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Business
Business Profile
Thanks to the Olympics, tourism to Sydney soared in 2000, generating revenue from tourism-related businesses across the board to the tune of an estimated seven billion Australian Dollars. The publicity that Sydney as a tourist destination has received as a result of the Games has been valued at more than A$600 million. The event undoubtedly helped boost Sydney's profile in the corporate world and it is now seen as a genuine contender with Singapore and Hong Kong as a financial hub in the Asia-Pacific region. The Olympics, together with a falling Australian Dollar, also contributed to a 26% rise in Australian exports. Reserve Bank fears that the dwindling Dollar might have an inflationary impact, meanwhile, have been allayed as it seems retailers and importers are absorbing the impact.
But the news for Sydney is not all good. The completion of Olympic projects and the introduction of the GST on 1 July 2000 brought the artificial boom in construction in Sydney to a halt. Builders rushed to complete their projects before its introduction to avoid the 10% increases in costs and, once these projects were completed, many companies disbanded. This contributed to rises in the city's unemployment rate - it was 5.2% in March 2001 as opposed to 4% in 1999. This is still low compared to the national rate of 6.8% but has crept up, despite an overall national reduction in unemployment.
Sydney does, however, play a major part in Australia's economy, contributing to a GDP for New South Wales of 221.4 billion Australian Dollars. The city is Australia's undisputed financial centre, with 65% of Australia's finance industry located here, including the Reserve Bank, the Australian Stock Exchange and the Sydney Futures Exchange. The strong economic mix encompasses services, manufacturing and mining - with financial, property and retail services together accounting for over 80% of total economic output. Multinationals with Asian-Pacific headquarters here include 3M, AMP, BT, Compuserve, News Corporation, Mitsui & Co Ltd, Boral Ltd, TNT Ltd and Price Waterhouse Coopers. American Express, IBM, Coca-Cola, Unilever and HJ Heinz also have offices in Sydney.
Business Etiquette
In keeping with its distinctly work-hard, play-hard culture, the protocol in Sydney is typically informal. During the week, business is often conducted over a long lunch, alcohol included, and the weekend can start as early as Friday lunchtime. Both men and women usually wear suits, although they are somewhat more relaxed than their formal colleagues in Melbourne and in the summer months businessmen will be spotted in suit shorts and short-sleeved shirts, with or without a tie. Business hours are officially weekdays, 0900-1700, but an extended working day is very common in certain sectors and it is not unusual for people to be working well into the night, or over the weekend.
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