Professional services: strength in knowledge
NSW boasts valuable innovative, knowledge-based industries. The State’s economy is now one of the world’s leading service economies with more than 80 per cent of industry income generated from services. With strengths in finance and business services, professional services has been the third-largest industry in NSW for 10 years. In Sydney alone, financial, professional and business services now make a bigger contribution to Australia’s GDP than mining and agriculture combined, lending the city a cutting-edge competitiveness and productivity that is luring international talent to its shores. “Building on this wealth of intellectual capital is vital to Sydney and the region. Australia is an open economy, it’s an open minded country and it provides this extraordinary opportunity to interact at an educational level and a creative level,” says Alex Malley - CEO, Certified Practising Accountants Australia. “It’s got the mindset for collaboration, it’s got the mindset for growth.” Gail Kelly, CEO of Westpac, adds:“Sydney’s position as a key financial centre in the Asia Pacific continues to grow, spurred by major government investments into key infrastructure, such as the $6 billion Barangaroo development, and the Australian industry’s commitment to retaining one of the world’s most stable banking sectors.” The NSW professional services sector in particular is internationally competitive. Exports of professional services are growing, with expert firms providing advice and outsourcing services to a range of international companies in many industries. Unlocking the potential The Fintech opportunity for Sydney is the first research report to be published by the new Financial Services Knowledge Hub, established by the Committee for Sydney with the support of the NSW Government. It provides insights into the rapidly developing market for financial services technology, Fintech, and outlines actions to maximise the opportunities for Sydney. DOWNLOAD PDF
Alex Malley - CEO, Certified Practising Accountants Australia and BESydney Brand Ambassador
Fact file
• NSW accounts for almost half of Australia’s total professional, scientific and technical services exports • NSW is home to 35 per cent of Australia’s professional, scientific and technical services industry • The global ‘big four’ accounting firms all operate in Sydney (Deloitte, PwC, Ernst & Young and KPMG Australia)
Key conferences heading to Sydney A host of international association meetings in the fields of professional and finance services has already been secured at the new showcase ICC Sydney opening in Sydney’s Darling Harbour in late 2016, including: • International Council of Commercial Arbitration Congress 2018 • International Bar Association Annual Conference 2017 • AIPPI World Intellectual Property Congress 2017 • International Association of Restructuring Insolvency Bankruptcy Professionals World Quadrennial Congress 2017 • International Conference of the Institute of Internal Auditors 2017 • Pacific Association of Quantity Surveyors Congress 2018 • Sibos 2018.
Case study
Australian Superannuation For many Australians superannuation is a dry concept; money that you can’t touch, quietly accumulating in the background during your working life. For academics at the Center for Retirement Research at Boston College, however, maximising super is their life, and a new report suggests that America looks to Australia for best practice tips. australiaunlimited.com/business/ super-savings
4 SYDNEY | 2014 | INTELLECTUAL CAPITALS
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