Editing Sydney (section)

==Economy==
{{Main|Economy of Sydney}}
[[File:Sydney CBD on a sunny day.jpg|alt=|thumb|The [[Sydney central business district|central business district]]. Sydney is the financial and economic centre of Australia, having the largest economy and contributing a quarter of Australia's total [[Gross domestic product|GDP.]]<ref>{{Cite web |title=Financial Centres of the World: Sydney, Australia |url=http://www.ecdconference.org/sydney.htm |access-date=16 July 2020 |website=Ecdconference.org |archive-date=21 February 2020 |archive-url=https://web.archive.org/web/20200221001502/http://www.ecdconference.org/sydney.htm |url-status=live }}</ref>]]
Researchers from [[Loughborough University]] have ranked Sydney amongst the top ten world cities that are highly integrated into the global economy.<ref>{{cite web |publisher=Loughborough University |date=2012 |url=http://www.lboro.ac.uk/gawc/world2012t.html |title=The world according to GaWC 2012 |access-date=31 August 2014 |archive-date=5 March 2016 |archive-url=https://web.archive.org/web/20160305015239/http://content.time.com/time/specials/packages/article/0,28804,2097720_2097718_2097716,00.html |url-status=live }}</ref> The Global Economic Power Index ranks Sydney eleventh in the world.<ref>{{cite news |last=Florida |first=Richard |date=2014 |url=http://www.citylab.com/work/2011/09/25-most-economically-powerful-cities-world/109/ |title=The 25 most economically powerful cities in the world |newspaper=Bloomberg.com |publisher=CityLab |access-date=20 July 2014 |archive-date=3 February 2015 |archive-url=https://web.archive.org/web/20150203195432/http://www.citylab.com/work/2011/09/25-most-economically-powerful-cities-world/109/ |url-status=live }}</ref> The Global Cities Index recognises it as fourteenth in the world based on global engagement.<ref name="2014 Global Cities Index">{{cite web |publisher=AT Kearney |date=2014 |url=http://www.atkearney.com/documents/10192/4461492/Global+Cities+Present+and+Future-GCI+2014.pdf |title=2014 Global Cities Index |access-date=20 July 2014 |archive-url=https://web.archive.org/web/20141016172215/http://www.atkearney.com/documents/10192/4461492/Global+Cities+Present+and+Future-GCI+2014.pdf |archive-date=16 October 2014 |url-status=dead}}</ref> 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.<ref name="Economic powerhouse">{{cite web |publisher=City of Sydney |date=2014 |url=http://www.cityofsydney.nsw.gov.au/learn/research-and-statistics/the-city-at-a-glance/global-sydney/economic-powerhouse |title=Economic powerhouse |access-date=21 July 2014 |archive-date=22 June 2014 |archive-url=https://web.archive.org/web/20140622114017/http://www.cityofsydney.nsw.gov.au/learn/research-and-statistics/the-city-at-a-glance/global-sydney/economic-powerhouse |url-status=live }}</ref><ref name="Economic profile">{{cite web |publisher=City of Sydney |date=2014 |url=http://economy.id.com.au/sydney |title=Economic profile |access-date=20 July 2014 |archive-date=23 June 2014 |archive-url=https://web.archive.org/web/20140623211419/http://economy.id.com.au/sydney |url-status=live }}</ref>

The prevailing economic theory during early colonial days was [[mercantilism]], as it was throughout most of Western Europe.<ref name="Economy">{{cite web |last=Wotherspoon |first=Garry |date=2008 |url=http://dictionaryofsydney.org/entry/economy |title=Economy |publisher=Dictionary of Sydney |access-date=9 August 2014 |archive-date=19 October 2014 |archive-url=https://web.archive.org/web/20141019060911/http://dictionaryofsydney.org/entry/economy |url-status=live }}</ref> The economy struggled at first due to difficulties in cultivating the land and the lack of a stable monetary system. Governor Macquarie created [[holey dollar|two coins]] from every [[Spanish dollar|Spanish silver dollar]] in circulation.<ref name="Economy"/> The economy was [[capitalism|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.<ref name="Economy"/>

Wheat, gold, and other minerals became export industries towards the end of the 1800s.<ref name="Economy"/> Significant capital began to flow into the city from the 1870s to finance roads, railways, bridges, docks, courthouses, schools and hospitals. [[Protectionism|Protectionist]] policies after [[federation of Australia|federation]] allowed for the creation of a manufacturing industry which became the city's largest employer by the 1920s.<ref name="Economy"/> 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%.<ref name="Economy"/> From the 1960s onwards Parramatta gained recognition as the city's second CBD and finance and tourism became major industries and sources of employment.<ref name="Economy"/>

Sydney's nominal gross domestic product was AU$400.9&nbsp;billion and AU$80,000 per capita<ref>{{cite web |url=http://www.sgsep.com.au/publications/gdp-major-capital-city-2015-2016 |title=GDP report: Economic Performance of Australia's Cities and Regions |website=sgsep.com.au |date=16 December 2019 |access-date=20 July 2021 |archive-date=21 March 2019 |archive-url=https://web.archive.org/web/20190321173338/https://www.sgsep.com.au/publications/gdp-major-capital-city-2015-2016 |url-status=live }}</ref> in 2015.<ref name="Australian cities accounts"/><ref name="Economic profile"/> Its gross domestic product was AU$337&nbsp;billion in 2013, the largest in Australia.<ref name="Australian cities accounts">{{cite web |publisher=SGS Economics and Planning |date=2014 |url=http://www.sgsep.com.au/assets/GDP-by-Major-Capital-City-1213-.pdf |title=Australian cities accounts |access-date=31 August 2014 |archive-url=https://web.archive.org/web/20141005092254/http://www.sgsep.com.au/assets/GDP-by-Major-Capital-City-1213-.pdf |archive-date=5 October 2014 |url-status=dead}}</ref> The financial and insurance services industry accounts for 18.1% of gross product, ahead of professional services with 9% and manufacturing with 7.2%. The creative and technology sectors are also focus industries for the City of Sydney and represented 9% and 11% of its economic output in 2012.<ref>{{cite web |publisher=City of Sydney |date=2014 |url=http://www.cityofsydney.nsw.gov.au/business/business-support/business-in-your-sector/key-industries/creative-and-digital |title=Creative and digital |access-date=22 July 2014 |archive-date=20 August 2014 |archive-url=https://web.archive.org/web/20140820035711/http://www.cityofsydney.nsw.gov.au/business/business-support/business-in-your-sector/key-industries/creative-and-digital |url-status=live }}</ref><ref>{{cite news |last=Wade |first=Matt |date=2014 |url=http://www.smh.com.au/nsw/nsw-dominates-creative-industries-report-20140629-zspzy.html |title=NSW dominates creative industries: report |work=The Sydney Morning Herald |access-date=26 July 2014 |archive-date=28 August 2014 |archive-url=https://web.archive.org/web/20140828135556/http://www.smh.com.au/nsw/nsw-dominates-creative-industries-report-20140629-zspzy.html |url-status=live }}</ref>

===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.<ref>{{cite web |publisher=Regional Development Australia |date=2010 |url=http://www.rdasydney.org.au/the-sydney-region/economic-profile/ |title=Economic profile |access-date=26 July 2014 |url-status=dead |archive-url=https://web.archive.org/web/20141016221054/http://www.rdasydney.org.au/the-sydney-region/economic-profile/ |archive-date=16 October 2014}}</ref> 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.<ref>{{cite web |publisher=Australian Business Foundation |date=2009 |url=http://www.nswbusinesschamber.com.au/NSWBC/media/Misc/Ask%20Us%20How/Global-Connections-a-study-of-multinational-companies-in-Sydney.pdf |title=Global connections: a study of multinational companies in Sydney |access-date=26 July 2014 |url-status=dead |archive-url=https://web.archive.org/web/20140826061145/http://www.nswbusinesschamber.com.au/NSWBC/media/Misc/Ask%20Us%20How/Global-Connections-a-study-of-multinational-companies-in-Sydney.pdf |archive-date=26 August 2014}}</ref> There are 283 multinational companies with regional offices in Sydney.<ref>{{cite web |publisher=Parliament of New South Wales |date=2000 |url=http://www.parliament.nsw.gov.au/prod/la/qala.nsf/0/ca25708400173f67ca25706c0022f5a5 |title=Multinational companies regional headquarters |access-date=26 July 2014 |archive-date=19 October 2014 |archive-url=https://web.archive.org/web/20141019002708/http://www.parliament.nsw.gov.au/prod/la/qala.nsf/0/ca25708400173f67ca25706c0022f5a5 |url-status=dead}}</ref>

===Domestic economics===
[[File:Pitt Street Mall, 2014.jpg|alt=|thumb|[[Pitt Street]], a major street in the [[Sydney central business district|CBD]], runs from [[Circular Quay]] in the north to [[Waterloo, New South Wales|Waterloo]] in the south, and is home to many large high-end retailers.<ref>City of Sydney, [http://www.cityofsydney.nsw.gov.au/aboutsydney/historyandarchives/SydneyHistory/StreetNames.asp Street Names] {{Webarchive|url=https://web.archive.org/web/20130112195451/http://www.cityofsydney.nsw.gov.au/aboutsydney/historyandarchives/SydneyHistory/StreetNames.asp |date=12 January 2013 }} 22 May 2009</ref>]]
Sydney has been ranked between the fifteenth and the fifth most expensive city in the world and is the most expensive city in Australia.<ref name="Prices and earnings">{{cite web |publisher=UBS |date=2012 |url=http://www.ubs.com/pricesandearnings |archive-url=https://archive.today/20140925110920/http://www.ubs.com/pricesandearnings |url-status=dead |archive-date=25 September 2014 |title=Prices and earnings |access-date=20 July 2014 }}</ref> Of the 15 categories only measured by UBS in 2012, workers receive the seventh highest wage levels of 77 cities in the world.<ref name="Prices and earnings"/> Working residents of Sydney work an average of 1,846 hours per annum with 15 days of leave.<ref name="Prices and earnings"/>

The labour force of Greater Sydney Region in 2016 was 2,272,722 with a participation rate of 61.6%.<ref>{{Cite web |url=http://profile.id.com.au/australia/employment-status?WebID=250 |title=Employment status, Greater Sydney |work=ID: The Population Experts |archive-url=https://web.archive.org/web/20161118100544/http://profile.id.com.au/australia/employment-status?WebID=250 |archive-date=18 November 2016 |url-status=dead |access-date=30 March 2018}}</ref> It comprised 61.2% full-time workers, 30.9% part-time workers, and 6.0% unemployed individuals.<ref name="Greater Sydney QuickStats"/><ref>{{cite web |publisher=City of Sydney |date=2014 |url=http://profile.id.com.au/sydney/employment-status |title=Employment status |access-date=26 July 2014 |archive-date=6 December 2013 |archive-url=https://web.archive.org/web/20131206105606/http://profile.id.com.au/sydney/employment-status |url-status=live }}</ref> The largest reported occupations are professionals, clerical and administrative workers, managers, technicians and trades workers, and community and personal service workers.<ref name="Greater Sydney QuickStats"/> The largest industries by employment across Greater Sydney are Health Care and Social Assistance (11.6%), Professional Services (9.8%), Retail Trade (9.3%), Construction (8.2%), Education and Training (8.0%), Accommodation and Food Services (6.7%), and Financial and Insurance Services (6.6%).<ref name=ABSGCCSAXLS>{{cite web |url=http://www.censusdata.abs.gov.au/CensusOutput/copsub.NSF/All%20docs%20by%20catNo/2011~Community%20Profile~1GSYD/$File/BCP_1GSYD.zip?OpenElement |title=Greater Sydney: Basic Community Profile |publisher=[[Australian Bureau of Statistics]] |work=2011 Census Community Profiles |date=28 March 2013 |format=xls |access-date=9 April 2014 |archive-date=7 November 2022 |archive-url=https://web.archive.org/web/20221107230439/https://www.censusdata.abs.gov.au/CensusOutput/copsub.NSF/All%20docs%20by%20catNo/2011~Community%20Profile~1GSYD/%24File/BCP_1GSYD.zip?OpenElement |url-status=dead }}</ref> The Professional Services and Financial and Insurance Services industries account for 25.4% of employment within the City of Sydney.<ref>{{cite web |url=http://profile.id.com.au/sydney/industries |title=Industry sector of employment |date=2016 |publisher=City of Sydney |archive-url=https://web.archive.org/web/20121103143546/http://profile.id.com.au/sydney/industries |archive-date=3 November 2012 |url-status=dead |access-date=28 March 2018}}</ref>

In 2016, 57.6% of working-age residents had a weekly income of less than $1,000 and 14.4% had a weekly income of $1,750 or more.<ref>{{Cite web |url=https://profile.id.com.au/australia/individual-income?WebID=250 |title=Individual income {{!}} Greater Sydney {{!}} profile.id |website=profile.id.com.au |language=en |access-date=29 March 2018 |archive-date=15 May 2017 |archive-url=https://web.archive.org/web/20170515024755/http://profile.id.com.au/australia/individual-income?WebID=250 |url-status=live }}</ref> The median weekly income for the same period was $719 for individuals, $1,988 for families, and $1,750 for households.<ref>{{Cite web |url=http://www.censusdata.abs.gov.au/census_services/getproduct/census/2016/quickstat/1GSYD?opendocument |title=2016 Census QuickStats: Greater Sydney |website=Censusdata.abs.gov.au |language=en |access-date=29 March 2018 |archive-date=20 March 2018 |archive-url=https://web.archive.org/web/20180320091948/http://www.censusdata.abs.gov.au/census_services/getproduct/census/2016/quickstat/1GSYD?opendocument |url-status=dead }}</ref>

Unemployment in the City of Sydney averaged 4.6% for the decade to 2013, much lower than the current rate of unemployment in Western Sydney of 7.3%.<ref name="Economic profile"/><ref name="The daily exodus from western Sydney">{{cite news |last=Wade |first=Matt |date=2014 |url=http://www.smh.com.au/nsw/the-daily-exodus-from-western-sydney-20140404-363zz.html |title=The daily exodus from western Sydney |newspaper=The Sydney Morning Herald |access-date=26 July 2014 |archive-date=17 July 2014 |archive-url=https://web.archive.org/web/20140717043059/http://www.smh.com.au/nsw/the-daily-exodus-from-western-sydney-20140404-363zz.html |url-status=live }}</ref> Western Sydney continues to struggle to create jobs to meet its population growth despite the development of commercial centres like Parramatta. Each day about 200,000 commuters travel from Western Sydney to the CBD and suburbs in the east and north of the city.<ref name="The daily exodus from western Sydney"/>

Home ownership in Sydney was less common than renting prior to the Second World War but this trend has since reversed.<ref name="Housing Sydney"/> Median house prices have increased by an average of 8.6% per annum since 1970.<ref>{{cite web |last1=Abelson |first1=Peter |last2=Chung |first2=Demi |date=2004 |url=http://www.econ.mq.edu.au/Econ_docs/research_papers2/2004_research_papers/Abelson_9_04.pdf |title=Housing prices in Australia: 1970 to 2003 |publisher=Macquarie University |access-date=26 July 2014 |archive-date=28 December 2013 |archive-url=https://web.archive.org/web/20131228091902/http://www.econ.mq.edu.au/Econ_docs/research_papers2/2004_research_papers/Abelson_9_04.pdf |url-status=dead }}</ref><ref>{{cite web |publisher=Australian Bureau of Statistics |date=2014 |url=http://www.abs.gov.au/AUSSTATS/abs@.nsf/Lookup/6416.0Main+Features1Mar%202014?OpenDocument |title=Residential property price indexes: eight capital cities |access-date=26 July 2014 |archive-date=18 July 2014 |archive-url=https://web.archive.org/web/20140718081354/http://www.abs.gov.au/AUSSTATS/abs@.nsf/Lookup/6416.0Main+Features1Mar%202014?OpenDocument |url-status=live }}</ref> The median house price in March 2014 was $630,000.<ref>{{cite web |publisher=RP Data |date=2014 |url=http://www.rpdata.com/images/stories/content/pressreleases/2014-04-01--rpdata-rismark-home-value-index.pdf |title=Home value index results |access-date=26 July 2014 |url-status=dead |archive-url=https://web.archive.org/web/20140415214139/http://www.rpdata.com/images/stories/content/pressreleases/2014-04-01--rpdata-rismark-home-value-index.pdf |archive-date=15 April 2014}}</ref> The primary cause of rising prices is the increasing cost of land and scarcity.<ref>{{Cite news |last=Rebecca |first=Thistleton |url=https://www.afr.com/property/residential/housing-land-so-scarce-so-expensive-20140325-ixb49 |title=Housing land: so scarce so expensive |work=Australian Financial Review |access-date=7 April 2020 |archive-date=7 April 2020 |archive-url=https://web.archive.org/web/20200407004824/https://www.afr.com/property/residential/housing-land-so-scarce-so-expensive-20140325-ixb49 |url-status=live }}</ref> 31.6% of dwellings in Sydney are rented, 30.4% are owned outright and 34.8% are owned with a mortgage.<ref name="Greater Sydney QuickStats"/> 11.8% of mortgagees in 2011 had monthly loan repayments of less than $1,000 and 82.9% had monthly repayments of $1,000 or more.<ref name=ABSGCCSAXLS/> 44.9% of renters for the same period had weekly rent of less than $350 whilst 51.7% had weekly rent of $350 or more. The median weekly rent in Sydney in 2011 was $450.<ref name=ABSGCCSAXLS/>

===Financial services===
[[File:(1)Commonwealth Bank Martin Place.jpg|thumb|upright|right|[[State Savings Bank building|State Savings Bank]]]]
Macquarie gave a charter in 1817 to form the first bank in Australia, the [[Bank of New South Wales]].<ref name="Australia's banking history">{{cite web |publisher=Australian Broadcasting Corporation |date=1998 |url=http://www.abc.net.au/money/currency/features/feat3.htm |title=Australia's banking history |access-date=26 July 2014 |archive-url=https://web.archive.org/web/20140730142737/http://www.abc.net.au/money/currency/features/feat3.htm |archive-date=30 July 2014 |url-status=dead}}</ref> New private banks opened throughout the 1800s but the financial system was unstable. Bank collapses were frequent and a crisis point was reached in 1893 when 12 banks failed.<ref name="Australia's banking history"/>

The Bank of New South Wales exists to this day as [[Westpac]].<ref>{{cite web |publisher=Dictionary of Sydney |date=2008 |url=http://dictionaryofsydney.org/entry/bank_of_new_south_wales |title=Bank of New South Wales |access-date=8 August 2014 |archive-date=19 October 2014 |archive-url=https://web.archive.org/web/20141019064205/http://dictionaryofsydney.org/entry/bank_of_new_south_wales |url-status=live }}</ref> The [[Commonwealth Bank|Commonwealth Bank of Australia]] was formed in Sydney in 1911 and began to issue notes backed by the resources of the nation. It was replaced in this role in 1959 by the [[Reserve Bank of Australia]], also based in Sydney.<ref name="Australia's banking history" /> The [[Australian Securities Exchange]] began operating in 1987 and with a market capitalisation of $1.6&nbsp;trillion is now one of the ten largest exchanges in the world.<ref>{{cite web |publisher=ASX |date=2014 |url=http://www.asx.com.au/about/history.htm |title=History |access-date=31 August 2014 |archive-date=2 September 2014 |archive-url=https://web.archive.org/web/20140902024549/http://www.asx.com.au/about/history.htm |url-status=live }}</ref>

The Financial and Insurance Services industry now constitutes 43% of the economic product of the City of Sydney.<ref name="Economic powerhouse"/> Sydney makes up half of Australia's finance sector and has been promoted by consecutive Commonwealth Governments as [[Asia Pacific]]'s leading financial centre.<ref name="Tough week for a Sydney success story"/><ref name="Another shot at making city a finance hub"/><ref>{{cite news |last=Murray |first=Lisa |date=2005 |url=http://www.smh.com.au/news/Business/Sydneys-niche-in-global-finance/2005/04/26/1114462041806.html |title=Sydney's niche in global finance |newspaper=The Sydney Morning Herald |access-date=26 July 2014 |archive-date=24 September 2015 |archive-url=https://web.archive.org/web/20150924193743/http://www.smh.com.au/news/Business/Sydneys-niche-in-global-finance/2005/04/26/1114462041806.html |url-status=live }}</ref> In the 2017 [[Global Financial Centres Index]], Sydney was ranked as having the eighth most competitive financial centre in the world.<ref>{{cite web |url=http://www.longfinance.net/images/gfci/gfci_21.pdf |archive-url=https://web.archive.org/web/20170611000617/http://www.longfinance.net/images/gfci/gfci_21.pdf |url-status=dead |archive-date=11 June 2017 |title=The Global Financial Centres Index 21 |date=March 2017 |publisher=Long Finance}}</ref>

In 1985 the Federal Government granted 16 banking licences to foreign banks and now 40 of the 43 foreign banks operating in Australia are based in Sydney, including the [[People's Bank of China]], [[Bank of America]], [[Citigroup]], [[UBS]], [[Mizuho Bank]], [[Bank of China]], [[Banco Santander]], [[Credit Suisse]], [[Standard Chartered]], [[State Street Corporation|State Street]], [[HSBC]], [[Deutsche Bank]], [[Barclays]], [[Royal Bank of Canada]], [[Société Générale]], [[Royal Bank of Scotland]], [[Sumitomo Mitsui Banking Corporation|Sumitomo Mitsui]], [[ING Group]], [[BNP Paribas]], and [[Investec]].<ref name="Economic powerhouse"/><ref name="Australia's banking history"/><ref>{{cite web |publisher=Department of Trade and Investment |date=2014 |url=http://www.business.nsw.gov.au/doing-business-in-nsw/industry-sectors/finance-and-banking/financial-services |title=Financial services |access-date=26 July 2014 |url-status=dead |archive-url=https://web.archive.org/web/20140621101231/http://www.business.nsw.gov.au/doing-business-in-nsw/industry-sectors/finance-and-banking/financial-services |archive-date=21 June 2014}}</ref><ref>{{cite web |publisher=Australian Prudential Regulation Authority |date=2014 |url=http://www.apra.gov.au/adi/pages/adilist.aspx |title=List of authorised deposit-taking institutions |access-date=26 July 2014 |archive-url=https://web.archive.org/web/20140730182132/http://www.apra.gov.au/adi/Pages/adilist.aspx |archive-date=30 July 2014 |url-status=dead}}</ref>

===Manufacturing===
{{Main|Manufacturing in Australia}}
Sydney has been a manufacturing city since the 1920s. By 1961 the industry accounted for 39% of all employment and by 1970 over 30% of all Australian manufacturing jobs were in Sydney.<ref name="Sydney">{{cite web |last=Fitzgerald |first=Shirley |date=2011 |url=http://dictionaryofsydney.org/entry/sydney |title=Sydney |publisher=Dictionary of Sydney |access-date=9 August 2014 |archive-date=19 October 2014 |archive-url=https://web.archive.org/web/20141019062156/http://dictionaryofsydney.org/entry/sydney |url-status=live }}</ref> Its status has declined in recent decades, making up 12.6% of employment in 2001 and 8.5% in 2011.<ref name=ABSGCCSAXLS/><ref name="Sydney"/> Between 1970 and 1985 there was a loss of 180,000 manufacturing jobs.<ref name="Sydney"/> Despite this, Sydney still overtook Melbourne as the largest manufacturing centre in Australia in the 2010s,<ref>{{cite news |title=Sydney takes manufacturing capital crown from Melbourne |work=[[Sydney Morning Herald]] |date=8 February 2014 |access-date=4 April 2020 |url=https://www.smh.com.au/national/sydney-takes-manufacturing-capital-crown-from-melbourne-20140207-327c3.html |archive-date=6 April 2014 |archive-url=https://web.archive.org/web/20140406184950/http://www.smh.com.au/national/sydney-takes-manufacturing-capital-crown-from-melbourne-20140207-327c3.html |url-status=live }}</ref> with a manufacturing output of $21.7&nbsp;billion in 2013.<ref name="Sydney takes manufacturing capital crown from Melbourne">{{cite news |last=Wade |first=Matt |date=2014 |url=http://www.smh.com.au/national/sydney-takes-manufacturing-capital-crown-from-melbourne-20140207-327c3.html |title=Sydney takes manufacturing capital crown from Melbourne |newspaper=The Sydney Morning Herald |access-date=20 July 2014 |archive-date=6 April 2014 |archive-url=https://web.archive.org/web/20140406184950/http://www.smh.com.au/national/sydney-takes-manufacturing-capital-crown-from-melbourne-20140207-327c3.html |url-status=live }}</ref> Observers have credited Sydney's focus on the domestic market and high-tech manufacturing for its resilience against the high [[Australian dollar]] of the early 2010s.<ref name="Sydney takes manufacturing capital crown from Melbourne"/> The ''Smithfield-Wetherill Park Industrial Estate'' in [[Greater Western Sydney|Western Sydney]] is the largest [[industrial estate]] in the Southern Hemisphere and is the centre of manufacturing and distribution in the region.<ref>[https://www.dailytelegraph.com.au/newslocal/south-west/dont-forget-the-southern-hemispheres-largest-industrial-zone/news-story/479f600dcc096d0325ad60fab0372f99 Don't forget the Southern Hemisphere's Largest Industrial Zone] by Marie Hogg and Simon Benson, The Daily Telegraph, 13 November 2015</ref>

===Tourism and international education===
{{Main|Tourism in Sydney}}
[[File:2021-04-30 Darling Harbour panorama (cropped).jpg|alt=|thumb|[[Darling Harbour]] is a major entertainment and tourism precinct. ]]
Sydney is a gateway to Australia for many international visitors and ranks among the top sixty most visited cities in the world.<ref>{{cite web |url=https://ceoworld.biz/2019/12/05/these-are-the-worlds-most-visited-cities-among-international-travelers-2019/ |work=CEO World |title=These Are The World's Most Visited Cities Among International Travelers, 2019 |last=Ireland |first=Sophie |date=5 December 2020 |access-date=1 April 2023 |archive-date=1 August 2020 |archive-url=https://web.archive.org/web/20200801055349/https://ceoworld.biz/2019/12/05/these-are-the-worlds-most-visited-cities-among-international-travelers-2019/ |url-status=live }}</ref> It has hosted over 2.8&nbsp;million international visitors in 2013, or nearly half of all international visits to Australia. These visitors spent 59&nbsp;million nights in the city and a total of $5.9&nbsp;billion.<ref name="Our global city"/> The countries of origin in descending order were China, New Zealand, the United Kingdom, the United States, South Korea, Japan, Singapore, Germany, Hong Kong, and India.<ref name="Travel to Sydney">{{cite web |publisher=Destination New South Wales |date=2014 |url=http://www.destinationnsw.com.au/wp-content/uploads/2014/04/Sydney-YE-Dec-13.pdf |title=Travel to Sydney |access-date=26 July 2014 |archive-date=14 August 2014 |archive-url=https://web.archive.org/web/20140814164520/http://www.destinationnsw.com.au/wp-content/uploads/2014/04/Sydney-YE-Dec-13.pdf |url-status=dead }}</ref>

The city also received 8.3&nbsp;million domestic overnight visitors in 2013 who spent a total of $6&nbsp;billion.<ref name="Travel to Sydney" /> 26,700 workers in the City of Sydney were directly employed by tourism in 2011.<ref name="Tourism">{{cite web |publisher=City of Sydney |date=2013 |url=http://www.cityofsydney.nsw.gov.au/business/business-support/business-in-your-sector/key-industries/tourism |title=Tourism |access-date=21 July 2014}}</ref> There were 480,000 visitors and 27,500 people staying overnight each day in 2012.<ref name="Tourism" /> On average, the tourism industry contributes $36&nbsp;million to the city's economy per day.<ref name="Tourism" />

Popular destinations include the Sydney Opera House, the Sydney Harbour Bridge, [[Watsons Bay]], [[The Rocks, New South Wales|The Rocks]], Sydney Tower, [[Darling Harbour]], the Royal Botanic Garden, the [[Australian Museum]], the [[Museum of Contemporary Art Australia|Museum of Contemporary Art]], the [[Art Gallery of New South Wales]], the [[Queen Victoria Building]], [[Sea Life Sydney Aquarium]], [[Taronga Zoo]], [[Bondi Beach]], [[Luna Park Sydney|Luna Park]] and [[Sydney Olympic Park]].<ref>{{cite web |last1=Greenwood |first1=Justine |last2=White |first2=Richard |date=2011 |url=http://dictionaryofsydney.org/entry/tourism |title=Tourism |publisher=Dictionary of Sydney |access-date=10 August 2014}}</ref>

Major developmental projects designed to increase Sydney's tourism sector include a [[Crown Sydney|casino and hotel]] at Barangaroo and the redevelopment of [[Darling Harbour#Redevelopment|East Darling Harbour]], which involves a new [[International Convention Centre Sydney|exhibition and convention centre]], now Australia's largest.<ref>{{cite news |title=For the good of Sydney, back this plan |url=http://www.smh.com.au/nsw/for-the-good-of-sydney-back-this-plan-20121102-28p9t.html#ixzz2BFtdMao9 |newspaper=Sydney Morning Herald}}</ref><ref>{{cite web |title=Barangaroo timeline |url=http://barangaroo.com.au/discover-barangaroo/timeline.aspx |publisher=Barangaroo Delivery Authority |access-date=2 June 2016 |archive-date=15 December 2013 |archive-url=https://web.archive.org/web/20131215072208/http://barangaroo.com.au/discover-barangaroo/timeline.aspx |url-status=dead }}</ref><ref name="beabeats.com.au">{{cite web |url=http://www.beabeats.com.au/business-events-australia-newsletter-march-2015/ |title=BEA – Business Events Australia Newsletter – March 2015 |url-status=dead |archive-url=https://web.archive.org/web/20150610203820/http://www.beabeats.com.au/business-events-australia-newsletter-march-2015/ |archive-date=10 June 2015}}</ref>

Sydney is the highest-ranking city in the world for international students. More than 50,000 international students study at the city's universities and a further 50,000 study at its [[TAFE NSW|vocational]] and English language schools.<ref name="2014 Global Cities Index"/><ref>{{cite news |last=Smith |first=Alexandra |date=2014 |url=http://www.smh.com.au/national/education/sydney-named-top-destination-in-the-world-for-international-students-20140427-zqz2a.html |title=Sydney named top destination in the world for international students |work=The Sydney Morning Herald |access-date=26 July 2014}}</ref> International education contributes $1.6&nbsp;billion to the local economy and creates demand for 4,000 local jobs each year.<ref>{{cite web |publisher=City of Sydney |date=2014 |url=http://www.cityofsydney.nsw.gov.au/business/business-support/business-in-your-sector/key-industries/international-education |title=International education |access-date=23 July 2014}}</ref>

===Housing affordability===
In 2023, Sydney was ranked the least affordable city to buy a house in Australia and the second least affordable city in the world, after Hong Kong,<ref>{{cite report |url=http://www.demographia.com/dhi.pdf |title=Demographia International Housing Affordability - 2024 Edition |last=Cox |first=Wendell}}</ref> with the average Sydney house price in late 2023 costing A$1.59 million, and the average unit price costing A$795,000.<ref>{{cite web | url=https://www.afr.com/property/residential/sydney-median-house-price-hits-record-1-6m-unit-values-fall-behind-20240122-p5ez7v#:~:text=Sydney%20house%20prices%20increased%20by,peak%20recorded%20in%20March%202022 | title=Sydney median house price hits record | date=23 January 2024 }}</ref> As of early 2024, Sydney is often described in the media as having a housing shortage, or suffering a housing crisis.<ref>{{cite news |url=https://www.news.com.au/national/nsw-act/homelessness-tsunami-housing-shortage-crisis-facing-sydney/news-story/d0b425b3fda8cf66c948e12ac6702e3e |title='Homelessness tsunami': Housing shortage crisis facing Sydney |last=Wang |first=Jessica |date=12 February 2024 |publisher=NCA NewsWire}}</ref><ref>{{cite web | url=https://www.smh.com.au/politics/nsw/the-shocking-statistic-that-illustrates-sydney-s-housing-crisis-20231229-p5eu87.html | title=The shocking statistic that illustrates Sydney's housing crisis | date=January 2024 }}</ref>