According to a report released by Commsec in October 2014, New South Wales (NSW) now boasts the strongest economy of any of Australia’s states or territories. Commsec evaluated Australia’s six states and two mainland territories based on several indicators such as construction work, economic growth, equipment investment, housing finance, housing starts, population growth, retail spending and unemployment and considered New South Wales as the top economic performer in the country. Western Australia had been enjoying the strongest economic growth in Australia for the past three years, due in large part to the mining sector located there, but several factors have collectively helped propel New South Wales to the #1 economic position in the Land Down Under.
The report, issued by the investment branch of Commonwealth Bank, the largest bank in Australia, says that the building boom in Sydney and other locations in New South Wales have combined with low unemployment, low interest rates, a low Aussie (Australian Dollar) and increased consumer confidence to create a favorable economic climate in the state. The thriving construction industry in NSW has played a crucial role in boosting the economy, with housing starts in the state rising 36% above the decade average. High consumer confidence and low interest rates have helped to send retail spending soaring in NSW by 15.4% over the decade average for the state. A lower Australian Dollar has also helped to stimulate revenue generated by tourist spending in New South Wales. With many new jobs in Australia being created in NSW, the state has seen its population skyrocket to more than 7.4 million people (which further promotes economic growth). Many of the people who move to Sydney and elsewhere in NSW are skilled foreign workers who have been approved for Australian immigration.
In addition to its thriving economy, the residents of New South Wales enjoy a very high standard of living, including access to beautiful beaches and all that Sydney has to offer. Sydney is the largest city in Australia (population 4.7 million), famous for its iconic Opera House and scenic harbor, plus it was ranked as the 7th “Most Livable City in the World” by The Economist in August 2014. Whether you are looking for jobs in Australia, great educational opportunities or want to experience the laidback Aussie lifestyle, New South Wales has something for everyone. To learn more about how to apply for Australian immigration, click here!