Costs to consider when starting a business
Before you establish a business here, you'll need to consider a range of costs including salaries and remuneration, insurance and office space and utilities. Below are some of the average business costs in Sydney and NSW.
Sources: ABS, Canstar Blue, Inner West Government, Knight Frank, Newmark Grub Knight Frank, Sumitomo Mitsui Trust Research Institute
Sydney and NSW businesses have access to some of Australia’s most reliable and cost-effective utilities, including electricity, gas and water.
In fact, NSW water prices are the second cheapest in Australia. Our water is 10% cheaper than Victoria and 27% less expensive than Queensland according to the Australian Bureau of Statistics Water Account (2015-2016). The NSW government prioritises equitable access to water resources based on Water Sharing Plans.
Another item to consider when moving here is insurance. Under NSW law, business owners are legally responsible for damages or injuries to another person or property. For this reason, it’s a good idea to take out liability insurance to protect yourself and your business. You can find out more about liability insurance at business.gov.au.
Office and commercial space
The cost of prime office space in Sydney is around a third of the cost of Hong Kong SAR (Central) and half of those in New York (Midtown Manhattan) and London (West End).
Prime office space is among the most competitively priced in the world and compares favourably to global and regional business centres.