The economy of New South Wales benefits greatly from its mix of diversified industries. Traditional manufacturing, mining and agribusiness sectors have provided a firm foundation for diversification into high-growth areas such as aquaculture, biotechnology, ICT and viticulture.
NSW is renowned for its world-class professional services offerings, highlighting the state's strength in knowledge-based businesses and 90% of international banks operating in Australia are headquartered in Sydney, and the city is home to more than 60% of Australia's regional ICT headquarters and operations centres.
NSW also has the largest manufacturing sector in Australia, contributing $35 billion to the state's economy in 2011–12. It is a leader in exporting medicinal and pharmaceutical products and professional and scientific equipment, and is developing strong manufacturing capabilities in burgeoning sectors such as renewable energy and sustainable building products. Regionally, mining, mining services and agriculture continue to play a vital role in the NSW economy.
Agribusiness and food
Leading agriculture and food companies choose New South Wales because of the state's diverse production systems, rich natural resources and favourable climate. NSW has a global reputation for producing high-quality produce loved by consumers around the world.
Arts, culture and creative
NSW's thriving arts, culture and creative sector is the largest in Australia. Creative businesses choose NSW due to its cluster of inventive filmmakers, artists, designers, writers, musicians, dancers, advertising agencies and Australia's largest concentration of arts-related ICT businesses such as animation and design. The industry benefits from a strong pipeline of government funding and private patronage.
Defence and aerospace
NSW is best placed to meet the complex and evolving needs of the Australian defence industry and is home to the largest number of defence bases and facilities in Australia. These facilities require the construction of considerable infrastructure to service large and complex operations. Large defence contractors employed in these projects give rise to significant opportunities for small to medium-sized enterprises.
New South Wales boasts a dynamic and multicultural education sector that caters for domestic and international students and researchers across a wide range of fields. International students study in a safe, supportive and inclusive environment where course quality is guaranteed through national quality assurance frameworks and regulation by government.
Financial and professional services
NSW dominates the nation's services industries. Financial Services comprise 85% of NSW's industry output, highlighting the strength of the State's knowledge-based economy which centres around banking, insurance and finance, legal, accounting and engineering. Uniquely located, our time zone bridges financial markets closing in the US and opening in the UK. Australia has long-standing links to fast growing Asian markets.
Information and communication technology
The success of the NSW ICT sector is founded on the state's world-class infrastructure and business networks, with six international fibre optic cable networks linking Australia with Asia, Europe and the United States. The sector benefits from a highly skilled workforce of software engineers, computer scientists and programmers backed by exceptional universities and courses which attract thousands of foreign students every year.
Infrastructure and construction
NSW has the largest number of companies dedicated to providing architectural, engineering, surveying, and property and business services of any Australian state. Infrastructure-related construction in NSW is experiencing major growth.
NSW has the largest manufacturing sector of any Australian state or territory, accounting for 32% of the national industry. The state leads the way in the export of advanced manufacturing such as medicinal and pharmaceutical products and professional and scientific equipment. The state also has strong manufacturing capabilities in renewable energy and sustainable building products.
Mining, resources and energy
Mining, resources and energy is a booming part of the New South Wales economy, driven by large and diverse mineral and gas deposits, exploration projects. It is backed by highly developed infrastructure such as ports and rail links, low average operating costs and a sound regulatory regime. It also benefits from NSW's highly skilled workforce.
Renewable energy and sustainability
New South Wales has the largest renewable energy and sustainability sectors in Australia, backed by major government and private sector initiatives. With abundant and world-class renewable energy resources, the state is well positioned to attract future investment, and its leading research and development (R&D) facilities are paving the way for performance improvements across all major renewable energy sources.
New South Wales is the crown jewel in one of the world's premier tourist destinations. More people holiday in NSW than anywhere else in Australia. With 26.3 million foreign visitors and 51.1 million domestic visitors each year, as well as a large and affluent local population, opportunities abound for new and existing tourism businesses.