re Sydney -v- Melbourne
Have worked in both. here’s my thoughts:
1. Sydney has twice the number of finance HQ – banks, brokers, fund managers, investment banks, listed companies, research houses, etc
2. Sydney geneally pays better – but not a big deal – much more important is what you do and how you do it. A good operator can make money anywhere – but Sydney has more opportunities
3. Everything costs more in Sydney – housing, food, clothes, drinks – but its the same with all financial centres – London, NY, etc. More pay, but everything costs more.
4. Sydney is generally more open to new people and ideas than Melbourne – eg In Melbourne if you wnat to put a deal to a firm (eg an IPO, property, venture capital, private equity deal, etc) you need to know someone first. In Sydney you just ring up the head of the firm and the chances are they will see you.

Personally, I joined Wespac in Sydney as a graduate in 1983 (bad move)
– moved to Melb to join Citi (good move)
– moved to HSBC/Midland – in Melb then back to Syd (good move)
– in the big equities boom in the 86-7 – went out on my own (good move) – put together some IPOs, did some venture capital, had fun
– in the big recession needed regular income (got married !!) so I went back to Melb (good move) with ANZ, ran several departments and divisions over the next several years.
– in mid-90s, moved back to Sydney with ANZ – ran more divisions.
– in late 90s markets were booming again – went out on my own again (good move) – floated a dot-com, did some more private equity/venture capital, properties, had fun

The lesson is – doesn’t really matter where you are, but it’s better if you are surrounded by more opportunities & players. The goal is to do your own thing. You only need to work for a firm if you really need regular income. Otherwise in most markets you’re better off out doing your own deals. If you’re young and smart – then Dubai, Honkong, Shenzen are probably the place to aim for. If you want to stay in Aust for the time being then head for Sydney. But if a good job comes up in Melb (or Perth or Bris), then go for it.

Keep learning, keep moving, change with the times, never get stuck in a rut, don’t be affraid to try new things – have fun…if it doesn’t work out, get up and start again…

(you can tell I’m killin’ time waiting for Jan 23!!)

cheers…