Sydney has accounted for almost half of Australia’s economic growth in 2016-17, according to a new research report.
The impressive figure of 41.2 per cent was revealed by the Economic Performance of Australia’s Cities and Regions 2016-17 report.
Sydney’s GDP growth slowed from 3.9 per cent in 2015-16 to 3.3 per cent in 2016-17.
However, Sydney’s GDP per capita was still $11,900 higher than the national average.
The report also revealed that Sydney and Melbourne generated 68.8 per cent of national Australian Gross Domestic Product (GDP) growth, making it the highest level on record.
The two cities accounted for more than two-thirds of Australia’s economic growth.
Terry Rawnsley from SGS Economics and Planning said economic activity was gravitating towards Sydney and Melbourne.
“It’s getting economic refugees from Perth and Brisbane, whose living standards are slipping faster,” Mr Rawnsley said.
Mr Rawnsley said that Sydney and Melbourne were to become more economically dominant in the future.
“Australia is unique in having a population of 25 million people and two cities of roughly 5 million each. Those cities are likely to become ever more important at the expense of the other capitals and regional centres like Bendigo and Ballarat or Orange and Wollongong,” he said.
He added that the knowledge-intensive and globally competitive industries were located in these big cities.
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