Economy of Sydney

Last updated

Sydney's central business district is Australia's largest financial and business services hub. Sydney CBD, northeast view 20230224 1.jpg
Sydney's central business district is Australia's largest financial and business services hub.
Median weekly household incomes by postal area in the 2011 census, red indicates high incomes, purple indicates low incomes. The North Shore and areas fronting Sydney Harbour tend to be more affluent, while the south is generally middle class and west is predominantly working class. Australian Census 2011 demographic map - Inner Sydney by POA - BCP field 0115 Median total household income weekly.svg
Median weekly household incomes by postal area in the 2011 census, red indicates high incomes, purple indicates low incomes. The North Shore and areas fronting Sydney Harbour tend to be more affluent, while the south is generally middle class and west is predominantly working class.

The economy of Sydney is notable for its importance in the areas of trading, manufacturing, finance, education, and distribution in Australia. Sydney has the largest economy in Australia.

Contents

Sydney's CBD is the largest in Australia and also has plenty of surrounding commercial areas which are considered part of Sydney. A notable one is Parramatta, which is bigger than some state capitals.[ citation needed ]

Sydney city extends over the harbour bridge, forming North Sydney, a continuation of the CBD. North Sydney has a large economy; however it tends to have a high vacancy rate. Just a few kilometres north of Sydney's city centre, is Sydney's fourth largest commercial area, Chatswood. Chatswood's main economy is retail and is home to many highrise buildings, with its own recognisable skyline. 20th Century Fox has large Sydney studios.

History

Although the CBD dominated the city's business and cultural life in the early days, other business/cultural districts have developed in a radial pattern since World War II. In 1945, two-thirds of all jobs in Sydney were located in the City of Sydney and surrounding inner city municipalities, but post-war suburbanisation meant that only a quarter of the workforce were located in the city, South Sydney, Leichhardt and Marrickville municipalities.[ citation needed ]

With a boom in passenger railway construction came rapid extension of the suburbs along the railway corridors to the west and south, and eventually to the North Shore, after the completion of the Harbour Bridge allowed trains to continue from North Sydney into the CBD. This radial-spoke pattern of development changed after World War II, when increasing car ownership encouraged infill development where the railways didn't run, and then further expansion around the perimeter of the city. These outer areas have mostly missed out on further rail expansion and are primarily car dependent to this day. [1]

Financial centre

Sydney is a leading financial centre in the Asia-Pacific region. [2] It is home to the headquarters of the Australian Securities Exchange and the Reserve Bank of Australia. It also serves as the regional headquarters for numerous multinational corporations.

Banking industry

Of the 57 authorised deposit-taking banks with operations in Australia, 44 are based in Sydney

Tourism

Sydney received 8.2 million visitors in 2016, an 11.4 per cent increase from 2015. The main sources of Sydney's tourists were from north-east and south-east Asia. [3] The Vivid Sydney festival, held annually each winter, attracted 1.7 million visitors in 2015–it is the biggest festival in Australia and one of the biggest of its kind in the world. [4] The most visited landmark in the city is the Sydney Opera House, located at Bennelong Point, and is also the most visited landmark in Australia–the building received a $202 million renovation in 2017, known as the Renewal Project, and accommodates an average yearly audience of two million people. [5] [6] Tourism in Sydney generates approximately $30 billion to the state (NSW) economy each year according to 2010 statistics. [7]

Manufacturing

Sydney is the largest manufacturing hub in Australia, with the value of the city's manufacturing industry surpassing $21 billion in 2012–13, overtaking that of Melbourne ($18.9 billion)–which was formerly Australia's manufacturing heartland. [8] [9] Sydney's manufacturing sector consists largely of domestic-focused and high-tech manufacturing such as biotechnology, food processing and advanced electronics. [10] Major manufacturing companies with operations in Sydney include Arnott's, Coca-Cola Amatil, Arrium, Visy, Amcor and Rheem, among many others.

The Smithfield-Wetherill Park Industrial Estate in Greater Western Sydney is the largest industrial estate in the Southern Hemisphere and is the centre of manufacturing and distribution in the region. Lying between the major population growth zones in the north-west and south-west of Sydney, the estate contains more than 1,000 manufacturing, wholesale, transport and service firms which employ more than 20,000 persons. [11] [12]

Housing

As of December 2019, Sydney has the highest median house price of any Australian capital city at $1,142,212. [13] According to The Economist Intelligence Unit's Worldwide cost of living survey, Sydney is the sixteenth most expensive city in the world. [14] According to a report published by the OECD in November 2005, Australia has the most overvalued houses in the Western world, with prices 52 percent higher than that justified by rental values. [15]

Since the 1980s Sydney's average capital growth has been growing 7.4% per year, which means that the average property prices doubled in value every decade. [16] [17] [18]

Employment

As of January 2022, Sydney's unemployment rate was reported as 4.8% in the 'East Metro' employment region, [19] 6.9% in the 'South West', [20] 5.9% in the 'Greater West', [21] and 4.1% in the 'North and West' region. [22]

See also

Related Research Articles

<span class="mw-page-title-main">Sydney</span> Capital city of New South Wales, Australia

Sydney is the capital city of the state of New South Wales and the most populous city in Australia. Located on Australia's east coast, the metropolis surrounds Sydney Harbour and extends about 80 km from the Pacific Ocean in the east to the Blue Mountains in the west, and about 80 km from the Ku-ring-gai Chase National Park and the Hawkesbury River in the north and north-west, to the Royal National Park and Macarthur in the south and south-west. Greater Sydney consists of 658 suburbs, spread across 33 local government areas. Residents of the city are colloquially known as "Sydneysiders". The estimated population in June 2023 was 5,450,496, which is about 66% of the state's population. The city's nicknames include the "Emerald City" and the "Harbour City".

<span class="mw-page-title-main">Economy of Australia</span>

Australia is a highly developed country with a mixed economy. As of 2023, Australia was the 14th-largest national economy by nominal GDP, the 19th-largest by PPP-adjusted GDP, and was the 21st-largest goods exporter and 24th-largest goods importer. Australia took the record for the longest run of uninterrupted GDP growth in the developed world with the March 2017 financial quarter. It was the 103rd quarter and the 26th year since the country had a technical recession. As of June 2021, the country's GDP was estimated at $1.98 trillion.

<span class="mw-page-title-main">North Shore (Sydney)</span> Region in New South Wales, Australia

The North Shore is a region within Northern Sydney, in New South Wales, Australia, generally referring to suburbs located on the northern side of Sydney Harbour up to Wahroonga, and suburbs between Middle Harbour and the Lane Cove River.

<span class="mw-page-title-main">Greater Western Sydney</span> Region of the metropolitan area of Sydney, Australia

Greater Western Sydney (GWS) is a large region of the metropolitan area of Greater Sydney, New South Wales (NSW), Australia that generally embraces the north-west, south-west, central-west, far western and the Blue Mountains sub-regions within Sydney's metropolitan area and encompasses 11 local government areas: Blacktown, Blue Mountains, Camden, Campbelltown, Cumberland, Fairfield, Hawkesbury, Liverpool, Parramatta, Penrith and Wollondilly. It includes Western Sydney, which has a number of different definitions, although the one consistently used is the region composed of ten local government authorities, most of which are members of the Western Sydney Regional Organisation of Councils (WSROC). The NSW Government's Office of Western Sydney calls the region "Greater Western Sydney".

<span class="mw-page-title-main">Sydney central business district</span> Suburb of Sydney, New South Wales, Australia

The Sydney central business district (CBD) is the historical and main commercial centre of Sydney. The CBD is Sydney's city centre, or Sydney City, and the two terms are used interchangeably. Colloquially, the CBD or city centre is often referred to simply as "Town" or "the City". The Sydney city centre extends southwards for about 3 km (2 mi) from Sydney Cove, the point of first European settlement in which the Sydney region was initially established.

<span class="mw-page-title-main">South East Queensland</span> Region in southern Queensland, Australia

South East Queensland (SEQ) is a bio-geographical, metropolitan, political and administrative region of the state of Queensland in Australia, with a population of approximately 3.8 million people out of the state's population of 5.1 million. The area covered by South East Queensland varies, depending on the definition of the region, though it tends to include Queensland's three largest cities: the capital city Brisbane; the Gold Coast; and the Sunshine Coast. Its most common use is for political purposes, and covers 35,248 square kilometres (13,609 sq mi) and incorporates 11 local government areas, extending 240 kilometres (150 mi) from Noosa in the north to the Gold Coast and New South Wales border in the south, and 140 kilometres (87 mi) west to Toowoomba. It is the third largest urban area in Australia by population.

<span class="mw-page-title-main">Economic history of Australia</span>

The economic history of Australia traces the economic history of Australia since European settlement in 1788.

<span class="mw-page-title-main">Fairfield City Council</span> Local government area in New South Wales, Australia

The Fairfield City Council is a local government area in the west of Sydney, in the state of New South Wales, Australia. The council was first incorporated as the "Municipal District of Smithfield and Fairfield" on 8 December 1888, and the council's name was changed to the "Municipality of Fairfield" in 1920, before being proclaimed a city in 1979. The City of Fairfield comprises an area of 102 square kilometres (39 sq mi) and as of the 2021 census had a population of 208,475. The mayor of the City of Fairfield is Cr. Frank Carbone, the first popularly-elected independent mayor of Fairfield.

Wetherill Park is a suburb in Greater Western Sydney, in the state of New South Wales, Australia. Wetherill Park is located 34 kilometres west of the Sydney central business district, in the local government area of the City of Fairfield.

<span class="mw-page-title-main">Smithfield, New South Wales</span> Suburb of Sydney, New South Wales, Australia

Smithfield is a suburb of Sydney, in the state of New South Wales, Australia. Smithfield is located 31 kilometres (19 mi) west of the Sydney central business district, in the local government areas of the City of Fairfield and Cumberland Council. Located in the Greater Western Sydney region, the suburb is one of the largest in Fairfield City by area.

<span class="mw-page-title-main">Chatswood West, New South Wales</span> Suburb of Sydney, New South Wales, Australia

Chatswood West is a suburb on the Lower North Shore of Sydney, in the state of New South Wales, Australia. Chatswood West is located 11 kilometres north-west of the Sydney central business district, in the local government areas of the City of Willoughby and City of Ryde. Chatswood is a separate suburb to the east. The locality of Chatswood located west of the Pacific Highway is informally known as West Chatswood, and should not be confused with the separate suburb of Chatswood West, nor should it be confused with the West Chatswood Post Office on Railway Street in the suburb of Chatswood. Chatswood West shares the same postcode as Chatswood which is 2067.

<span class="mw-page-title-main">Transport in Sydney</span> Overview of transport in Sydney, Australia

Transport in Sydney is provided by an extensive network of public transport operating modes including metro, train, bus, ferry and light rail, as well as an expansive network of roadways, cycleways and airports. According to the 2006 census, in terms of travel to work or study Sydney has the highest rate of public transport usage among the Australian capital cities of 26.3% with more than 80% of weekday trips to/from Central Sydney being made by public transport. According to the New South Wales State Plan, the state has Australia's largest public transport system. The public transport network is regulated by Transport for NSW.

<span class="mw-page-title-main">Economy of Western Australia</span>

The Western Australian economy is a state economy dominated by its resources and services sector and largely driven by the export of iron-ore, gold, liquefied natural gas and agricultural commodities such as wheat. Covering an area of 2.5 million km2, the state is Australia's largest, accounting for almost one-third of the continent. Western Australia is the nation's fourth most populous state, with 2.6 million inhabitants.

<span class="mw-page-title-main">Melbourne</span> Capital city of Victoria, Australia

Melbourne is the capital and most populous city of the Australian state of Victoria, and the second-most populous city in both Australia and Oceania. Its name generally refers to a 9,993 km2 (3,858 sq mi) metropolitan area also known as Greater Melbourne, comprising an urban agglomeration of 31 local municipalities, although the name is also used specifically for the local municipality of City of Melbourne based around its central business area.

Various railway lines have been proposed for Sydney, Australia, including both heavy rail extensions to the existing network, and more recently proposals for metro style lines–one of which was completed in 2019.

<span class="mw-page-title-main">Sydney Metro</span> Transit system in Sydney, Australia

The Sydney Metro is a fully automated rapid transit system in Sydney, New South Wales, Australia. The first component, the Metro North West Line, opened on 26 May 2019, running between Tallawong and Chatswood. It currently consists of 13 stations and 36 km (22.4 mi) of twin tracks, mostly underground. Work is progressing to extend this line from Chatswood to Bankstown as part of the City & Southwest project, which will run under Sydney Harbour and the Sydney Central Business District (CBD), with a scheduled 2025 completion. When completed, the entire line from Tallawong to Bankstown will have 66 km (41.0 mi) of twin tracks and 31 stations.

<span class="mw-page-title-main">Sydney Metro City & Southwest</span> Rapid transit project in Sydney, New South Wales, Australia

Sydney Metro City & Southwest is a 30-kilometre (19 mi) rapid transit project currently under-construction in Sydney, Australia. The project will extend the Metro North West Line from Chatswood on the North Shore, to Bankstown in the city's south-west via the Sydney central business district.

<span class="mw-page-title-main">Chatswood Mall</span> Shopping mall

Chatswood Mall is a pedestrian mall on Victoria Avenue in the Sydney, Australia suburb of Chatswood. It connects the Chatswood Interchange to the Chatswood shopping district and The Concourse.

<span class="mw-page-title-main">Smithfield West</span> Place in New South Wales, Australia

Smithfield West is a locality situated in western Sydney, New South Wales, Australia. Part of Smithfield, it is an unofficial designation for the region, or neighbourhood area, westwards from Dublin Street to Wetherill Street on the boundary of Wetherill Park.

References

  1. ↑ Spearitt, Peter, 2000, Sydney's Century: A History p. 122, Sydney: UNSW Press
  2. ↑ Daly, M. T. and Pritchard, B. 2000. Sydney:Australia's financial and commercial capital. In J. Connell (Ed.). Sydney the emergence of a global city. pp 76-95. Oxford University Press ISBN   0-19-550748-7, pp 167-188
  3. ↑ Hoh, Amanda (20 January 2017). "Sydney needs more hotels, cruise ports, jobs to support tourism, academic says". Australian Broadcasting Corporation . Retrieved 22 November 2017.
  4. ↑ Boland, Michaela (28 May 2016). "Vivid Festival puts Sydney in light and attracts tourism dollars". The Australian . Retrieved 22 November 2017.
  5. ↑ "Sydney icon's $202 million facelift gives greater access to all visitors". SBS . 11 August 2016. Retrieved 22 November 2017.
  6. ↑ "Sydney Opera House: 40 fascinating facts". Telegraph.co.uk. 24 October 2013. Retrieved 22 November 2017.
  7. ↑ "Tourism - City of Sydney" . Retrieved 23 November 2017.
  8. ↑ "Sydney takes manufacturing capital crown from Melbourne". The Sydney Morning Herald . 8 February 2014. Retrieved 4 April 2020.
  9. ↑ Sydney overtakes Melbourne as Australia's biggest manufacturing centre - Australian Manufacturing
  10. ↑ Matt Wade (8 February 2014). "Sydney takes manufacturing capital crown from Melbourne". The Sydney Morning Herald. Retrieved 11 December 2021.
  11. ↑ Smithfield-Wetherill Park
  12. ↑ Don't forget the Southern Hemisphere's Largest Industrial Zone by Marie Hogg and Simon Benson, Fairfield Advance, 13 November 2015
  13. ↑ "Sydney's median house price back over $1 million as interest rate cut looms". The Sydney Morning Herald . 2 March 2020. Retrieved 11 May 2020.
  14. ↑ "Worldwide Cost of Living 2018" (PDF).
  15. ↑ Boilling, M. 2 February 2006. City among most costly Archived 21 February 2006 at the Wayback Machine , Herald Sun
  16. ↑ Abelson, Peter. "HOUSING PRICES IN AUSTRALIA: 1970 TO 2003" (PDF). econ.mq.edu.au. Archived from the original (PDF) on 28 December 2013. Retrieved 8 April 2020.
  17. ↑ C. Delmendo, Lalaine (15 August 2019). "Australia's house prices are now in free fall". globalpropertyguide.com. Retrieved 8 April 2020.
  18. ↑ Burke, Kate (28 December 2019). "Now and then: How Sydney's property market has changed since 2010". domain.com.au. Retrieved 8 April 2020.
  19. ↑ "Explore the data in the Labour Market Information Portal". lmip.gov.au. Retrieved 7 March 2022.
  20. ↑ "Welcome to the Labour Market Information Portal". lmip.gov.au. Retrieved 7 March 2022.
  21. ↑ "Welcome to the Labour Market Information Portal". lmip.gov.au. Retrieved 7 March 2022.
  22. ↑ "Welcome to the Labour Market Information Portal". lmip.gov.au. Retrieved 7 March 2022.
This page is based on this Wikipedia article
Text is available under the CC BY-SA 4.0 license; additional terms may apply.
Images, videos and audio are available under their respective licenses.