The future looks brights for New South Wales

Today the NSW Premier, the Hon Gladys Berejiklian presented at the Committee for Economic Development of Australia (CEDA)State of the State seminar. Here’s what the Premier had to say.

The NSW Government continues to focus on investing in the social infrastructure across NSW. This will continue to be a key priority for the Government going forward along with addressing the issue of housing affordability. The NSW economy continues to grow faster than 30 other OECD nations. This is having a signifcantly positive impact on the Australian economy. Furthermore, a cash surplus places NSW in a unique position when compared to other western democracies.

The NSW Government is committed to continuing to focus on reducing back office costs across Government agencies as well as addressing wage reform. The NSW Government continues to is focus on reinvestment in infrastructure which the Premier argues has a net worth of $250 billion. This exceeds sending in Queensland and Victoria combined. The NSW Government is committed to $73 billion on infrastructure, of which a third will be committed to NSW rural and regional areas.

The Premier was pleased to announce that business investment up by 10% with 370,0000 new jobs created in NSW, of which 75,000 are based in regional NSW. International and domestic tourism continues to support the State’s growth with visitors increasing from 2.5 to 4.0 million. The NSW Government continues to invest in the public sector with 5,000 new teaching positions. The key consideration for the NSW Government going forward include:

  • Ensuring the rate of growth keeps pace with population growth.
  • Reducing red tape across all parts of government continues to be a key focus, recent reductions are delivering benefits
  • Investment on TAFE is a key priority for supporting the State’s vocational education commitments, especially agribusiness and high-intensity manufacturing
  • The establishment of an innovation hub to support the incubation of new initiatives across NSW.

The Premier acknowledged the need to reform Federalism. With NSW a significant contributor to the economy, it was time to look at a “bilateral relationship” with the Federal Government.

The need for GST reform is also a key priority, with NSW receiving $19 billion less in GST revenue over the next four years. The diversity of the NSW economy is a significant benefit to Australia’s future prosperity, therefore, the need for GST reform need to be addressed.

Questions

  • What is the Government’s focus on rural regional investment? The Premier confirmed that a third of infrastructure investment is committed to regional NSW especially hospitals. This is in line with the Government commitment to strengthening and growing regional centres. The NSW government is committed to ensuring each community in NSW benefits from the investment and prosperity.
  • What’s the Government response to the diabetes epidemic; The Premier acknowledged the significant impact increasing rates of diabetes are having on the NSW community and recognised the need to explore therapies and education strategies for addressing the epidemic. Ms Berejiklian acknowledged that many health districts have banned sugary drinks in their canteens and cafeterias part of the fight against diabetes.
  • What is the Government commitment to the Western Sydney growth zone; The Premier acknowledge the importance the Western Sydney economic growth zone will play in supporting the economy. The premier reflected on the interest for an international research institution to establish research centred within the Badgerys’s Creek percent, especially health and education.

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