This paper marks five years of the OECD Principles on Urban Policy, which were approved in 2019 to help governments foster competitive, sustainable and resilient cities of all sizes. The paper draws on a survey of OECD Member and Accession countries, conducted between November 2024 and February 2025, to gauge action taken along the Principles. The survey is complemented by desk research of existing literature to unpack tangible benefits that can arise from taking action along the Principles including economic growth, environmental gains and citizen satisfaction as well as quantified estimates of the cost of inaction such as financial losses, inefficiencies and inequalities. The paper also looks ahead towards new, emerging priorities in urban policy, highlighting collective challenges and the need for future-proof urban policies.