- published: 31 Oct 2015
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The economy of Sydney is notable for its importance in the areas of trading, finance and distribution in Australia. Sydney has the largest economy in Australia.
Sydney's CBD is the largest in Australia and also has plenty of surrounding commercial areas which are considered part of Sydney. A notable one is Parramatta, which is bigger than some state capitals.[citation needed]
Sydney city extends over the harbour bridge, forming North Sydney, a continuation of the CBD. North Sydney has a large economy; however it tends to have a high vacancy rate. Just a few kilometres north of North Sydney, is Sydney's third largest commercial area[citation needed], Chatswood. Chatswood's main economy is retail and is home to many highrise buildings, with its own recognisable skyline. 20th Century Fox has large Sydney studios.
Having gained over Melbourne during the late 20th century, Sydney is now established as the corporate and financial capital of Australia, and is also a very important financial centre in the Asia-Pacific. Sydney is home to the headquarters of the Australian Stock Exchange and the Reserve Bank of Australia. Sydney also serves as the regional headquarters for numerous multinational corporations.
Sydney ( /sɪdni/) is the most populous city in Australia and the state capital of New South Wales. Sydney is classified as an Alpha+ World City indicating its influence in the region and throughout the world.
Sydney is located on Australia's south-east coast of the Tasman Sea. As of June 2010, the greater metropolitan area had an approximate population of 4.6 million people. Inhabitants of Sydney are called Sydneysiders, comprising a cosmopolitan and international population.
The site of the first British colony in Australia, Sydney was established in 1788 at Sydney Cove by Arthur Phillip, commodore of the First Fleet as a penal colony. The city is built on hills surrounding Port Jackson which is commonly known as Sydney Harbour, where the iconic Sydney Opera House and the Harbour Bridge feature prominently. The hinterland of the metropolitan area is surrounded by national parks, and the coastal regions feature many bays, rivers, inlets and beaches including the famous Bondi Beach and Manly Beach. Within the city are many notable parks, including Hyde Park and the Royal Botanic Gardens.