According to a new study by Committee for Sydney, comparing 33 global cities, Sydney is on the verge of joining the list of ‘top-tier’ cities alongside London and New York. The independent think tank compared the cities based on education, planning, economy, and culture.

Sydney is benchmarked as a city to work, learn, and live, but improvement in areas like transport, night-time economy, and culture is necessary. The unremarkable night-time economy is taking a toll on Sydney’s international reputation. Night-time economy generally refers to cultural, social, and business activities between 6 p.m. to 6 a.m.

Top-class education and business in Sydney were highlighted in the report. The report read ‘the established presence and global reach of Sydney’s major corporates remains a major edge relative to its peers.’ All the same, the city still does not rank in the list of most influential cities, because of other areas of concern. Transportation, public transport, and traffic is a major concern caused due to the city’s high dependability on cars. The city also does not have a plan to adopt renewable energy, unlike other major cities. Lack of good quality theaters, concert halls, and museums is another factor that hampers Sydney’s reputation.

The city is also less appealing to foreigners due to the high cost of living. Though Sydney has now dropped down to 16th spot in the most expensive cities list, according to the Worldwide Cost of Living Survey undertaken by the Economist Intelligence Unit (EIU). In a statement to the Sydney Morning Herald, EIU global chief economist, Simon Baptist said that the contributing factors pushing up the cost of living in Sydney were changing.