It’s hard to believe that Australia’s most populous State and home of Sydney (the Year 2000 Olympic City) is the worst performing economy in the country. New South Wales is in trouble and has been for some time.
The latest in a string of disappointments for the State was the last place ranking in the CommSec report released on Monday January 11, 2010. The report examined all 8 Australian States and Territories and awarded equal first place to Western Australia and the Australian Capital Territory.
The survey examined key economic indicators including home building starts, construction work, population growth, unemployment, economic growth, retail spending and exports. New South Wales has all but stood still since the Olympics in 2000 and is in desperate need of new housing starts and unemployment levels are much higher than trend averages. As the World’s 5th most expensive city, as ranked by the Economist Intelligence Unit, its appeal is further diminishing.
Australia is a wonderful country to live and there are few cities in the World who can boast the natural beauty of Sydney. It’s time for our leaders in New South Wales to have vision and purpose – something that has been missing for over a decade.