World Travel Guide

City Guide  - Sydney  - Business
Business

Business Profile: City officials have long been rubbing their hands in glee at the positive impact the 2000 Olympics will have on Sydney's profitability and corruption scandals notwithstanding, the Games are expected to give an immeasurable boost to Sydney's tourism industry. The number of tourists will soar in 2000, generating revenue from tourism-related businesses across the board to the tune of some seven billion Australian Dollars. The city's unemployment rate is already about half the 8.6% national average, and for nearly a decade Sydney has played a significant part in Australia's surging economy, contributing to a GDP for New South Wales of 127.3 billion US Dollars. After nine years of economic expansion, personal wealth across Australia has experienced a real-term growth of more than 40%. Business life in Sydney has, as a consequence, become increasingly sophisticated and the main business district, centred on Martin Place, exudes affluence and confidence. 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. In fact, the city's economic strength and stability make it a preferred business location for the whole of the Asia Pacific region, with a significant number of multinationals, including 3M, AMP, British Telecom, Compuserve, News Corporation, Mitsui & Co. Ltd, Boral Ltd, TNT Ltd and Price Waterhouse Urwick headquartered here. American Express, British Aerospace, 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.



Copyright © 2001 Columbus Publishing
    
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