SYDNEY, Nov. 25 (Xinhua) -- A high cost of living, inadequate cultural venues and lacklustre nightlife scene are creating a "major drag" when it comes to Sydney's place as one of the world's most liveable cities, a new report warned on Monday.
Measuring the harbor city's appeal against 33 other global metropolises, the Committee for Sydney report found that compared to other destinations, affordability remains high.
When stacked up against all other English-speaking cities, the minimum salary required to comfortably afford a rented, unfurnished one-bedroom apartment was the fifth-highest in the world, behind San Francisco, London, Boston and Washington DC.
However, despite the inflated cost of living, the report outlines that Sydney is still a "great place to do business," particularly for female-led companies, due to the city's freedoms, transparency and low risk environment.
While international visitors continue to flock to Australia along with foreign students, according to the authors, the harbour city is no longer seen as "fun," ranking a disappointing 26th.
In 2014, the New South Wales State Government introduced controversial legislation that made it illegal for bars, pubs and clubs to accept patrons after 1:30 am, in an attempt to curb late-night violence and anti-social behaviour.
As a result of Sydney's lockout laws, the city's night time economy has plummeted since then.
"Sydney remains an extremely attractive place to live and work in, with one of the most sophisticated economies in the Southern Hemisphere, a wonderful quality of life and a global brand that is the envy of most other cities," Committee for Sydney CEO, Gabriel Metcalf said.
"However, as a city we can't rest on our laurels. Sydney is seen as lacking cultural breadth," she added.
"Compared to peer cities, Sydney lacks the number and quality of cultural amenities such as museums, theatres and concert halls and for the availability of varied and authentic cultural events that enable visitors to appreciate and experience local heritage and culture."
"In addition, Sydney's underperforming night time economy is a major drag on our global reputation."