12 months.

To be clear about what this means day to day: this is a process, not a decision, and any impact on trading is still years away given the lead times involved. In the meantime, we're staying laser-focused on near-term improvements and daily operations. See what's currently underway →

What's next

Over the next few months we'll be engaging with our shareholders and the broader market community to shape what comes next.

We've championed fresh produce in NSW for over 200 years. To champion it for the next 50 years and beyond, we need a modern market. And we have a chance to build it together.

Thank you for being a part of our story.

Previous update
May 2026 Update
What we've been doing

You'll have seen a number of initiatives underway and completed across the market, outlined in the interactive image below. These initiatives have been progressed through consultation with the markets community via workshops and 1:1 conversations aimed at digging into and finding solutions for the things that matter most day-to-day.

These are real changes, happening now, because you told us they mattered. It's a long list of initiatives that we'll continue to communicate in the weeks to come.

Hover or tap a project box to bring the detail into focus.

Project detail
Select a project box

Hover or tap one of the coloured project boxes below to view the detail in a larger, easier-to-read format.

Site map of operational initiatives underway and completed across Sydney Markets
Operational initiatives currently underway and completed across the market, including the safety monitoring trial at the Flower Market, Project Clearway parking arrangements, the traffic management review of the HVA, upgraded lighting behind Building S, the South Road pedestrian crossing, and the development of a market-wide waste and pallet strategy.
Unless there is change, we're not going to be able to attract anyone to this wonderful industry.
Joe Zappia, Zappia Fresh Produce
The waste bins, the cleanliness, the way people talk to each other and interact with each other. It's noticeable. We're on the right path.
Julio Azzarello, Gourmand Providore
I feel like the Market has got a bit more vision toward the future. That's a good sign for people that want to see the longevity of the market.
Jason Hendriks, Goldenfruit Fruit Wholesalers
Where we play

Alongside the operational work, we've been working hard to better define our role, our relevance and why we matter. In the fresh produce ecosystem, we're absolutely crucial. It's estimated we handle around a third of fresh produce supply in NSW, in addition to the significant volumes from other locations.

Beyond the numbers, we're a vital connection to fresh food, to the farm gate, and the experience of fresh produce. Specifically, we are the place where fresh produce trades in NSW with efficiency and dynamism.

The fresh produce value ecosystem: estimated outbound flows by channel as a percentage and dollar value
The fresh produce value ecosystem (outbound flows): estimated throughput by channel as a percentage and dollar value.

Sydney Markets is the platform that:

Helps growers get maximum value for what they grow.
Allows stallholders to run viable businesses.
Gives commercial customers access to quality and variety at the right price.
Six priorities

If we're going to remain relevant and be successful for the next 50+ years, we need to evolve. Based on the work we have done, we've identified 6 key things we have to get right as we think about the future of the market:

1
Talent
Our succession challenges are real. We need to make Sydney Markets genuinely attractive to the next generation of growers, traders and operators.
2
Site & systems
Our site and infrastructure is ageing. We need a fit-for-purpose, safe site with advanced systems.
3
Technology
With the site at capacity, technology and automation are investments we need to make to lower the cost of doing business here.
4
Commercial optimisation
We need to optimise the Sydney Markets Limited business to stay genuinely competitive. This means fairness and consistency across tenancies, growing the market, and considering other value-added revenue streams in the future.
5
Digital platforms
We need to step properly into the digital age and create improved ways for end users to interact with and transact within the market.
6
Data
We need quality data across our operations. Right now, we don't have it. But going forward it is critical as it underpins everything else we are doing.
Taken together, these 6 things point to one overarching goal: modernising this market. Not tinkering around the edges. Genuinely building a market of the future.
What comes next

There are conversations happening across the organisation to help us build a picture of the Future Market: what it looks like, how we fund it, and how we get there, together. There will no doubt be some big decisions ahead, but we're more confident than ever that Sydney Markets will be a thriving, modern and vital part of this country's fresh produce supply for the next 50+ years.

One more thing. We've installed a project update wall on Centre Road, just outside A-Shed, which gives you a visual snapshot of the key themes we're working through. Take a look next time you're passing. Stay tuned as we continue to provide updates and opportunities to engage over the coming months.

Sydney Markets 2.0 project update wall on Centre Road outside A-Shed
The Sydney Markets 2.0 project update wall on Centre Road, outside A-Shed.
Where it started
December 2025 Update
Listening to the market

In November 2025, we spoke with over 220 people across Flemington and Haymarket from all levels of the organisation about the future of Sydney Markets. We did this through 1-on-1 conversations, focus groups, workshops, and voicemail messages.

The energy and openness in those conversations was genuinely encouraging, and it's shaped everything we've done since. Thank you to everyone who took part. We heard everything from big, systemic issues to individual frustrations, and we're grateful to everyone who shared their time, stories, and honest perspectives.

220+
People engaged
120+
Market chats
5
Focus groups
35+
Phone messages
Coming out of that process were 6 big picture themes, 4 operational opportunities and 1 clear message: Sydney Markets is a special place, but there are things we need to improve. Operational improvements and quick wins that put us on a genuine path of change.
What we heard

Sydney Markets is at a crossroads. You told us the big picture is that it's critically important infrastructure that feeds NSW and wider Australia that is also facing significant challenges around staying relevant, being accessible, and bringing in the next generation.

The opportunity however is to create a roadmap for a vibrant marketplace of the future that serves everyone: growers, operators, retailers, food service, AND the public, while building the next generation of market participants.

Ultimately, your feedback could be defined by six themes that came up most consistently.

Long-term traders at Sydney Markets
01
Sydney Markets is a place with deep family ties
For long-term operators, Sydney Markets represents far more than business: it's family history, cultural identity, and life's work. This emotional investment creates both deep loyalty and profound anxiety about the future. And as we think about the future of not just this business but this industry, attracting the next generation is crucial.
“Once you're here for two or three weeks, that's it, you're in here for life. You catch the bug.”
Common threads
  • Multiple, multi-generational family businesses.
  • Strong emotional attachment to place.
  • Unease about being “the generation that lost the markets.”
  • Traditional pathways into the industry, including working in family businesses and local school recruitment, have largely disappeared.
Trading floor at Sydney Markets
02
The business of the market is changing and we need to change with it
Understanding and catering to the needs of growers and suppliers through to providores, independent retailers, chains, florists and end consumers needs to be a priority.
“Without Sydney Markets, the price would be determined by the duopoly of Coles & Woolies.”
Common threads
  • Chain stores are using the markets less, but other users like providores are growing and are underserviced.
  • There is a lack of good data about our business.
  • While there is awareness of broader economic forces, there is a need for clarity around Sydney Markets Limited's role in response.
Fresh produce logistics
03
Sydney Markets is essential to NSW's & Australia's fresh produce supply
Almost everyone recognised Sydney Markets as essential to NSW's, and indeed Australia's fresh produce supply chain, but the true value of our market needs to be better understood by the public.
“Sydney Markets basically feeds Sydney. Without Sydney Markets, a lot of the horticulture would not be distributed properly.”
Common threads
  • Wholesalers, growers and providores consistently described Sydney Markets as “the backbone” of fresh produce distribution.
  • Multiple stakeholders said: “without this market, where would growers sell? Where would independents buy?”
  • Consumer confusion around Sydney Markets, Paddy's Haymarket and Paddy's Flemington has exacerbated invisibility.
Shopper choosing fresh produce
04
Consumers are losing connection to seasonal eating & provenance
This loss of connection represents both a challenge and a potential opportunity for Sydney Markets to become champions of fresh food culture. Crucially, there is a sense that consumers know something isn't quite right, but can't pinpoint what or how things should change.
“We want to taste, smell, feel, experience ‘fresh’, not just buy it.”
Common threads
  • Loss of knowledge about seasonality, variety and quality.
  • Convenience culture is prioritised over quality and experience.
  • An educated consumer who values fresh produce can underpin our entire business.
Engagement conversations at Sydney Markets
05
Historically, we have been seen as being on opposite sides
The traders and Sydney Markets Limited need to work together as one. We need to earn back trust and create the market of the future.
“We try to do the right thing, but the neighbour over there is not following the rules, and he's getting a leg up because of it. There has to be rules. Enforced rules.”
Common threads
  • Ageing infrastructure, traffic management, chaos and unenforced rules are everyone's problem.
  • Frustration over decisions made without proper consultation and input.
  • Fairness. Change and hardship can be tolerated if everyone's playing by the same rules. If not, trust breaks down.
Sydney Markets 2.0 crew
06
We have some important housekeeping to do
There are some very clear operational issues that need our attention: parking, site access, operating hours and waste management are all areas where we can improve.
“There are so many small changes that would make a big difference.”
Common threads
  • Finding quick wins that demonstrate positive change.
  • Data is needed to make good decisions.
Sydney Markets is a special place. But there are things we need to improve.
Operational opportunities

Consistent feedback was provided across 4 operational themes. They highlight areas that could inform short term changes and quick wins:

01
Public access
Post-COVID security restrictions and other arbitrary rules that prevent public/casual buyer access are failing to serve a clear strategic purpose and are having downstream effects on the Flower Market, Growers Market and Paddy's.
You said: Open designated times and areas to the public, or decisively close what's not working.
02
Traffic & parking
The management of vehicle movement in, around, and out of the site was a pain point. Paid parking has had perceived impacts on foot traffic and customer behaviour.
You said: Reverse it, validate parking with purchases, or charge on exit.
03
Hours of operation
Market hours were the most contested operational issue, with no consensus but clear recognition that the current model is unsustainable for attracting the next generation.
You said: Look at other models and markets to find a sustainable solution that will serve current and future operators.
04
Waste
Waste management has become a flashpoint, creating a huge cost line while degrading the market environment.
You said: Overhaul our approach to waste. Operators will benefit, but so too will the market's image.
Questions? Comments? Send us a message

Have a question or comment about Sydney Markets 2.0? Send it through to the marketing team.

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