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Business Business Profile Thanks to the Olympics, Sydney’s tourism soared in 2000, generating revenue from tourism-related businesses across the board to the tune of an estimated seven billion Australian Dollars. The publicity that Sydney as a tourist destination has received as a result of the Games has been valued at more than A$600 million. The event undoubtedly helped boost Sydney’s profile in the corporate world and the city is now seen as a genuine contender with Singapore and Hong Kong as a financial hub in the Asia-Pacific region. The Olympics, together with a falling Australian Dollar, also contributed to a 26% rise in Australian exports. Between 1994 and 2001, Sydney’s economic growth rate exceeded 5%. But the news for Sydney is not all good. The completion of Olympic projects and the introduction of the GST on 1 July 2000 brought the artificial boom in construction to a halt. Builders rushed to complete their projects before its introduction, to avoid the 10% increases in costs and, once these projects were completed, many companies disbanded. This contributed to rises in the city’s unemployment rate – it was 5.2% in March 2001 as opposed to 4% in 1999. However, this is still low compared to the national rate of 6.8%. Sydney does, however, play a major part in Australia’s economy, accounting for over 25% of Australia’s total economic activity. The city is Australia’s undisputed financial centre, with 65% of Australia’s finance industry located here, including the Reserve Bank, the Australian Stock Exchange and the Sydney Futures Exchange. The strong economic mix encompasses services, manufacturing and mining – with financial, property and retail services together accounting for over 80% of total economic output. Multinationals with Asian-Pacific headquarters here include 3M, American Express, AMP, Boral Ltd, BT, Coca-Cola Amatil, Compuserve, HJ Heinz, IBM, Microsoft, News Corporation, Mastercard, Price Waterhouse Coopers, TNT Ltd and Unilever. Of the nation’s top 100 companies, 60% have headquarters in Sydney. The financial district is centred on Martin Place in the city centre. North Sydney, on the other side of the harbour, is a bustling high-rise business district in itself. Business Etiquette In keeping with its distinctly work-hard, play-hard culture, the protocol in Sydney is typically informal. During the week, business is often conducted over a long lunch, with alcohol included, and the weekend can start as early as Friday lunchtime. Both men and women usually wear suits and in the summer months businessmen will be spotted in suit shorts and short-sleeved shirts, with or without a tie. Business hours are officially weekdays, 0900-1700, although an extended working day is very common in certain sectors and it is not unusual for people to be working well into the night or over the weekend. Australians are a very friendly people and socialising comes easily. Nevertheless, there are a few things that may offend or annoy. The first is the use of the informal ‘G’day’ – foreigners should avoid trying to emulate this overused greeting. The second is that, while out drinking, a system of ‘rounds’ is observed and it is not appreciated when someone skips his/her round by not offering to pay. Gift giving is not a common practise, although a small token – such as chocolate, wine or flowers – is appropriate if invited to a home. If at a loss for conversation topics, sport is always good. |
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