page_title: Sydney
section_title: Economy
hierarchical_section_title: Sydney / Economy
caption_attribution_description: Sydney CBD on a sunny day
context_page_description: Sydney is the state capital of New South Wales and the most populous city in Australia and Oceania. Located on Australia's east coast, the metropolis surrounds Port Jackson and extends about 70 km on its periphery towards the Blue Mountains to the west, Hawkesbury to the north, the Royal National Park to the south and Macarthur to the south-west. Sydney is made up of 658 suburbs, 40 local government areas and 15 contiguous regions. Residents of the city are known as "Sydneysiders". As of June 2019, Sydney's estimated metropolitan population was 5,312,163, meaning the city is home to approximately 65% of the state's population.
  Indigenous Australians have inhabited the Sydney area for at least 30,000 years, and thousands of engravings remain throughout the region, making it one of the richest in Australia in terms of Aboriginal archaeological sites. During his first Pacific voyage in 1770, Lieutenant James Cook and his crew became the first Europeans to chart the eastern coast of Australia, making landfall at Botany Bay and inspiring British interest in the area.
context_section_description: 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.
  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.
caption: The central business district. Sydney is the financial and economic centre of Australia, having the largest economy and contributing a quarter of Australia's total GDP[228]
exif: {}