The business case for sustainable development in the Australian built environment

This thesis explores the concept of sustainable development as it relates to the built environment. The interrelationships between the social, environmental, and economic attributes embodied within the concept of sustainable development are analysed to understand whether the Australian built environment functions to meet both appropriate sustainable development and desired business objectives. This research utilises a qualitative methodology incorporating a literature review of the evolution of sustainable development and determines an economic theoretical approach for sustainable development that is relevant to the contemporary built environment. The adopted economic approach is the 'capital approach' centred upon natural capital and the consequential relationships within human, manmade, and social capital. How these 'capitals' function, interrelate, and align with the concept of sustainable development and the attributes of the built environment, to collectively operate within boundaries to meet the needs of society. Financial capital in contemporary economics is analysed to understand the relevance of financial capital within the capital approach. The economic review examines the evolving neoliberal economic conditions that the Australian economy is operating under, to determine how effective practitioners within the Australian built environment function, to meet appropriate sustainable development and business performance outcomes. Interviews were conducted with property industry executives to gain an appreciation of the practitioners view of sustainable development and how as a concept it is incorporated into their business operations. One of the key reasons for this study, is to ascertain whether built environment practitioners have an appropriate level of awareness of the concept of sustainable development and a desire and capacity to shift their business activities towards achieving sustainable development solutions. What are the key influences upon the Australian property industry that are achieving effective sustainable development outcomes or is the built environment entrenched in a neoliberal approach to business, ignoring the concept of sustainable development? The long-term stature of the built environment corresponds with the enduring nature of sustainable development. The key findings of this research indicate that there is increasing awareness by Australian built environment practitioners of the need to shift toward sustainable development practices, that respects the natural environment and are conscious of society's needs. Those businesses that are embracing sustainable development are realising that the adoption of such an approach can provide a viable business alternative. A sustainable development approach is gaining industry acceptance as a necessary business component within the Australian built environment, but as we are operating in an increasingly constrained environment, the concept of sustainable development must be urgently embraced by all, to ensure a sustainable and prosperous future for all.