Sydney failed to convert its Olympic moment into a boom | GMegalogenis
The first decade of the 21st century belonged to the mining states of Western Australia and Queensland. The premier state couldn't keep up. In every year from 2001-2 to 2013-14, the NSW economy grew slower than the national average. NSW has made up some ground since but it remains a shadow of its former triumphal self.NSW represented 36 per cent of the Australian economy at the time of the Olympics. By 2018-19, that share had fallen to 32.1 per cent.
Another way to read the post-Olympic decline is in the head-to-head between Sydney and Melbourne. Sydney had 600,000 more people than Melbourne in 2001 . That gap had closed to around 200,000 before the pandemic , with Melbourne on course to become Australia's most populous city by the middle of this decade.
Lockdown will reset these numbers, in every direction. But it remains to be seen whether they will shake out in Sydney's favour. If they do, it would mark a pyrrhic victory for the city that failed to convert its Olympic moment when our doors were open.Our weekly newsletter will deliver expert analysis of the race to the White House from our US correspondent Matthew Knott. Sign up for
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