The great State of NSW has once again been named the top performing state (economically) in Australia. The July CommSec State of the States July report put NSW on top as we continue to outperform the softening national economy. Why are we so strong? We could argue the Nats’ leadership plays a big part.
The July quarterly assessment of Australia’s economic standing including all States and Territories has been released and can be found here. In 2011, we took over an economy that was rated eighth and lowest in the country. Four years later, NSW is back on top. This is a testament to the leadership of NSW in Government.
Since January, we have consolidated this position, and the gap is widening between us and our neighbouring states and territories. NSW has retained its top ranking on population growth, retail trade and dwelling starts (new home construction). It is now the second lowest in unemployment, up from fourth in April, and ranks second highest in equipment investment.
We can also attribute the strength of the NSW economy to an additional 29,500 new jobs in July and a record 6,824 dwelling approvals, four times the next highest state. We may have had a bit of bad luck in the Origin this year, but we’re prospering where it counts.