Sydney instance of global city
Sydney ( (listen) SID-nee) 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 70 km (43.5 mi) towards the Blue Mountains to the west, Hawkesbury to the north, the Royal National Park and Macarthur to the south and south-west. Greater Sydney is made up of 658 suburbs, spread across 33 local government areas. Residents of the city are known as "Sydneysiders". The estimated population in June 2021 was over 5.2 million, meaning the city is home to approximately 66% of the state's population. Nicknames of the city include the "Emerald City" and the "Harbour City".Aboriginal Australians have inhabited the Greater Sydney region for at least 30,000 years, and Aboriginal engravings and cultural sites are common throughout Greater Sydney. The traditional custodians of the land on which modern Sydney stands are the clans of the Darug, Dharawal and Eora peoples.During his first Pacific voyage in 1770, James Cook charted the eastern coast of Australia, making landfall at Botany Bay. In 1788, the First Fleet of convicts, led by Arthur Phillip, founded Sydney as a British penal colony, the first European settlement in Australia. After World War II, Sydney experienced mass migration and by 2021 over 40 per cent of the population was born overseas. Foreign countries of birth with the greatest representation are Mainland China, India, United Kingdom, Vietnam and the Philippines.Despite being one of the most expensive cities in the world, Sydney frequently ranks in the top ten most liveable cities in the world. It is classified as an Alpha global city by the Globalization and World Cities Research Network, indicating its influence in the region and throughout the world. Ranked eleventh in the world for economic opportunity, Sydney has an advanced market economy with strengths in finance, manufacturing and tourism. Established in 1850, the University of Sydney was Australia's first university and is regarded as one of the world's leading universities.Sydney has hosted major international sporting events such as the 2000 Summer Olympics. The city is among the top fifteen most-visited cities in the world, with millions of tourists coming each year to see the city's landmarks. The city has over 1,000,000 ha (2,500,000 acres) of nature reserves and parks, and its notable natural features include Sydney Harbour and Royal National Park. The Sydney Harbour Bridge and the World Heritage-listed Sydney Opera House are major tourist attractions. Central Station is the hub of Sydney's rail network, and the main passenger airport serving the city is Kingsford Smith Airport, one of the world's oldest continually operating airports.Economy
Researchers from Loughborough University have ranked Sydney amongst the top ten world cities that are highly integrated into the global economy. The Global Economic Power Index ranks Sydney number eleven in the world. The Global Cities Index recognises it as number fourteen in the world based on global engagement. There is a significant concentration of foreign banks and multinational corporations in Sydney and the city is promoted as Australia's financial capital and one of Asia Pacific's leading financial hubs.The prevailing economic theory in effect during early colonial days was mercantilism, as it was throughout most of Western Europe. The economy struggled at first due to difficulties in cultivating the land and the lack of a stable monetary system. Governor Lachlan Macquarie solved the second problem by creating two coins from every Spanish silver dollar in circulation. The economy was clearly capitalist in nature by the 1840s as the proportion of free settlers increased, the maritime and wool industries flourished, and the powers of the East India Company were curtailed.Wheat, gold, and other minerals became additional export industries towards the end of the 1800s. Significant capital began to flow into the city from the 1870s to finance roads, railways, bridges, docks, courthouses, schools and hospitals. Protectionist policies after federation allowed for the creation of a manufacturing industry which became the city's largest employer by the 1920s. These same policies helped to relieve the effects of the Great Depression during which the unemployment rate in New South Wales reached as high as 32%. From the 1960s onwards Parramatta gained recognition as the city's second CBD and finance and tourism became major industries and sources of employment.Sydney's nominal gross domestic product was AU$400.9 billion and AU$80,000 per capita in 2015. Its gross domestic product was AU$337 billion in 2013, the largest in Australia. The Financial and Insurance Services industry accounts for 18.1% of gross product and is ahead of Professional Services with 9% and Manufacturing with 7.2%. In addition to Financial Services and Tourism, the Creative and Technology sectors are focus industries for the City of Sydney and represented 9% and 11% of its economic output in 2012.Businesses
There were 451,000 businesses based in Sydney in 2011, including 48% of the top 500 companies in Australia and two-thirds of the regional headquarters of multinational corporations. Global companies are attracted to the city in part because its time zone spans the closing of business in North America and the opening of business in Europe. Most foreign companies in Sydney maintain significant sales and service functions but comparably less production, research, and development capabilities. There are 283 multinational companies with regional offices in Sydney.
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