Changing economic Character of Sydney

Changing economic Character of Sydney

Analyse the changing economic character of ONE large city in the developed world.

Sydney, centrally located on the eastern coast, at latitude 33°52’ S and longitude 151°10 E is emerging as a prominent world city, shaped by its changing economic character. Its distinct social structure, spatial patterns of advantage a disadvantage and renowned culture of place not only make for a highly desired international tourist destination but typify its transformation to a large city of the developed world. As in any developed city, there are a myriad of urban dynamics of change present, which have and will continue to evolve the morphology of the Australian metropolis. These are shaped by Sydney’s changing economic character, which has seen it evolve as Australia's unrivalled global gateway.

Sydney has emerged as an “international city”, an increasingly important link in the system of world cities. The globalisation of the financial sector in recent times has consolidated its changing economic character by bringing it in association with the global economy. Sydney is Australia’s financial capital and the regional corporate base for 1/5 of Asian transnational corporations and 2/3 of Asia Pacific transnational corporation headquarters, for example the World Bank, American Express and Bankers Trust. Most are located in the CBD, however the process of suburbanisation has seen many branch out to suburbs such as St Leonard’s, Chatswood and North Ryde.
Similarly at a national level, Sydney is showing every sign of emerging as a national metropolis, with a highly skilled and educated workforce and the largest international and domestic airport in Australia, which has provided it with vital air connections with the system of world cities.

The process of economic restructuring has significantly changed the morphology of manufacturing land use in Sydney and has contributed significantly to its changing economic character. There has been a major long term shift in...