Sydney surges up global financial rankings

9 October 2015

Image of Sydney buildings, including iconic Sydney tower

Sydney's attractiveness as an international financial centre has been reflected in the latest Global Financial Centres index.

The report showed the city jumped six places to 15th among the 84 cities ranked for the competitiveness of their financial sectors.

Professional reputation

Sydney's rise was due mainly to its growing reputation among financial professionals, with the city rising by 12 places in the sub-category based on surveys of industry professionals.

The Global Financial Centres Index is compiled every six months by the London-based think tank Z/Yen. The index is based on surveys of more than 3,000 financial professionals as well as data from more than 100 studies and indexes.

Sydney dominance

NSW's financial services sector dominates Australia's finance industry, contributing $60 billion to the national economy in 2013-14. Two thirds of Australian financial services exports in 2013-14 came from NSW.

With more than 24 years of economic growth, NSW has a reputation as a safe and reliable centre for finance and for financial technology innovation.

Australian funds managers look after the largest pool of funds under management in Asia and the third-largest pool of funds under management in the world, with more than $2.6 trillion worth of funds under management in Australia.

Glowing reports

The ranking is the latest in a series of reports endorsing Sydney and NSW's economic credentials, with the most recent NAB Monthly Business Survey of 500 businesses reporting that business conditions in NSW are the strongest in Australia.

The Sensis Business Index for the June quarter 2015 indicated that small to medium enterprises (SMEs) regard the NSW Government as the most supportive State or Territory Government in Australia, alongside the Northern Territory.