Sydney is the leading knowledge-based economy in the nation. The City of Sydney economy is highly service oriented with this type of activity comprising almost 91 per cent of the economic output.
The city is home to Australia’s largest and most globally connected finance and insurance district, accounting for 43 per cent of the city economy. As a leading regional financial centre, a high proportion of multinational banks and financial institutions with a presence in Australia have headquarters or offices in the city.
Professional, technical and scientific services contribute to around 13 per cent of economic output – this includes the provision of business advisory, accounting, legal, scientific and engineering related services. Australia’s largest digital community is also situated in the city.
The city has dynamic industry hubs focused on the provision of tourism and education services. Sydney is the major destination in Australia for overseas leisure and business arrivals.
Rapid technological change is inevitable, particularly around key areas of access and mobility and in creating a lower carbon future. Electric and autonomous vehicles, robotics, drones, artificial intelligence, battery storage, automation, computing speed and device connectivity will change how residents live and, in turn, the shape of the region.
Technology may also increase demand for local employment hubs, or shared office spaces, to support localised production through developments such as 3D printing.
The economy may change with a greater reliance on knowledge-intensive jobs and tertiary education, particularly in the fields of science, technology, engineering and mathematics (referred to as STEM). Already, education and health care are significant growth precincts.