NSW poised for new era of growth

Published: 27 Sep 2016

A new report from the NSW Government shows Australia’s leading state is poised for a new era of growth, with ongoing engagement between industry and government critical to realising its potential.

Deputy Premier and Minister for Trade & Investment Andrew Stoner released the new report to a high level industry audience at the State’s inaugural Business Leadership Forum in Sydney.

"Closer partnership between industry and government is the key to our future economic prosperity,” Mr Stoner said.

"That’s why the NSW Government established industry taskforces to develop road-maps for our priority sectors and last year released a new Economic Development Framework to guide the State’s future economic growth.

"Today I am pleased to release the first ever progress report against the actions in the Economic Development Framework confirming our efforts to date in ensuring NSW remains the engine room of growth in the national economy.

"Despite the impact on business of uncertainty in Canberra, a relatively high Australian dollar and slower growth in the global economy, NSW industry has proven its resilience.

"The NSW Government’s renewed partnership with industry has helped us develop this strong foundation on which we can now build future growth."

Mr Stoner said the progress report confirms a baseline for NSW economic performance against key measures of labour productivity, industry value-add, exports and Sydney’s global ranking.

"The report also provides a detailed summary of our performance against 40 priority actions for 2013 in six priority sectors including professional services, manufacturing, international education and research, the digital economy, creative industries and the visitor economy.

"In the nine months since we released the Economic Development Framework, we have made solid progress on a number of key initiatives, including efforts to foster innovation and entrepreneurial growth, increase skilled migration, enhance our international engagement and promote Sydney’s growing reputation as a leading hub for global business and global talent.

"This is in addition to the progress we have made on broader government reforms including overhauling the State’s planning system, reducing red tape, simplifying Government procurement processes and investing in critical infrastructure."

Mr Stoner said research released by ANZ last month demonstrated the vital role recovery in the State’s diverse economy will play in securing Australia’s economic future.

"The ANZ analysis showed clearly NSW's economic diversity will play a critical role in ensuring sustainable growth for Australia in the years to come.

"While mining remains a significant and important industry particularly in regional NSW, our diversity means that our exposure to slowing demand is limited when compared to other States.

"ANZ’s analysis also showed that anticipated recovery in the US economy will benefit NSW most, given our economic profile more closely matches that of the US, and that the majority of multinational companies in Australia choose Sydney as their base."

Mr Stoner said the progress report was encouraging and that the Government would remain focused on working with industry to generate new investment and deliver essential infrastructure needs.

"Our efforts so far have created a strong platform. It is year one and while we have achieved much there is still more to be done. The Government remains committed to working with industry to grow the competitiveness of the NSW economy," Mr Stoner said.

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