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European Australian Business : 2008
30 new south wales NSW is an excellent choice for Eu- ropean business looking to invest or expand in Australia. Our State has the largest and most diverse economy in Australia which accounts for around one-third of the nation’s Gross Domestic Product. Our capital, Sydney, is Australia’s only global city and business hub – a vibrant and lifestyle-rich harbour city which is home to more than 4.1 million people. And our economy is strong, with a AAA credit rating, a strong balance sheet, the lowest sustained rate of unem- ployment for nearly 30 years, and a Government determined to support growth. Since I became Premier in August 2005, we have committed to cutting taxes and charges worth $3.2 billion over four years, undertaken the larg- est planning law reforms in 25 years, cut red tape across government, and are investing in a record $50 billion, four-year infrastructure program. These are all measures designed to support business and jobs, encourage growth and ensure that NSW contin- ues to be the premier choice for those living and working in Australia. Here are some other interesting facts about NSW to consider: n Europe has for many years been a major source of foreign direct investment into NSW. In fact in the 2006-07 financial year, Europe was the top source of direct foreign investment. n In 2006-07 NSW exported goods worth $2.3 billion to Europe and imported goods worth a total of $18 billion. n Sydney is the financial capital of Australia with 80 per cent of banks having their head office here. The well-educated workforce is a key drawcard, and many European financial services groups have Australian headquarters and global or regional operating centres in Sydney. Barclays, Deutsche Bank, ING, UBS and NM Rothschild are just a few examples. n Most of the world’s top ICT com- panies operating in Australia have headquarters in Sydney, including Nokia, BT, SAP and Sophos. Floral emblem of NSW - the Waratah NSW – Home to many leading European Companies