Sydney has many strengths that make it a leader in the financial services industry. The city hosts 53 of the 55 authorised deposit-taking banks in Australia, plus all of the 10 foreign subsidiary banks and all of the 31 local branches of foreign banks. Sydney is the head office location of the Reserve Bank of Australia, the Australian Securities Exchange and the Australian Financial Markets Association. It is the first major financial centre to open in the Asian time zone, providing a trading day that bridges the closing of the USA market and the opening of European markets.
Forty-two per cent of Australia’s financial services employees are based in Sydney and the city’s financial services workforce have grown strongly. The sector in Sydney is now nearly half the size of London’s and more than 40 per cent the size of New York City’s workforce. The Global Financial Centres Index ranks Sydney 10th in the world in terms of competitiveness. Global financial services firms operating here are able to provide after-hours coverage for their USA and European operations due to our “follow-the-sun” advantage.