NSW accounted for almost the entire rise in total demand across the country over the last year, official ABS data showed today.
Australia’s final demand grew by $4.2 billion over the last year, with NSW making a $4.1 billion contribution. All other states and territories combined to produce a net rise of $133 million.
NSW Treasurer Gladys Berejiklian welcomed the strong result.
“This is yet another reminder that NSW is the place to be,” Ms Berejiklian said.
“We have worked hard as a Government to lift NSW from the weakest economy in the nation to Australia’s strongest performer on jobs, housing and business conditions.”
NSW’s solid result was largely driven by continued strong consumer spending, a lift in business machinery and equipment spending and a rise in construction. Much of the gain in construction spending was tied to private spending on major projects such as Barangaroo.
“Businesses investing in equipment and construction shows that they have confidence to deliver more jobs and economic activity in the State for years to come,” Ms Berejiklian said.
“We are pleased to be delivering the infrastructure and services the people of NSW need while also producing record jobs growth.”
NSW state final demand (SFD) rose 1.1 per cent in the December quarter to be at an above trend 3.4 per cent through the year.
NSW has been the most consistent performer over the last two years when it comes to economic growth, with five of the last eight quarters showing NSW with the strongest SFD result among the states.