NSW to ride next economic wave
The national economic report says NSW is set to gain a bigger share in the next boom phase because of its strength in five resurgent sectors – tourism, international education, wealth management, gas and agribusiness.
This is forecast to be worth an extra $250 billion to the national economy over the next 20 years.
"The NSW Government is very encouraged by this report, which suggests Asia’s impact on Australia is changing in ways that will really play to NSW’s economic strengths," said Mr Baird.
"This, together with our relatively strong jobs market, the NSW Government’s large-scale infrastructure program, and the growing level of housing construction means we are is ideally positioned to take advantage of this next phase."
Mr Baird added that NSW’s diversified economy continues to be its strength.
"While NSW has struggled to compete with the mining states over the last decade and has faced high interest rates, we have always said that NSW’s diversified economy is its advantage," said Mr Baird.
"In particular, this has been critical during the challenging economic period we have faced over the past few years.
"Falling state revenues has meant that NSW has lost $2.5 billion a year since we came to Government so it’s great news that NSW is now well placed to re-emerge as Australia’s economic powerhouse over the next 20 years.
"All the signs indicate that NSW will reap the benefits in the next boom phase, as NSW has the biggest share in the five upcoming sectors than any other state. This is good news for our economy and good news for the people of NSW," Mr Baird said.