NSW’S economy steaming ahead
NSW has further cemented its place as the number one state for business, with new figures released on Thursday showing capital expenditure in NSW was the highest in the nation for the first time in more than a decade.
Capital expenditure in NSW reached $6.9 billion in the June quarter in real terms – higher than any other state for the first time since 2005. In annual average terms, capital expenditure in NSW increased by 0.4% while in the rest of Australia it declined 13%.
NSW Treasurer Dominic Perrottet said the figures from the ABS – which cover capital expenditure in equipment, factories and other buildings – showed capital expenditure in the rest of Australia remained in decline.
“Businesses do not invest for the sake of it; they invest because they are confident in their trading conditions, confident in their outlook, and confident in their government,” Mr Perrottet said.
“Our economy is steaming ahead and businesses are voting with their feet.”