Once again NSW is ranked the worst on economic indicators, with new figures released by the Australian Bureau of Statistics demonstrating the State is only limping out of recession, Shadow Treasurer Mike Baird said today.

“Eric Roozendaal may get excited by his ‘green shoots’ rhetoric, but today’s statistics show it was his broken Labor Government that scorched the earth of the NSW economy to begin with,” Mr Baird said.

“According to today’s figures from the ABS*, not only was NSW the slowest growing State this year, NSW has been slowest growing State over the past 10 years,” he said.

“Average annual compound growth of Gross State Product (GSP) in NSW was 2.1 per cent over the past decade and a mere 0.2 per cent over the last financial year.

“Meanwhile Queensland has been charging ahead, at 4.7 per cent average annual compound growth in GSP in the past 10 years.

“NSW was also the only State to show a drop in household spending, down 1.5 per cent over the past financial year.

“The Treasurer likes to spin his cute one liners but today’s statistics show families and businesses across NSW are doing it tough.”

The ABS’s Australian National Accounts: State Accounts published today reveals:

• Gross State Product in NSW grew 0.2% over 2008-09 – the lowest of any State;
• Average annual compound growth rate for GSP over the last 10 years in NSW was 2.1% – the lowest of any State;
• NSW was the only State to show a drop in household final consumption expenditure at -1.5% over 2008-09;
• NSW had the weakest private gross fixed capital formation – up 0.5%.

“Labor incompetence and mismanagement comes at a cost and these numbers show that NSW has the worst management team in the country,” Mr Baird said.

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