The New South Wales economy has continued to prove resilient in the face of global economic headwinds, according to the latest ANZ Stateometer report which measures economic activity across Australia.
Despite a decline in the NSW Stateometer’s labour component, it remains above trend and continues to reflect tight conditions in the State’s labour market.
NSW Treasurer Matt Kean said although there are significant headwinds, the NSW economy continued to hold strong.
“It is heartening to see NSW continue to show tremendous resilience in the face of significant global economic challenges,” Mr Kean said.
“Despite interest rate rises and high inflation, trade and labour components of the Stateometer remain strong as evidenced by our 3.1 per cent January unemployment rate.
“This just shows again that the fundamentals of our economy are solid, placing us in good stead to withstand current headwinds and emerge in great shape.
“The Liberal and Nationals’ careful management of the economy will ensure that the State continues to move forward despite these challenges. The risks of Labor have already been seen through their misleading funding announcements that have hidden the true cost of their reckless policies.”
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