The NSW government’s role as the financial managers of the state’s economy is to ensure a growing economy that provides an improved standard of living for the people of NSW in the coming decades.
NSW’s Chief Economist Stephen Walters prepared the NSW 2040 Economic Blueprint which outlines how the state plans to leverage a skilled workforce, innovative industries, an expanding Western Sydney along with well-connected cities to grow the state’s economy.
A key prediction from the NSW Economic Blueprint is the state’s annual output, that’s currently at $630 billion, will reach $1 trillion by 2030 and $2 trillion by around 2040 as consumer demand from Asia’s fast-growing middle-classes to boosts exports to a predicted 3 billion ‘local’ Asian market.
“The blueprint sets the tone for NSW’s continued role as the engine room of Australia’s economy,” Mr Walters said, and outlines 39 recommendations, including 13 to be considered immediately.
The Blueprint was launched by the Treasurer on 20 November 2019 and identifies challenges and risks and highlights major opportunities for the NSW Government to grow industries, innovate and improve the NSW economy by utilising seven ‘levers’ to help guide the state’s economic growth and future prosperity. The seven levers are:
- Lever 1: Human capital
- Lever 2: Institutions
- Lever 3: Fiscal policy
- Lever 4: Infrastructure
- Lever 5: Innovation
- Lever 6: Energy and natural resources policy
- Lever 7: Industry development
We have continued to report on the large infrastructure projects in and around the Greater Western Sydney region which will help power the NSW economy into the next decade and well beyond.
The economic blueprint is designed to be a dynamic report that was prepared in consultation with an extensive network of stakeholders and outlines a range of key aspirations for NSW to reach by 2040 including:
- The nation’s first trillion-dollar economy
- Healthy, productive people
- Liveable and connected cities
- Productive, vibrant regions
- Innovative and world class businesses
- A sustainable environment with reliable and affordable energy
- Enhanced performance of government
The report highlights the fact that the NSW Government is already delivering Australia’s largest public infrastructure program and that the government should continue to invest in the key north-south and east-west links, overcome pinch-points that prevent use of higher productivity vehicles and decongest bottlenecks in the rail network – where freight movements conflict with passenger services in Sydney and other gateways – to make it easier for primary producers to reach overseas markets.