Analysis: For the harbour city it's been a $109 billion decade. That’s how much bigger the economy is now than it was at the start of the 2010s. | MattWadeSMH
Sydney started the decade in the slow lane. The economy had been left fragile by the 2008-09 global financial crisis, which took a toll on the city's giant finance and insurance sector.
A series of interest rate cuts in late 2011 and 2012 handed the city’s indebted households a financial boost and set the stage for a property price rally. “We went from a China boom to a house price boom. Drum roll. Enter Sydney,” says economist Chris Richardson from Deloitte Access Economics. A long-term trend in favour of knowledge-based service industries has gathered pace over the past decade. The finance sector has long been the biggest contributor to Sydney’s economy and its influence continued to grow. That sector accounted for 15.1 per cent of the city’s output last financial year, followed by professional services and construction according to the "Economic Performance of Australia’s Cities and Regions" report by SGS Economics and Planning.
Crowds flock to Bondi Beach last year. The growth in Sydney’s population was much quicker during the 2010s than the previous decade.A boom in international education added a new dimension to Sydney’s population story. “Since around 2013 there has been a resurgence of international student movement into Australia and that has been heavily concentrated in Sydney and Melbourne,” says Parr.
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