Sydney's ranking in the annual Global Financial Centre Index has fallen from fifteenth last year to 23 in the latest survey.Based on assessments under the headings of connectivity, diversity and speciality, Sydney has dropped out of the ranks of the "global leaders" and is now rated an "established transnational."Sydney now sits behind some cities not noted as financial centres, including Calgary, Tel Aviv and Vienna.Melbourne, the only other Australian city in the survey, is ranked 37th - down seven places from last year.Last year Sydney was ranked fifth in the Asia-Pacific region, behind Hong Kong, Singapore, Tokyo and Seoul. Now it also ranks behind Shenzhen and Shanghai.Sydney scores well on reputation, for which it is ranked in the top ten in the world. It also ranks well for stability but poorly for dynamism. It is not included in the list of ten centres likely to become more significant, while Hong Kong, Singapore, Seoul and Shanghai are included.Sydney's fall is entirely predictable. Governments have been reluctant to implement many of the recommendations of reviews, such as the Johnson Report, which have looked at how Australia could develop as a regional financial centre.Government have been especially shy of doing any thing involving  tax concessions and they have tended to muck around with the few initiatives they have taken, such as offshore banking units.