NSW leads the nation with encouraging private investment
Private investment in New South Wales has grown a nation-leading nine-and-a half per cent over the past quarter.
Today’s update from the Australian Bureau of Statistics (ABS) confirms NSW is the fastest growing economy in the country.
The NSW economy grew 1.8 per cent in the March quarter, with the increase driven heavily by private demand. This growth is double the next nearest states of Victoria and Queensland.
Overall business investment in NSW is 21.5 per cent higher than one year ago, supported by sustained investment into renewable energy projects, data centres and digital infrastructure.
These are key areas our Government is supporting through the Investment Delivery Authority.
The ABS data also highlights that ongoing cost-of-living pressures, higher interest rates, and increased fuel costs are weighing on household budgets.
The household saving ratio also declined, suggesting working families are drawing on their savings to support their essential spending.
That is why we are preparing a NSW Budget that will deliver both relief and reform.
On June 23 we will outline our ongoing efforts to support working families, rebuild essential services and responsibly manage the state’s finances.