MATTERS OF STATE with TROY GRANT MP Member for Dubbo
25 March 2013
As we approach the half way mark of the term it is worth undertaking an assessment of how the NSW economy is travelling under the stewardship of the Liberals and Nationals. For instance, the NSW Government has achieved the strongest jobs growth of any state in the nation since March 2011 with 98,600 jobs created under this administration. Since coming to office, the O'Farrell Stoner Government has created more jobs than any other state in the country. We are very close to reaching our election commitment of creating 100,000 new jobs in the term. Aside from Western Australia which has benefited from the resources boom, NSW has added 50 per cent more jobs than Victoria, Queensland, South Australia and Tasmania combined. In the past month alone, 22,000 jobs were created for the people of NSW. This is in stark contrast to the jobs growth experienced under Labor which registered the slowest rate of growth for any state over the last decade. The latest release of Australian Bureau of Statistics Labour Force figures indicate that the unemployment rate in NSW has been below the national average for over a year and remains the second lowest of all the states. Under Labor the unemployment rate was on average 0.4 per cent higher than the national rate during its last 5 years in office. Since the O’Farrell Stoner Government was elected, the unemployment rate has been below the national average by 0.2 percentage points. Despite a slight increase in the unemployment rate last month, it remains at a relatively stable and historically low standard while the employment participation rate has increased. The Liberals and Nationals remain focused on creating job opportunities, restoring confidence and rebuilding the NSW economy. An increase in consumer confidence and an ambitious infrastructure program will help support the creation of thousands of additional jobs, providing a further boost to the economy. The NSW Government will continue to encourage businesses to take advantage of the Jobs Action Plan, which provides payroll tax rebates for 100,000 new jobs for our State. When we came to government, NSW economic growth had been the slowest of all states in the nation for a decade. It is now the second strongest performer on a quarterly and annual basis. NSW state final demand growth over the year to the September quarter was 2.9 per cent. Growth over the year was broadly based with solid contributions from consumer spending and business investment. Growth in NSW is consistent with budget forecasts and remains the second highest of all the states behind Western Australia. During the past two years this government has invested in the key levers of economic growth, infrastructure and housing, and set the path for recovery. While all Labor States have had their credit rating downgraded, NSW has kept the highest AAA rating. We have managed finances responsibly, ensuring that for the first time in 17 years, expenses have come in below target in the NSW Budget. Upon coming to office the Liberals and Nationals inherited an economic legacy where the State finances were unsustainable and expense targets had been consistently ignored. Indeed if the former Labor Government had kept to its Budget over its 16 years in office, NSW would be $20 billion better off. On coming to government, net debt was forecast at $55 billion, there was an infrastructure backlog of at least $30 billion, and NSW was on the edge of losing its AAA credit rating, which had it occurred would have cost $3.75 billion over 10 years. The NSW Budget will remain in deficit this year and next to the tune of $1.2 billion according to the latest Budget outlook confirmed by the Auditor General. This is in large part due to the economic legacy left behind by Labor. While the move to surplus in 2014-15 is positive, NSW still has a massive backlog in service and infrastructure provision, so responsible spending remains critical to our economic recovery. It should not be forgotten that before the last State Budget, NSW also lost $5.2 billion in GST revenue courtesy of the Gillard Labor Government. The NSW Government’s action to control expenses is working. Although savings measures are not easy, they have enabled us to put more on the frontline including more than 3,000 new nurses, 520 new teachers and 290 new police. In terms of business confidence it was the lowest of any state among small-medium businesses for most of the past five years under Labor. It is now above national average among small-medium businesses. Our business confidence is the third highest of all states according to a recent NAB survey while regional business confidence is the second highest in nation according to a Sensis survey. In terms of retail trade, Labor recorded the lowest average annual rate of any state. In January we had the second strongest retail performance of all the states. We have since recorded the highest number of new home approvals over a 12 month period since December 2005. More housing under the Building the State package, loans for purchase and construction of new homes increased 18.4 per cent compared to same period last year. NSW has experienced substantial growth in investor housing finance approvals with an explosive rise in the financing of dwelling construction and significant growth in financing for dwellings purchased by individuals and businesses. Housing supply stocks were the lowest number of new dwelling starts per capita for past five years under Labor. Under NSW Labor the State’s economy performed at the back of the pack. Jobs growth was the lowest of any State over past decade, unemployment rate was higher than national rate, economic growth was the slowest of any State over past decade, confidence was the lowest of any State for most of last five years, housing registered the lowest growth of new dwellings per capita for last five years. Under the NSW Liberals and Nationals the State’s economy is improving with more economic growth. We have provided payroll tax rebates as an incentive for business to create new jobs. We are delivering on our commitment to rebuild the economy, with more jobs, more growth, and more confidence for the people of NSW.
Steve Thompson
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