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Glimpse into NSW’s future

26 May 2016
NSW’s economy will be worth $1.3 trillion dollars in 40 years’ time, according to a new report that projects demographic, workforce and housing trends across the state.
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The Future State: NSW 2056 report provides insight into what NSW might look like in the next 40 years and suggests how it might become an even more attractive place to live and work.

The report is published every five years and projects demographic, workforce and housing trends across NSW over the next four decades. It also provides a long-term projection of the state’s economic and fiscal position.

Key findings from the report:

  • NSW’s economy will be worth $1.3 trillion dollars, after becoming the first state to be a trillion dollar economy.
  • The NSW population will rise to 11.2 million people – around 50 per cent more than today.
  • NSW life expectancy for males will increase from 81 to 89 and 85 to 91 for females.
  • 24 per cent of the population will be aged 65 and over – up from 16 per cent currently.
  • The health sector will make up the largest share of expenses.
  • The number of NSW residents aged over 100 will increase by more than tenfold from 1,500 today to around 18,000 in 2056.
  • 1.8 million new homes will be built.
  • Innovation and the digital age will deliver employment opportunities for regional NSW.

Treasurer Gladys Berejiklian said the report was critical in helping the government identify significant demographic and economic trends which, if ignored, will challenge the ability to provide the future services and quality of life the community has come to expect.

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