Sydney is the second most expensive city in the world after Tokyo, according to global survey.
The Cities of Opportunity survey, by multinational accountancy firm PricewaterhouseCoopers (PwC), gauged 27 of the world’s biggest and most influential cities and measured factors like quality of life, economic factors, technology and cost of doing business.
Sydney came out at number 11 overall and topped the list for sustainability.
It was ranked second for demographics and livability, behind Paris, and third for health, safety and security, after Stockholm and Chicago.
However, it did not do so well in on transport and infrastructure, coming fourth last with only Los Angeles, Sao Paulo and Johannesburg worse.
The high cost of Sydney was of concern, said Sydney Business Chamber president and PwC partner Scott Lennon.
“Sydney is more expensive than much bigger cities like New York, London and Hong Kong in a variety of areas including tax,” he said in a statement.
“Nor are we far behind in business occupancy costs, rental expenses and the internet.
“This erodes our comparative advantage, making Sydney less attractive to global investors and a more difficult place to live for its inhabitants.”
The business chamber’s executive director Patricia Forsythe said the report showed Sydney was being held back by congested traffic and lack of new housing.
She said it gave an impetus to the NSW government to adopt the recommendations of Infrastructure NSW’s planning strategy released this month. Read story