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Blueprint to make NSW a trillion-dollar economy

By Cameron Micallef · November 21 2019
Reading:
egg

Invest

Blueprint to make NSW a trillion-dollar economy

By Cameron Micallef
November 21 2019
Reading:
egg
NSW

Blueprint to make NSW a trillion-dollar economy

author image
By Cameron Micallef · November 21 2019
Reading:
egg
NSW

NSW is expected to become the nation’s first trillion-dollar state in the next two decades, before doubling to $2 trillion after 2040, according to a blueprint released by the state’s Treasury.

The blueprint by NSW chief economist Stephen Walters outlined how the state can leverage a skilled workforce, innovative industries and well-connected cities to grow the state.

“The blueprint sets the tone for NSW’s continued role as the engine room of Australia’s economy,” Mr Walters said.

The blueprint outlines 39 recommendations, including 13 recommendations to be considered immediately.

State governments have seven main policy levers to improve economic performance – our human capital, institutions, fiscal policy, infrastructure, innovation, natural resource policy and industry development abilities. 

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The immediate recommendations include improving the performance of the vocational education and training system, better long-term infrastructure planning, and supporting the examination of the taxation system and the NSW Review of Federal Financial Relations.

The blue print highlighted that NSW’s strong finance and financial technology, as well as mining, education, tourism, events and the arts will continue to drive the economy.

Meanwhile, emerging industries – including manufacturing, food production, agriculture, aerospace and defence, space and hydrogen for fuel – will help support the economy. 

Finally, industries that serve the domestic needs, including cyber security, medical technology and waste management, will continue to evolve.

NSW Treasurer Dominic Perrottet said: “The future success of NSW is unlimited if we are prepared to back ourselves, innovate, build our skills and have both a domestic and global economic focus to attract investment and create the industries and jobs of the future.”

The report outlines seven key aspirations for NSW to reach by 2040:

  1. The nation’s first trillion-dollar economy
  2. Healthy, productive people
  3. Liveable and connected cities
  4. Productive, vibrant regions
  5. Innovative and world-class businesses
  6. A sustainable environment with reliable and affordable energy
  7. Enhanced performance of government
Blueprint to make NSW a trillion-dollar economy
NSW
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About the author

Cameron is a journalist for Momentum Media's nestegg. He enjoys giving Aussies practical financial tips and tricks to help grow their wealth and achieve financial independence. As a self-confessed finance nerd, Cameron enjoys chatting with industry experts and commentators to leveraging their insights to grow your portfolio.

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About the author

Cameron is a journalist for Momentum Media's nestegg. He enjoys giving Aussies practical financial tips and tricks to help grow their wealth and achieve financial independence. As a self-confessed finance nerd, Cameron enjoys chatting with industry experts and commentators to leveraging their insights to grow your portfolio.

Join The Nest Egg community

We Translate Complicated Financial Jargon Into Easy-To-Understand Information For Australians

Your email address will be shared with nestegg and subject to our Privacy Policy

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