Sydney is the capital of the state of New South Wales in Australia. It has a population of about 5.5 million and is one of the largest cities in Australia. It employs about a third of New South Wales' workforce. The City of Sydney reports that Sydney’s economic output is more than $142 billion yearly. It stresses that the city plays a major role in Australia’s economy, stating, “Home to more than 22,000 businesses, one in 3 ASX top 100 companies, more than 520,000 jobs and the number one ranked startup ecosystem in the Southern Hemisphere, our local economy is prominent on the world stage.”
The City of Sydney explains that each area is known for specific types of industries. For instance, it says that the area known as City North, which has more than 250,000 jobs, is dominated by finance and insurance, professional services, information and communications technology, and retail. City South has approximately 76,000 jobs, which are mainly in government, financial services, higher education, and tourism. Tech Central West has approximately 48,000 jobs in higher education, health, and the creative industries.
Informed Decisions is an organization that provides data to the government, various industries, and the general community. It reports that Sydney’s businesses create more than 660,000 jobs in total. The professional, scientific, and technical services sector is the largest employer and is responsible for about 176,000 jobs. The finance and insurance sector is also a significant employer, employing almost 140,000 people. Public administration and safety employs almost 50,000 people, and healthcare, social assistance, and retail trade employ about 36,000 people.
According to the Kangaroo Education Foundation, an organization that provides information for students interested in migrating to Australia, the country's highest-paying industries are IT, finance, engineering, construction, and healthcare, and the lowest are hospitality, retail, and arts and entertainment. It finds that there is strong salary growth in software development and renewable energy.
Average salaries in Sydney, as reported by Payscale:
The City of Sydney predicts that it will have approximately 200,000 new jobs by 2036. This city, like much of Australia, is experiencing skills shortages. According to the government website, Jobs and Skills Australia, the three areas with the most need for workers are: technicians and trades workers, professionals, and community and personal services workers. Australia offers visas for foreign workers who are qualified to work in professions where there are shortages.