Tues 28 April: The latest Access Economics Business Outlook Report released today is depressing reading for the people of NSW as it details the sorry tale of the economic failings of the Rees Labor Government, Shadow Treasurer Mike Baird said today.

‘Bad policies and bad luck dogged the Premier State for a long time, but 2009 should prove close to being as bad as it gets’.

‘There is no state economy in worse shape in Australia right now than NSW.  Its economic landscape more closely resembles somewhere in the UK or the US, and it almost seems like economists are searching through the rubble looking for businesses with a pulse’. (Access Economics, Business Outlook, p.95)

“The report is a damning indictment of Labor’s economic mismanagement, not just in response to the international financial problems, but over the past decade, and for Treasurer Roozendaal to blame it on the financial crisis is a cop-out,” Mr Baird said.

“The report clearly shows that NSW was on a downward slide well before anyone had heard about the Global Financial Crisis,” he said.

“The tragedy is Labor’s poor financial management is costing people their jobs and homes, with NSW now topping the list of mortgage defaults.

“People can’t pay their mortgage because they don’t have a job and under Premier Rees more than 360 people a day are joining the NSW unemployment queue.

“With predictions the national unemployment rate could now reach 8.5 per cent, it is frightening to think what that will mean for NSW as our jobless figure is already way above the national rate at 6.9 per cent.   What is the Rees Labor Government doing to assist them – nothing!

“We can see clearly in the Access Economics Report which notes that in contrast to NSW, Victoria is ‘making solid efforts to replace lagging demand private demand with extra public infrastructure’ (Access Economics, Business Outlook, p.98).

“Unfortunately Premier Rees did the opposite, delivering a Mini-Budget which cut infrastructure and raised taxes.                                                   

“It’s essential the Rees Government now adopt the NSW Liberal/Nationals’ proposal for an immediate 15 percent reduction in payroll tax to breathe life back into the business community in NSW and help support jobs,” Mr Baird said.

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