NSW economy set to contract by 10 per cent, treasurer warns

Sydney: Treasurer Dominic Perrottet will reveal the New South Wales economy is expected to contract by 10 per cent this financial year.

Mr Perrottet will deliver an economic update to NSW Parliament this week in lieu of handing down the state budget, which has been delayed because of COVID-19.

Earlier this month figures from the Bureau of Statistics showed the NSW economy shrank by 1.5 per cent in the March quarter and at that time the Government warned there would be further severe economic consequences.