Economy of Sydney
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The economy of Sydney is notable for its importance in the areas of trading, finance and distribution in Australia.
As of September 2003, the unemployment rate in Sydney was 5.3%.[1] As of December 2005, Sydney has the highest median house price of any Australian capital city at $485 000.[2] According to The Economist Intelligence Unit's Worldwide cost of living survey, Sydney is the sixteenth most expensive city in the world.
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. [3]
The largest sectors of Sydney's economy with the largest percentage of employed persons include property and business services, retail, manufacturing and health and community services.[4] Since the 1980s, jobs have moved from manufacturing to the services and information sectors.
Having gained ascendancy over Melbourne during the late 20th century, Sydney is now established as the corporate and financial capital of Australia, and is also a very important financial centre in the Asia-Pacific.[5] Sydney is home to the headquarters of the Australian Stock Exchange and the Reserve Bank of Australia, a number of major Australian banks, and many major Australian corporations; it also serves as the regional headquarters for numerous multinational corporations. 20th Century Fox has large Sydney studios.
[edit] References
- ^ Australian Bureau of Statistics. 2005. Sydney Statistical Division.
- ^ Real Estate Institute of Australia. December 14 2005. Still strong confidence in the housing market, Press Release
- ^ Boilling, M. February 2 2006. City among most costly, Herald Sun
- ^ Australian Bureau of Statistics. 2002. Sydney - Basic Community Profile and Snapshot - 2001 Census�UNIQ300dbde1712a4c97-HTMLCommentStrip1e910d095d4787b00000004
- ^ 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
