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The Economy of New South Wales
by Sarah Maple
New South Wales is located in the south east of Australia and is the most populated state in the country. Consequently, the area is home to the largest economy in Australia (around 33 percent) and is a popular location for the establishment of a diverse range of businesses and companies. Additionally, with cheap flights to Sydney from Europe, the area is a prime destination for UK visitors and those who want to live and work there. This article introduces some sectors that New South Wales is famous for.
Media is booming in New South Wales, by comparison to the nation as a whole. Television and film companies in the area make up half of the country's industry. Although many television shows are filmed in Sydney, cinema is also prominent, with the city now being home to Fox Studios Australia and Warner Roadshow Studios. Successful international movies, such as The Matrix and two of the Star Wars movies, have been filmed in the area - and the country has spawned many stars such as Nicole Kidman, Mel Gibson and Hugh Jackman.
Due to the varied temperate climate of the region, New South Wales is home to a great many wine producers, particularly in the Hunter Valley, the Riverina, as well as along the Murray and Darling Rivers. Hunter is located on the eastern coast, north of Sydney, and produces 3 percent of the grapes for the country's wine. The area also depends on tourism form nearby Sydney, and much of its success has been due to its recognition by curious wine tasters. Riverina is hot and characterized by the plain land, and it is most famous for its dessert wine.
New South Wales, and primarily Sydney, is considered the financial centre of Australia. Along with The Reserve Bank of Australia being based in the capitol, the area is also home to the headquarters of around a hundred banks, over half of the country's biggest companies, and is the headquarters to hundreds of regional headquarters for multinationals. Sydney, alone, produces about a quarter of the country's GDP.
Due to the accessibility and economic strength of the state, New South Wales is home to many residents who were born overseas. As a result of this popularity, the area accounts for over a third of Australia's property and business services industries, and is subject to significant government aid for continued growth. Areas that are currently seeing government aided development planning are Rosemeadow/Ambervale, Redfern/Waterloo, and southern Wollongong.
