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Figures released by CommSec today graphically show how far NSW has fallen behind the rest of the country, Shadow Treasurer Mike Baird said today.
“What we see today is the result of a decade of poor management – NSW is not only trailing the rest of the country, but it is literally on a different continent,” Mr Baird said.
“It is quite clear now, without the mist of Government spin, that the NSW economy has been scorched for the past decade.”
The latest CommSec State of the States report ranks NSW last in key economic indicators such as home building starts, construction work, unemployment and economic growth.
"A decade of economic mismanagement has seen NSW record the lowest growth, highest unemployment and lowest level of new dwellings across Australia,” Mr Baird said.
“Home building starts in NSW over the last financial year fell to the lowest level they have been in 56 years.”
Chief Economist at CommSec, Craig James, told the Daily Telegraph that NSW needs “significant government leadership to pull together the construction sectors”.
“The distance NSW has fallen behind the rest of the country should be a matter of outrage for everyone in NSW,” Mr Baird said.
"The ultimate cost of this incompetence is reduced health services, less public transport and infrastructure that fails to progress from announcements on the evening news.
“This independent report shows the State Labor Government has no economic credibility and NSW residents are paying the price.
"This is a Government that is too distracted by infighting to respond to the global financial crisis or act on the looming housing crisis.
"Businesses are avoiding investing in NSW because taxes are uncompetitive and regulation is high.
"That is why the priority of a Liberal/Nationals Government would be restoring confidence in businesses across the State through measures such as our payroll tax plan that would help investment, employment and restore our economy.”
MEDIA: Lisa Harrington - 0406 726 880
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