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Sydney Economy overtakes Singapore and NZ

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Sydney's economy overtakes Singapore and NZ

Source: SYDNEY, June 17 AAP

Published: Thursday June 17 2004, 5:15 PM

Sydney's economy was now bigger than those of Singapore and New Zealand, making it Australia's only truly global city, the NSW government said today.

Infrastructure and Planning Minister Craig Knowles said a report into Sydney's economic geography released today confirmed the city was Australia's financial hub, home to most of the country's head offices and financial institutions.

"Sydney now has an economy bigger than Singapore in its entirety, bigger than the entire nation of New Zealand ... a truly global city," he said.

"Our future is to check ourselves against the world, not our own backyard."

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Mr Knowles said although about 1,000 people a week were moving into the city, employment opportunities in parts of the greater metropolitan area were still growing faster than the population.

In the five years between 1996 and 2001, employment in Sydney grew almost 10 per cent while the population rose by six per cent, he said.

Mr Knowles said Parramatta, in Sydney's west, had overtaken the North Sydney CBD as Sydney's second biggest commercial district, shifting from a retail base into business services.

"There are more solicitors and accountants now working out at Parramatta than there are out of North Sydney," he said.

The report predicted employment would grow fastest in Sydney's inner-city, inner-north and north-west, particularly in the business services sector.

But as growth continued, the challenge would be to accommodate and sustain jobs for the influx of new residents, Mr Knowles said.

The report, Sydney's Economic Geography: Trends and Drivers, would be used to coordinate a development strategy between state and local

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