The Business Council of Australia is calling on the Rudd Government to help pull the poor performing NSW economy out of trouble with a “radical” intervention.
The state’s economy is in dire need of repair, with the once “premier state” sinking in key indicators of economic health including growth, business, investment, jobs, home building and wages.
The Business Council of Australia, is calling on the Rudd Government to intervene, before the NSW state budget, due on June 16, is announced.
A Herald report has found NSW now contributes less than 32 percent of the country’s economic production, and the state’s share in new business investment and new home building activity has slumped dramatically. NSW jobless rate remains one of the highest in the country.
The council’s chief executive, Katie Lahey said NSW poor performance may hinder the Federal Government’s ability to lift Australia out of recession.
“Under normal circumstances NSW is the power house of the economy; it is about a third of the economy and it is the face of Australia internationally and there is a lot of concern about the capacity of the Government here to be able to deliver and support a growth platform.”
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