Sydney is the most populous city in Australia, with a metropolitan area population of 4,119,190, and 151,920 in the City of Sydney, as of the 2006 census.[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.] 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 and the economic capital, home to many national headquarters of corporations, including the Australian Stock Exchange. Sydney's leading economic sectors include property and business services, retail, manufacturing, tourism and health and community services. Sydney is one of the most multicultural cities in the world which reflects its role as a major destination for immigrants to Australia. According to the Mercer cost of living survey, Sydney is Australia’s most expensive city, and the 21st most expensive in the world. Sydney has a wide variety of cultural sites and institutions. Sydney's iconic Opera House has five theatres capable of hosting a range of performance styles; it is the home of Opera Australia—the third busiest opera company in the world, and the Sydney Symphony Orchestra. Other venues include the Sydney Town Hall, City Recital Hall, the State Theatre and the Wharf Theatre. Sydney hosts many different festivals and some of Australia's largest social and cultural events. These include the Sydney Festival, Australia's largest festival which is a celebration involving both indoor and free outdoor performances throughout January; the Big Day Out, a travelling rock music festival which originated in Sydney; the Gay and Lesbian Mardi Gras along Oxford Street; the Sydney Film Festival and many other smaller festivals such as Tropfest and Archibald Prize, a competition organised by the Art Gallery of New South Wales. The Royal Easter Show which is the largest event in Australia is held every year at Sydney Olympic Park, the final of Australian Idol takes place on the steps of the Opera House, and Australian Fashion Week takes place in April/May. Also Sydney's New Years Eve and Australia Day celebrations are the largest in Australia