“Earnings and career opportunities are very good, job and employment is very strong, the opportunity for education and careers are very strong. Many people live here because that’s where their families live and they love the diversity of Sydney compared to other capital cities,” said McCrindle Research, Australian social research firm founder Mark McCrindle.
Service industries have been powering Sydney’s economic growth with professional services, education, health and hospitality leading the way.
"About 75 per cent of total jobs in NSW have come from those four sectors. The ducks are all lining up for NSW. And I don't think that's going to all turn around quickly; this trend seems fairly well entrenched,” said Cherelle Murphy, ANZ's co-head of Australian economics.
The latest State of the States report, produced by Commsec, confirmed NSW is the country’s strongest performing economy by a large margin, these findings were backed-up by a recent ANZ analysis.
“The NSW economy is well and truly ahead of the other states and territories now,” observed CommSec economist Savanth Sebastian.
As far as wages are concerned, figures released by the Australian Bureau of Statistics in August earlier this year shows workers in NSW boast Australia’s 2nd highest earnings. Average weekly ordinary time earnings were recorded at $1512.10 pw, $29 above the national average.
SGS Economics and Planning, a leading consultancy firm has determined the unemployment rate in Sydney has been under the national Australian average for around 5 years, and disposable income per person has improved by 57% between 2004 and 2014.
Sydney is the 15th biggest city in terms of GDP, yet ranks number 4 when it comes to talent. The city is becoming a beacon for an ever more mobile, international talent pool. It’s only beaten by London, New York & Paris which take out top spots 1, 2 and 3 respectively.
“The talent drawn to Australia is 3.5 times more likely to be searching for computer and mathematical jobs than current residents”. As more technically skilled people enter the country, businesses will follow & “expand tech hiring in Australia,” forecasts Paul D’Arcy senior vice president of Indeed.com.
Over the last decade Sydney’s air quality has improved and water usage per person dropped.
Sydney’s highest average wages are in the:
1. Mining sector: $132,000 annually.
2. Professional, scientific & technical services: $93,350 per year.
3. Finance & insurance services: $89,736 yearly.
4. Information, media & telecommunications: $86,913 per annum.