Treasurer Andrew Constance said the ABS figures released today show retail trade in NSW increased 0.7 per cent in July to be up 9.8 per cent through the year – the highest of all the states.
“This is an incredibly strong result which shows consumer confidence is continuing to build in NSW,” Mr Constance said.
“More than $7 billion went through NSW cash registers in July – around a third of what was spent across the entire country.
“Retail spending makes up around a quarter of all spending in the NSW economy, so it’s pleasing to see another strong result.
“With consumer confidence in NSW the highest among the mainland states and with business confidence being positive for 12 consecutive months, today’s figures again show the tide has turned in NSW.
“We have taken the state’s economy out of the dark ages under Labor to be country’s powerhouse.
“The spike in July’s retail trade can be attributed to more people visiting cafes, restaurants and more people purchasing household goods, which all increased over the month.
“The NSW Liberals & Nationals Government is investing in the key drivers of the economy, and the latest economic figures show it’s paying off.”