After all of Mike Baird's hype - NSW is 5th in economic growth

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The latest CommSec State of the States report confirms that NSW is failing to reach its full potential as the economic powerhouse of the nation with our state ranked in 5th place on the crucial indicator of economic growth. 

The report highlights that NSW is 5th in economic growth – behind the Northern Territory, Western Australia, the ACT and Queensland – and 4th in completed construction work. The report also notes the State’s mediocre jobs performance under the Baird Government.

  • “In NSW the jobless rate is holding at 6.1 per cent but it is 15.4 per cent above its decade average level of 5.3 per cent.” State of the States Report, p.4

“This is Mike Baird’s economic record – a state ranked fifth in economic growth and suffering unemployment rates significantly higher than when the Liberals were elected,” NSW Opposition Leader Luke Foley said today.

“NSW is supposed to be Australia’s leading State; the economic powerhouse of the nation; and yet we are lagging behind the Northern Territory, Western Australia, the ACT, and Queensland on the key indicator of economic growth.

“Record low interest rates which are set by the independent Reserve Bank are driving the housing activity in NSW that is masking the weaknesses identified by the State of the States report.

“Over the past four years of the Liberal Government unemployment has increased from 5.1 to 6 per cent with more than 231,800 people wanting a job but being unable to get one.

“It’s even worse in regional NSW where unemployment is in double digits – 12.4 per cent in the Hunter; 11 per cent in the Murray and 10.6 per cent in Richmond-Tweed.

“If this is Mike Baird’s idea of a nation leading economy I’d hate to see what his idea of being on the bottom rung would be like.

“Mike Baird talks a lot about building infrastructure but the State of the States report has belled the cat and exposed that NSW is far down the ranks at 4th place for construction work.

“The Liberals have dawdled for the past four years on getting to work on building the infrastructure our state needs – in fact they’ve underspent the infrastructure budget by about $5 billion.

“If interest rates rise and the housing market cools off, Mike Baird will be like the emperor with no clothes.”