Is NSW the power house of Australian Economy?

We should be proud to live in the state of New South Wales (NSW). The state of NSW contributes more than 30% of the Australian gross domestic product. In terms of population, NSW is the home to more than 32% of Australia’s total population. In addition, almost 28.3% of its population is born overseas as opposed to the Australian average of 26.9%. The state of NSW has one of the best employment growths in Australia with one of the lowest unemployment rates in Australia. The financial and professional services constitute almost 20% of the state’ economy.

The NSW Government had done exceptionally well to make NSW one of the premier states. The last state budget was handed down on 17 June 2014. The budget forecasts a healthy surplus of $660 million in 2015-2016 and a stronger surplus of $2,155 million in 2016-2017.

In order to maintain NSW’s pole position, the budget has allocated $15 billion for infrastructure expenditure. The investment will include spending on major upgrades to Pacific Highway, North West Rail Link, WestConnex and South East Light Rail Link. Also, introduction of light rail system in Parramatta is one of the highlights of the state budget. There will be spending on major projects in health sector at Westmead, Gosford and St. George hospitals. There are a number of quality initiatives in this budget to promote health, education, tourism, housing sector and regional development.

Overall, the focus of the state government has been to provide solid platform for the growth of business and providing better opportunities for the people of NSW.

The Australian Chapter of the Institute of Chartered Accountants play an important role to further trade ties and promoting business between Australia and India. It’s members are involved in almost every aspect of the expanding business relations between these two countries. The Chapter is organising its high profile 3rd International Conference on 19 September 2014 in Sydney. The conference will be attended by high profile speakers in the world of business and finance.

By Raman Bhalla, CPA (Aus), CIMA (UK), CA (Ind), Bcom (Ind)

Sep 9 2014