According to the 2014-15 Australian Cities Accounts report released in February 2016 by SGS Economics and Planning, business is booming in Australia’s two largest cities, Sydney and Melbourne, which combined produced 54.3% of Australia’s total Gross Domestic Product (GDP) growth.
During 2014-2015, Sydney’s economy accounted for an incredible 30.3% of Australia’s overall GDP growth, while Melbourne’s economy generated an impressive 24.0% of Australian GDP growth.
Not only did Sydney account for the highest GDP growth in Australia in 2014-2015, it was also the most productive major city in Australia.
The strongest business sectors in Sydney during 2014-2015 were financial services, followed by media and telecommunications, construction, retail, real estate, wholesale and education.
In Melbourne, construction was by far the strongest business sector in 2014-2015, followed by financial, media and telecommunications, manufacturing, retail, real estate, and professional services.
While Sydney led Australia in overall GDP growth in 2014-2015, Melbourne enjoyed a slightly higher annual GDP growth rate (3.1 percent), compared to Sydney, which experienced a yearly GDP growth rate of 3.0 percent.
Needless to say, with such strong economic growth, many people who immigrate to Australia decide to settle in Sydney or move to Melbourne since there are great Australian job opportunities there.
Listed among the top 10 most livable cities in the world (with Melbourne ranked #1 for the past few years), Australia’s two largest cities also attract many people who immigrate to Australia because of the high quality of life enjoyed by their residents.
With good paying Australian employment, nice homes, beautiful beaches, excellent educational options, and plenty of great places to eat, drink, shop or relax, thousands of Aussie newcomers naturally want to live and work in Sydney and Melbourne.
If you and your family would also like to experience the high standard of living enjoyed in Australia, whether in Sydney, Melbourne or another amazing location in the Land Down Under, the Australian General Skilled Migration (GSM) Program could be your pathway to prosperity and a life full of possibilities. To learn more, click here!