The New South Wales economy has helped power Australia back to economic growth and out of the first recession in almost three decades, with ABS data released today showing a 6.8 per cent rebound in state final demand for the September quarter.
Treasurer Dominic Perrottet said the positive result was driven by a number of factors including a 10.8 per cent increase in household consumption and strong investment by the NSW Government in the public sector, which saw public demand up two per cent in the quarter and 6.4 per cent through the year.
“There are many challenges ahead but we are now seeing greater confidence in the community and a return to solid economic growth for NSW,” Mr Perrottet said.
“Our ability to keep as much of NSW open as possible and in the process support jobs and businesses with $29 billion in health, economic and social support measures is reflected in these latest economic results.”
Mr Perrottet said the Government would continue to do everything possible to boost employment, support businesses and ensure the community remained safe.
“Today we announced the further easing of restrictions around the number of people allowed in a range of venues, and this will further boost economic activity and support jobs at a critical time for the economy,” Mr Perrottet said.
“As we regain more freedom ahead of Christmas it’s vital people continue to remember the real risk of COVID-19 and use commonsense and follow health advice.”
The latest data follows more than 36,000 people returning to work in NSW in October with the state’s unemployment rate falling 0.6 per cent to 6.5 per cent.
Female participation increased by 0.3 percentage points to 60.6 per cent, the highest it’s been in the history of the series.
For more information on the State’s economic recovery, reform agenda, and the NSW Budget released on November 17 please visit budget.nsw.gov.au.
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