Location of Sydney within Australia Sydney (pronounced /'s?dni?/) is the most populous city in Australia, with a metropolitan area population of approximately 4.28 million (2006 estimate).[1] Sydney is the state capital of New South Wales, and is the site of the first European colony in Australia, established in 1788 at Sydney Cove by Arthur Phillip, leader of the First Fleet from Britain.[2] A resident of the city is referred to as a Sydneysider. Sydney is located on Australia's south-east coast. The city is built around Port Jackson, which includes Sydney Harbour, leading to the city's nickname, "the Harbour City". It is Australia's largest financial centre.[citation needed] Sydney's main industries include property and business services, manufacturing, tourism, media, health and community services.[citation needed] The main airport serving Sydney, Kingsford Smith International Airport, is one of the busiest airports in Oceania.[citation needed] Sydney is a major international tourist destination notable for its beaches and twin landmarks: the Sydney Opera House and the Harbour Bridge. The metropolitan area is surrounded by national parks, and contains many bays, rivers and inlets. It has been recognised as a beta world city by the Loughborough University group's 1999 inventory.[3] The city has played host to numerous international sporting, political and cultural events, including the 1938 British Empire Games, 2000 Summer Olympics and the 2003 Rugby World Cup. In September 2007, the city hosted the leaders of the 21 APEC economies for APEC Australia 2007, and in July 2008 will host World Youth Day 2008. Sydney is one of the most multicultural cities in the world which reflects its role as a major destination for immigrants to Australia.[4] According to the Mercer cost of living survey, Sydney is Australia?s most expensive city, and the 21st most expensive in the world.[5]