Sydney tech sector overtakes banking and finance as city's largest employer for first time

Technology has overtaken banking and financial services as the largest employer in Greater Sydney for the first time, with the sector now accounting for 245,000 jobs across software development, data, cybersecurity, cloud infrastructure, and digital services — surpassing the financial services sector's 238,000 positions.

The Committee for Sydney's annual economic monitor, which tracks employment by sector across the metropolitan region, showed technology sector employment growth of 18 per cent over three years, driven by hyperscaler investment from Amazon, Microsoft, Google, and Meta, which collectively established or expanded their Australian headquarters and data centre operations in Sydney during this period.

Tech Council of Australia chief executive Kate Pounder said the employment milestone reflected Sydney's emergence as a genuine global technology hub rather than simply a regional outpost for international technology companies. "We now have founders choosing Sydney over Singapore, over London, and in some cases over San Francisco, because the talent density, the investment ecosystem, and the lifestyle are all at a global tier," she said.

Investment in Australian technology companies headquartered in Sydney reached $4.2 billion in the past calendar year, with 14 companies raising rounds of $50 million or more. Three Sydney-founded companies are now valued above $1 billion, with a further eight in the $500 million to $1 billion range.

The growth has created intense competition for technical talent, with demand for software engineers, data scientists, and cybersecurity professionals significantly outstripping supply. Technology companies are increasingly offering hybrid and remote-first work arrangements to access talent from regional centres and international markets, while actively lobbying the government for skilled migration pathway improvements.

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