Report on NSW Economy

New report on NSW economy in 2020: bigger, smarter, global and greener 17 Sep 2010 NSW Treasurer and Minister for State and Regional Development Eric Roozendaal today released a new report analysing what the NSW economy will look like in 2020. The NSW economy in 2020: A foresighting study was released during the second day of National Economic Review: Australia’s Annual Growth Summit at NSW Parliament House. About 100 leaders of business, government and academia attended the two day Sydney summit. “The $400 billion NSW economy is the engine room of the Australian economy - and we will continue to drive our nation’s growth,” Mr Roozendaal told the summit. “The resilience of the NSW economy is clearly evident in the recovery phase from the financial downturn. “The latest ABS data is clear - NSW has now enjoyed six consecutive quarters of economic growth. The same can’t be said for Victoria, Queensland or Western Australia. “By 2020, the NSW economy will be bigger, smarter, greener and global. “It will be characterised by high skilled and high value-added industries. Our goal is for NSW to be internationally recognised for its innovation, productivity, knowledge intensity, and carbon efficiency.” The 10-year foresighting study, prepared by Access Economics, forecasts that by 2020: The NSW economy will have grown over 30 per cent Our workforce will expand from about 3.5 million to 3.9 million people The State's population will grow from about 7.1 million to 8 million people; and The average age of NSW residents will have increased from 39 to 41. The 2020 report identifies four key ‘mega-trends’ that will shape and drive the NSW economy over the next decade: Our transition to a low carbon economy The rapid development of our digital economy Demand and competition from emerging and growing economies, like China and India; and An ageing population. The Access Economics report says that: “The NSW economy is experiencing almost two decades of uninterrupted economic growth, despite the immediate turbulence of the global financial crisis. “This growth has driven up incomes and living standards and has helped underpin the development of a modern, globally-integrated and dynamic economy.” The NSW Government will soon release a Business Sector Growth Plan in response to the Access Economics study to build on NSW strengths, leverage our competitive advantages and capitalise on emerging opportunities. This document will outline multiple strategies to grow NSW businesses over the next decade and beyond. Mr Roozendaal said the NSW Government’s vision is that by 2020, the NSW economy will be: more globally connected characterised by high-skilled and high value-added industries; and internationally recognised for its innovation, productivity, knowledge intensity, and carbon efficiency. The NSW economy in 2020: A foresighting study is available at:

http://www.business.nsw.gov.au/NR/rdonlyres/57EDFA77-D284-4D16-87BA-1DAAF2A6DEAA/0/nsw_economy_2020_20100917.pdf