Much More Needed to Make Sydney Top Financial Centre 
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| Thursday, 31 July 2008 | ||||||
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The Premier’s claim to establish Sydney as the leading financial services hub in the Asia-Pacific is welcome news, however it is difficult not to see it as just another hollow announcement, Shadow Minister for Finance Mike Baird said today. “Sydney should regain its place as the top city to do business in the region, however, it has lost much ground on other cities and much more is needed from the Iemma Government than a media statement,” Mr Baird said. “Currently NSW has no presence in North America, while at last count Victoria has eight dedicated people working on bringing business back to the State, Queensland has four and Western Australia has one. “Quite frankly the Premier can come back and talk to us when he’s signed the first lease of an international financial services company that’s committed to Sydney. “It is hard not to be sceptical that this is just another hollow announcement from the Premier. Before the election he promised free wireless broadband would be available across the Sydney CBD by the end of this year to improve productivity and increase business investment – but that didn’t happen. “While other cities such as Paris and Hong Kong have succeeded with their wireless roll-out, Sydney has failed, with the Iemma Government shelving the project a few months ago. “We would like to have confidence Sydney can be restored as the financial hub of the region but with the Iemma Government in charge, you’d have to say it’s unlikely.” Mr Baird said he supported the Premier’s bid to secure Sydney as the carbon-trading hub of the country. “It makes sense for Sydney to be the centre of carbon trading for the nation, however with the Iemma Government’s track record there’s no certainty NSW will be the successful bidder. “About three years ago Sydney lost out when Boeing decided to establish its head office in Brisbane – 40 companies now have their head office located in Brisbane. Sydney has much more work to do if it’s going to once again become the premier place to do business.” Mr Baird said in the MasterCard Worldwide Centers of Commerce Index released last month, Sydney ranks behind Tokyo, Singapore, Hong Kong and Seoul in the top cities of the region. Add to:          Write Comment
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