Tanya Davies MP. Member for Mulgoa.

NSW ECONOMY LEADING THE NATION

Monday December 19, 2016

The NSW Liberals and Nationals Government Budget Half-Yearly Review confirmed NSW is in the black and net debt is at historical lows, with the State’s economy the economic powerhouse of the nation.

 

The Government has released the Half-Yearly Review, which shows surpluses averaging $1.8 billion over four years.

 

The budget result for 2016-17 is forecast to deliver a surplus of nearly $4 billion – a result $259.9 million above the forecast set out in the 2016-17 Budget.

 

“The people of NSW elected us five years ago to turn NSW around and make NSW number one again. Today is a reminder we have done just that,” Member for Mulgoa Tanya Davies MP said, “When we came to office Labor had left the budget in tatters and NSW was the weakest economy in the nation.”

 

“We have worked hard as a team and NSW is now far ahead of the pack. The State is in Australia’s strongest budgetary position, while leading on all key economic indicators,” said Tanya Davies.

 

“This means we are able to continue to invest a record amount into new infrastructure and services to take NSW into the future, while having the lowest net debt of any mainland state in country.”

 

Following the successful $16.189 billion Ausgrid transaction to an all-Australian consortium, the NSW Government is now bringing forward funding for a number of infrastructure projects as part of its $20 billion Rebuilding NSW plan.

 

The Half-Yearly Review caps off a big year of economic achievements for NSW, including:

  • NSW real Gross State Product growing by 3.5 per cent in 2015-16 – stronger than any state or territory
  • An historically high 74,600 new homes approved over the last year
  • Construction spending surpassing $50 billion for the first time         
  • NSW continuing its run as the nation’s number one economy for nine consecutive quarters, according to CommSec’s State of the States report
  • More than half of the jobs created nationally in 2015-16 situated in NSW

 

NSW maintains a triple-A rating from both Standard & Poor’s and Moody’s. The negative outlook from Standard & Poor’s reflects only their assessment of the Australian Government’s outlook.