CommSec Reports NSW Is Leading The Australian Economy


A recent CommSec report puts NSW as the top economic state leader in Australia.

According to the

Urban Taskforce this report demonstrates that the development industry is making a big contribution to the state’s prosperity.

Urban Taskforce CEO, Chris Johnson said the CommSec report measures the most recent quarter’s performance against the decade average.

“After a slow decade of economic performance it is good to see NSW now lifting its performance,” Mr Johnson said.

“For NSW to be the most improved in so many economic areas is a good sign that the state is heading in the right direction. The figures also demonstrate that it is the risk taking development industry that is providing the lift in performance particularly in the area of housing starts.”

Mr Johnson says the development industry needs a supportive regulatory environment to create the confidence for investment.

“NSW now has this positive environment,” he said.

“While the trend figures are positive NSW cannot relax its reform process.

“NSW is the biggest state by population so it would be expected that dwelling commencements would top the list but the smaller state of Victoria actually commenced 14,004 dwellings to NSW’s 11,555 over the June quarter.

“On population growth a similar picture emerges where Victoria grew by 1.9% with NSW at 1.6%.”

Commsec economist Savanth Sebastian told the

Sydney Morning Herald the housing sector had been the state's economic "X-factor".

"That has propelled NSW to the top of the leader board," he said.

"It's been a meteoric rise. If anything I think the momentum shift in NSW is going to get stronger over the next six to 12 months."NSW was ranked in the top spot for dwelling commencements and population growth, and second for retail trade, business investment and unemployment. It ranked third on housing finance and fourth on overall construction work.

"It's well over a decade since NSW was as strong as it is now," Mr Savanth said.

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