The energy sector is particularly important because Australia has immense resources. It is the first world producer of diamonds (50 % of the world reserves), of tin, titanium, lead and the second world producer of gold, nickel and uranium (30 % of the world reserves), but also produces coal (first exporter to the world), oil, iron, natural gas and silver. Because of the increase in demand globally for raw materials the mining sector hasplayed a driving role where growth is concerned these last few years. The Australian economy is,however, sharply dominated by the service sector. The tourism industry and media sector are very dynamic, as well as the financial system (Internet banking services are very developed) and retail sales (development of big shopping centres).
Sydney is the economic and financial capital of the country. More than half of the head offices of the Australian companies and the most important banks are located in Sydney. It is the first port of Australia and tourism also plays an important role in its economy, with 7.8 million national visitors and 2.5 million international visitors in 2004.