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Business
Business Profile
Thanks to the Olympic Games, Sydney’s tourism soared in 2000, generating revenue from tourism-related businesses across the board to the tune of an estimated A$7 billion. The publicity that Sydney has received as a tourist destination as a result of the Olympic Games has been valued at more than A$600 million. The event undoubtedly helped boost Sydney’s profile in the corporate world and the city is now seen as a genuine contender with Singapore and Hong Kong as a financial hub in the Asia-Pacific region. In 2002, the Australian Stock Exchange was ranked 12th largest internationally in terms of size and 19th in terms of turnover. The Olympic Games, together with a falling Australian Dollar, also contributed to a 26% rise in Australian exports. Between 1994 and 2001, Sydney’s economic growth rate exceeded 5%. The city’s unemployment rate, however, rose to 4.7% at the end of 2003, from 4% in 1999. However, this was still low compared to the national rate, which stood at 5.4% at the end of 2003.
Sydney plays a major part in Australia’s economy, accounting for over 25% of Australia’s total economic activity. 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. Financial and business services accounts for 47.1% of the city’s workforce. Multinationals with Asian-Pacific headquarters here include 3M, American Express, AMP, Boral Ltd, BT, Coca-Cola Amatil, HJ Heinz, IBM, Microsoft, Mastercard, Price Waterhouse Coopers, TNT Ltd, Unilever and Vodaphone. Of the nation’s top 100 companies, 60% have headquarters in Sydney.
The financial district is centred on Martin Place in the city centre. North Sydney, on the other side of the harbour, is a bustling high-rise business district in itself.
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, with alcohol included, and the weekend can start as early as Friday lunchtime. Both men and women usually wear suits. Business hours are officially weekdays, 0900-1700, although 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.
Australians are a very friendly people and socialising comes easily. Nevertheless, there are a few things that may offend or annoy. The first is the use of the informal ‘G’day’ – foreigners should avoid trying to emulate this overused greeting. The second is that, while out drinking, a system of ‘rounds’ is observed and it is not appreciated when someone skips his or her round by not offering to pay. Gift giving is not a common practise, although a small token (such as chocolate, wine or flowers) is appropriate if invited to a home. If at a loss for conversation topics, sport is always a good choice.
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Business