Twelve years of Liberal Party Government has led to New South Wales having the weakest economy of any state in Australia, according to the Commonwealth Bank.
The latest State of the States Report shows that NSW is the lowest ranked state for the fourth quarter in a row – every quarter in 2022. It comes despite the NSW Coalition promising to ‘make NSW number 1’ at the 2011 election.
NSW Shadow Treasurer Daniel Mookhey said the report is more proof about why the state needs to change direction.
“NSW has suffered from a decade of privatisation, offshoring, rising power prices, falling real wages, mounting debt and deficits, and plunging apprentice numbers.
“It has led to weakest state economy in the nation. And all Mr Perrottet is offering is four more years of the same failing policies.” Mr Mookhey said
“We should be leading the other states. Instead, we’re lagging behind them,’
The Commonwealth Bank’s report found that:
- The Queensland economy is growing nearly twice as fast as the NSW economy, with its population surging.
- NSW is the only state on the eastern seaboard where business investment actually fell.
- Spending in Victorian shops is surging, growing 65% faster than in New South Wales.
- Access to finance for housing has shrunk faster in New South Wales than anywhere else in the Commonwealth.
Mr Mookhey said NSW deserves better than what the Perrottet government has delivered.
“NSW Labor is already outlining the fresh approach we’d bring to fixing the economy,” Mr Mookhey said.
“We’ll ban the further privatisation of assets like Sydney Water. We’ll build trains here in NSW again. We’ll give 10,000 temporary teachers a permanent job. We’ll make sure our hospitals have the staff they need to care for their patients.
“And we won’t vote for a never-ending land tax on family homes, starting with first home buyers.”
DANIEL MOOKHEY MLC
NSW SHADOW TREASURER
