Economy of Sydney facts for kids
The economy of Sydney is all about how people in Sydney make, buy, and sell things. It's super important for Australia because Sydney has the biggest economy in the country! This means lots of jobs and businesses are here, especially in trading, making things (manufacturing), handling money (finance), education, and moving goods around (distribution).
Sydney's CBD (that's the main city center) is the biggest in Australia. But Sydney isn't just one big city center! It also has many other important business areas nearby. One big example is Parramatta, which is so large it's bigger than some state capitals in Australia.
The city of Sydney even extends over the famous Harbour Bridge to North Sydney. This area is like a continuation of the CBD. North Sydney has a big economy too, with many businesses. Just a few kilometers north of Sydney's city center is Chatswood. Chatswood is Sydney's fourth largest business area. It's known for its many shops and tall buildings, giving it its own unique skyline. Big companies like 20th Century Fox even have large studios in Sydney.
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How Sydney's Economy Grew
In the past, most of Sydney's jobs and businesses were in the main city center. This was before World War II. But after the war, more people started living in the suburbs. This meant that fewer jobs were in the very center of the city.
Trains helped Sydney grow a lot. New railway lines were built, and suburbs quickly grew along these lines, especially to the west and south. After the Sydney Harbour Bridge was finished, trains could even go from North Sydney right into the CBD. This made it easier for people to live further out and still work in the city.
Later, more people started owning cars. This led to new areas developing where there weren't train lines. These outer areas often rely on cars to this day.
Sydney as a Money Hub
Sydney is a very important financial center in the Asia-Pacific region. It's like a major headquarters for money matters.
Australia's Stock Exchange and Bank
Sydney is home to the main offices of the Australian Securities Exchange. This is where companies buy and sell shares. It's also where the Reserve Bank of Australia is located. This bank is in charge of Australia's money and economy. Many big international companies also have their main offices for this region in Sydney.
Banking in Sydney
Did you know that out of 57 banks that operate in Australia, 44 of them have their main offices right here in Sydney? That's a lot of banks!
Tourism in Sydney
Tourism is a huge part of Sydney's economy. Millions of people visit Sydney every year!
Visitors and Festivals
In 2016, Sydney welcomed 8.2 million visitors. Most of these tourists came from countries in north-east and south-east Asia. One of the biggest events is the Vivid Sydney festival. This festival happens every winter and lights up the city with amazing light displays. In 2015, 1.7 million people visited Vivid Sydney! It's the biggest festival in Australia.
Sydney Opera House: A Top Attraction
The most famous landmark in Sydney is the Sydney Opera House, located at Bennelong Point. It's also the most visited landmark in all of Australia! The Opera House had a big upgrade in 2017. About two million people visit it every year to see shows or just admire its unique design. Tourism in Sydney brings in about $30 billion to the state of New South Wales each year.
Making Things in Sydney
Sydney is the biggest place for manufacturing in Australia. This means a lot of things are made here.
Sydney's Manufacturing Power
In 2012–13, the value of things made in Sydney was over $21 billion. This was more than Melbourne, which used to be Australia's main manufacturing city. Sydney's factories often make things for people living in Australia. They also focus on high-tech items like biotechnology, food processing, and advanced electronics.
Big Companies and Industrial Estates
Many well-known companies have factories in Sydney. These include Arnott's (who make yummy biscuits!), Coca-Cola Amatil, Visy, and Rheem.
There's a huge area called the Smithfield-Wetherill Park Industrial Estate in Greater Western Sydney. This is the largest industrial area in the Southern Hemisphere! It's a major center for making and moving goods. More than 1,000 businesses are located there, employing over 20,000 people.
Housing in Sydney
Sydney is known for having some of the most expensive houses in Australia.
House Prices
As of December 2019, the average house price in Sydney was about $1,142,212. This makes it the most expensive capital city in Australia to buy a house. According to one survey, Sydney is the sixteenth most expensive city in the world to live in.
Growing Value
Since the 1980s, the average value of properties in Sydney has grown by 7.4% each year. This means that, on average, house prices have doubled in value every ten years!
Jobs in Sydney
Finding a job is an important part of the economy. Sydney has different job rates in different areas.
Unemployment Rates
As of January 2022, the unemployment rate in Sydney varied by region:
- 'East Metro' area: 4.8%
- 'South West' area: 6.9%
- 'Greater West' area: 5.9%
- 'North and West' area: 4.1%
