The NSW Baird Government’s strong track record of prudent economic decision-making and targeted investment in infrastructure has been the catalyst that has brought more jobs, business confidence and housing starts to NSW, propelling us into pole position.
When we came to Government almost four years ago, NSW was stagnating with the slowest economic growth of all states in the nation for a decade.
Our AAA credit rating was in danger, unemployment was above the national average, and economic activity and business confidence was low.
CommSec ranked the previous Government’s economic performance last in the country – a woeful position that we have turned around.
In four short years, what has been achieved is nothing short of an economic miracle – a turnaround that has catapulted NSW to number one in Australia.
Under the NSW Baird Government, 145,000 jobs have been created across the state, the second highest in the Nation since April 2011.
Our increased payroll tax rebate and lifting the payroll tax threshold have provided business incentives and confidence to create jobs and keep the economy growing.
NSW now has the lowest unemployment rate in Australia, as well as a credit rating outlook upgrade to “stable” from S&P.
We have not just held the AAA rating and the millions of dollars of savings that come with this prudent financial management, but brought back much needed confidence and stability to the state’s economic and budgetary position.
The Commsec Report finds positive business confidence for the past sixteen months in a row, supported by both strong economic activity and retail trade figures.
In fact, NSW retail spending was 16.2% above decade average levels, underlying the inherent confidence surging through the NSW economy – strong fiscal management by the
NSW Government and our commitment to Rebuilding NSW is spurring confidence across our state.
NSW State Final demand also grew 4.7% through the year – the highest of all the states, as well as over 118,000 homes built from April 2011 to September quarter 2014. This brings dwelling completions to their highest since 2005 in 12 month moving terms.
Locally, Parramatta and Western Sydney have also been economic over-achievers.
More than 1,360 new positions have been created in Parramatta under the NSW Government’s Jobs Action Plan since July 2011. This comes on top of the NSW Government’s decentralization of 1300 jobs to Parramatta as a part of the Decade of Decentralisation.
This job creation is contributing to the stunning growth of Parramatta which is creating its own economic precinct, stretching from the Westmead Bio-Medical area, through into Parramatta CBD, connecting with Camellia and Sydney Olympic Park.
Those of us that live and work in Western Sydney don’t need statistics to tell us NSW is ahead of the pack. We can see the cranes in the sky and feel the energy and progress as our city grows. Mike Baird said there were over hundred cranes up and working and Parramatta and Western Sydney are no exception.
We have seen Parramatta thrive, being named the most liveable suburb in NSW, growing its vibrant night-time economy, and continuing to power ahead with more jobs as we cement our place as a knowledge hub and grow the service-based economy.
The NSW Government’s responsible decision making, balanced budget and commitment to record infrastructure spending has not only placed our economy on the solid footing that we see today, but has established a platform for business and consumers to move forward with certainty and confidence and ensure we remain the nation’s number one economic performer, a true standout, the economic envy of our nation.
