NSW records the strongest economy of the non-mining states

Published 3rd December, 2013 in Economy

NSW Treasurer Mike Baird said he was encouraged that NSW had recorded the strongest economic activity of the non‑mining states, but warned that the state must continue to push ahead with investing in productivity-boosting infrastructure.

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NSW Economy

The latest annual state accounts prepared by the Australian Bureau of Statistics show NSW Gross State Product (GSP) rose 1.8 per cent In 2012-13 –  the highest annual GSP growth among the non-mining states.

“We are encouraged by this result, which shows the NSW economy continues to lead the non‑mining states,” said Mr Baird.

“Notwithstanding some subdued results across the country, household consumption and business investment have contributed to a strong result in NSW, as consumer and business confidence continues to improve under the NSW Government.

“NSW’s diversified economy continues to be its strength, but we must continue to invest in infrastructure now, to ensure a strong and prosperous economy in the future.

“Just this week, Federal Treasury Secretary, Martin Parkinson provided State and Territory Treasurers with a  sobering update on the national economy as it transitions from the mining boom. 

“Similarly, the RBA’s Philip Lowe’s recent comments suggest that our nation’s productivity growth and international competiveness will depend heavily on our ability to invest in productivity-boosting infrastructure.

“That is why the NSW Government is getting on with the job of delivering its large-scale infrastructure program, but funding challenges remain. 

“With an estimated $30 billion infrastructure backlog across the State, the NSW Government welcomes the Federal Government’s offer to bring forward the delivery of key infrastructure projects by providing additional financial incentives, which will help us deliver this much-need infrastructure sooner,” said Mr Baird.

 

Published 3rd December, 2013 in Economy