7 months ago

Current Business Trend in Sydney

headquarters located

headquarters located in Sydney. According to the 2011 census there were over 151,000 workers employed in the finance and financial services sector in Greater Sydney with more than 55% located within the City. xi. According to Australia’s ABS, NSW still has the largest most diverse manufacturing base in Australia over $33 billion in GRP in 2013-2014, with two thirds of it ($21 billion) based in Sydney. xii. Sydney has a rapidly growing professional services sector particularly in health, design, engineering and scientific areas, with a global presence particularly in the Asian Pacific region. Sydney also dominates the numbers of information and communications technology companies that have been attracted here and as a result dominates much of the new age digital products, internet, and media design and production sectors in Australia. xiii. According to the list in the Startup Ecosystem Report 2012 Sydney is recognised 12th in the top 20 cities start-up eco systems. PwC in their 2013 report ‘The Start-up Economy” predicted that the Australian startup sector has the capacity to deliver $109 billion to the economy, with opportunities for growth in the Finance and Insurance, Manufacturing and Health Care and Social Assistance industries. xiv. Sydney has well a developed human capital and skill base, with a strong education and research sector. It is home to five universities featured within the xv. QS World University Rankings® 2014/15 xvi. and also one of the best student cities in the world, according to the latest QS Best Student Cities index. xvii. Sydney, as demonstrated with the successful hosting of the 2000 Olympics Games, has an impressive quality and quantity of arts, creative and sporting facilities, with specific venues renowned internationally. These facilities are utilised by the local population as well as by domestic and international audiences. Sydney Economic Strength As per our RDA Sydney 2015 Economic Baseline Assessment Report prepared by the AEC Group, the Sydney Metropolitan Region recorded an estimated GRP of $334.4 billion, representing nearly 70% of the estimated Gross State Product (GSP) for NSW. In 2013-14, the Sydney Metropolitan Region recorded real GRP growth of 2.7%, representing an increased rate of growth since 2012-13. Over the past five years, the overall economic structure of the Sydney Metropolitan Region has changed with a trend towards a greater contribution by the services sector, in line with many other regions in Australia. The financial and insurance services sector ($51.8 billion; 18.9% of GRP) continues to account for around one-fifth of the Region’s GRP, reflective of the significant financial sector and Sydney’s status as one of the financial hubs of the Asia Pacific Region. The majority of this activity is focused around the Sydney CBD. Other key industries in the Sydney Metropolitan Region include the professional, scientific and technical services ($28.8 billion; 10.5%) and manufacturing ($21.3 billion; 7.8%) sectors, jointly contributing

around a fifth of the region’s GRP. While the professional, scientific and technical services sector’s GRP contribution has increased over the past five years, the manufacturing sector has recorded a proportionate decline in growth. Other industries recording strong growth include health care and social assistance ($18.3 billion; 6.7%), transport, postal and warehousing ($17.1 billion; 6.2%) and wholesale trade ($16.3 billion 6.0%). This reflects growing demand for additional healthcare, the growth of online retail and imported goods. Industries tied to the housing sector including construction ($15.2 billion; 5.5%) and rental, hiring and real estate services ($2.3 billion, 3.7%) also recorded strong growth over the past five years. Conclusions Sydney is one of the most beautiful cities in the world. The market is ever growing and never really gets out of style. It is a perfect destination for tourists and a perfect house for its residents. All the possible indications show that the market gets into first gear and immediately cranks into the second. . The bullish market never fails to adopt new and upcoming trends and is truly a city for all. References i. Australia in Its Physiographic and Economic Aspects by Thomas Griffith Taylor ii. iii. Creative Business in Australia by Lisa Andersen, Paul Ashton and Lisa Colley iv. v. vi. vii. viii. ix. x. xi. xii. xiii. xiv. xv. xvi. xvii. xviii. xix.

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