Sydney - A Financial Hub of Asia- Pacific
Sydney is the leading financial hub in the Asia Pacific region and one of the most multicultural cities in the globe, attracting a diverse culture of people bringing together languages, backgrounds, cuisines and innovations.
As Australia’s economic hub, Sydney, the capital of New South Wales, is famous for its Sydney Opera House, Sydney Harbor Bridge and its abundance of natural resources. The city’s famous educational system and world-renowned educational institutions have aided the city in its excelling economic development. According to SGS Economics & Planning, since the 90s, its GDP has increased by 2% or above each year. In 2018, Sydney’s GDP reached 3.1% contributing 26.3% to Australia’s national GDP increase and 24.4% of the country’s total GDP and accounts for 74.3% of South New Wale’s total GDP. GDP per person is 84,700 AUD, the highest since 2004, 11,400 AUD higher than the rest of the country and 30,200 AUD higher than New South Wales region. Such statistics reflect Sydney’s prominent role in Australia’s economic position.
As a Leader of Asia-Pacific
Sydney is a multicultural city with diverse languages, population, cuisine and creative technology. It has become one of the most multi-cultural cities in the world.
This vibrant city remains largely prominent across the Asia Pacific as a major economic center. Z/Yen’s Global Financial Centers Index (GFCI) report reveals that Sydney has ranked as one of the top 10 economic centers since its 21st issue. The latest issue (24th) reported that Sydney’s advances in business environment, financial services, infrastructure facilities, work force, have led the city to rank 7th place, 2 spots ahead of last year.
Previously, Sydney has been named as one of the most influential cities in the world by Forbes Magazine. It remains to an attractive economy for international firms, financial and media institutions, which have established head offices in the city including the Australia Stock Exchange and the Bank of Australia.
Sydney’s stable economy paired with a well-rounded financial background and educational system has attracted a number of immigrants to the city. The Statistics Bureau of Australia estimates that by 2051, Sydney’s population will reach 90 million, a 30 million increase since the estimate in 1998. In 2017, its population has already reached 51 million. Moreover, Sydney is additionally the city with the wealthiest population. Visual Capitalist, a website which surveys population of the wealthy reported that around 1.8 million of the wealthy are based in Sydney in 2017, ranking first in Australia.
As an influx of immigrants settle in Sydney among the wealthiest in the nation, Sydney’s property prices have increase dramatically in the past years. In 1993, the average housing price of Sydney stationed round 180K AUD, but in 2012, the market saw a soaring increase. In 2015, properties were well over 1M AUD, becoming the most expensive city in the world. In just 22 years, the city’s property price quadrupled.
According to Australia property website, Domain, it revealed in April 2017 that Sydney consists of 78 suburban districts with properties above 2M AUD compared to 5 years ago where there were only 6 districts. The housing market has boomed over the years. Currently, the market is going through an adjustment period, though QBE, a Queensland based insurance company predicts in its Australian Housing Outlook report that Australia’s housing market will pick up its momentum and increase by 2020.
The Future: The Sydney Second CDB Plan
The government has implemented a number of infrastructure and township developments to compensate for the city’s population rise. The Greater Sydney Commission announced in 2016 that the city will focus on the development of Greater Sydney – A Metropolis of Three Cities. Greater Sydney will be sectioned into Eastern Harbour City, Central River City and Western Parkland City and all three will be linked by improved with infrastructure and collaboration initiatives, liveability, productivity, sustainability and implementation across Sydney. Once the infrastructures are in full operation by 2056, the three metropolises can be linked together within 30 minutes.
Additionally, the three cities will have independent miniature CBDs. Eastern Harbour City is the location of the current CBD, Central River City’s Parramatta and Western Parkland City nearby Sydney’s international airport will be the new CBDs, to attract foreign investments and business firms into the city. Parramatta will also be developed into an economic corridor with high tech medical care, education, research centres, financial, commercial and administration services. Western Parkland City will debut its Badgerys Creek CBD, nearby Sydney’s second largest airport to produce a range of job opportunities to propel the area’s economy.
The city plans to provide more housing to fit different age groups according to their household needs, lifestyle choices, population growth and household budgets. A range of housing types and strategies will be emplaced. Already existing developments include those in Greenfield precincts in the nearby suburbs where the projects will revise the city by building a vibrant green space with quality public spaces and sports facilities, to reflect the city’s history and heritage and its natural surroundings. The plan aims to raise living standards and improve wellbeing to create strong communities. To compliment the natural surroundings of Sydney: the harbor and its Blue Mountain region, the goal is to protect its nearby environment from the vigorous urbanization developments in the city.