EQ2: Why might regeneration be needed?

Question 1

What do economically successfully urban and rural regions attract?

Answer 1

People and investment.

Question 2

What factors show a place is successful?

Answer 2

• high rates of employment
• inward migration (internal and international)
• low levels of deprivation
• high property prices
• strong business presence

Question 3

What problems may economically successful rural and urban regions face?

Answer 3

• overheated property prices
• skills shortages
• congestion of roads and public transport

Question 4

𝗖𝗔𝗦𝗘 𝗦𝗧𝗨𝗗𝗬: Describe location of Sydney.

Answer 4

Found along Australia’s south-east coast, stretching 2000km from Brisbane to Melbourne.

Question 5

𝗖𝗔𝗦𝗘 𝗦𝗧𝗨𝗗𝗬: What has made Sydney an economically successful region?

Answer 5

Large proportion of high income jobs in the “knowledge economy”. Sydney’s economy has strengths in the quaternary sector.

Question 6

𝗖𝗔𝗦𝗘 𝗦𝗧𝗨𝗗𝗬: List 4 factors Sydney’s successful economy.

Answer 6

• has overseas-owned banks and TNCs, making it the leading financial centre for the Asia-Pacific region.
• in 2011, there were over 450,000 businesses based in Sydney, including half of Australia’s top 500 companies e.g Westfield, and two-thirds of regional headquarters of global TNCs.
• has a young economically active workforce, with a median age of 36 (compared to the UK’s 41)
• low levels of multiple deprivation. Employment levels are generally high with above average incomes

Question 7

𝗖𝗔𝗦𝗘 𝗦𝗧𝗨𝗗𝗬: What was Sydney’s Gross Regional Product in 2013?

Answer 7

US $337 billion in 2013.

Question 8

𝗖𝗔𝗦𝗘 𝗦𝗧𝗨𝗗𝗬: Most knowledge-economy employers are “footloose”, what does this mean for Sydney?

Answer 8

Employers are not tied to raw materials, so they can locate anywhere.

Question 9

𝗖𝗔𝗦𝗘 𝗦𝗧𝗨𝗗𝗬: Why does Sydney partly attract business?

Answer 9

Due to its beaches, harbour environment and climate.

Question 10

𝗖𝗔𝗦𝗘 𝗦𝗧𝗨𝗗𝗬: Why is Sydney’s time zone important?

Answer 10

Allows business trading in the USA and Europe - essential for investment banks.

Question 11

𝗖𝗔𝗦𝗘 𝗦𝗧𝗨𝗗𝗬: Since 1985, how have Australia’s national governments embraced globalisation?

Answer 11

• de-regulating banking and finance (allowing any overseas bank to operate there)
• focusing the country’s inward migration policy on well-qualified professionals. Skills are in short supply and must be supported by inward migration (skill test system)

Question 12

𝗖𝗔𝗦𝗘 𝗦𝗧𝗨𝗗𝗬: How many of the 43 foreign banks operating in Australia have regional headquarters in Sydney?

Answer 12

40

including Bank of China, Deutsche Bank and HSBC.