Access Economics latest Business Outlook report has identified New South Wales as the worst performing state economy in Australia.
The state is in bad shape, but will come as no surprise to residents, with bad Government policies dogging the state for some time.
According to Access Economics NSW commercial construction is weak, and the pace of housing construction is low.
The report also indicated rising unemployment and falling business and consumer confidence has contributed to the poor state of the economy.
Shadow Treasurer Mike Baird has said that poor Government policies are driving the state into the ground.
“It’s no surprise, when you look at the financial mismanagement we have seen for the past 13 years, this state is in the worst possible state and it comes about because the Labor Government has taken money for today and completely forgotten about tomorrow.”
A study compiled by University of Western Sydney’s Urban Research Centre has echoed these sentiments as a number of Sydneysiders are defaulting on their mortgages as unemployment rises; with the majority of defaults occurring in Sydney’s West. (Read the full story here).
NSw Treasuer Eric Roozendaal was quick to point out that it is no surprise NSW is in such a bad state, because, “half of the financial sector is based in NSW and half of the service sectors are based in NSW” and they are “feeling the full brunt of this global recession.”