Economy of New South Wales
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The economy of
External | |
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Exports | A$120.3 billion (2021/22) [1] |
Export goods | Coal, Gold, Wheat, Aluminium, Refined Petroleum, Beef, Meat (Excl. Beef), Medical Instruments, Measuring & analysing instruments, Oil-seeds & oleaginous fruits (Soft). |
Main export partners | Japan 28.7% South Korea 9.1% Taiwan 7.8% China 5.9% United States 5% |
Imports | A$187.1 billion (2021/22) [3] |
Import goods | Telecom equipment & parts, Refined petroleum, Computers, Medicaments (incl veterinary), Goods vehicles |
Main import partners | China 29.7% United States 10.5% Japan 5.0% South Korea 4.7% Germany 4.5% |
All values, unless otherwise stated, are in US dollars |
Economic history
Aboriginal Australians generally lived within a hunter-gatherer economic system. The European settlement of New South Wales began in 1788 as a convict economy, with human capital hired out to private entrepreneurs, and government and the military dominating the colony.[4][5] Successive commodity booms (and busts) in whaling, sealing, wool, gold and wheat characterised the 19th century and fostered a thriving colonial capitalism.
Revenue
At the time of
The loss of income-tax collection meant NSW became totally dependent on Federal Government funding in order to deliver the services it was constitutionally entitled to do (e.g. health, primary/secondary education, transport). It also forced a greater reliance on indirect taxes - such as
Australia's largest economy
NSW has the largest economy of any state in Australia, valued at $660.6 billion in 2021-22 or approximately 30.6% of Australia's
The NSW Economy alone would place itself 37th largest economy in the world, above countries such as Denmark, South Africa, and New Zealand.[6] Per Capita it places 19th, beating Germany, the UAE, The United Kingdom, and New Zealand.[6]
NSW has a diversified and knowledge intensive economy. In the 2012-13 Fiscal year, it accounted for:[7]
- 46.1% of the finance and insurance industry
- 35.7% of the administrative and support services Industry
- 44% of the communicationsindustry
- 34% of the manufacturing industry
The state boasts a highly trained multilingual workforce, with more than half of its residents aged 15–74 tertiary qualified, and 22% of the population speaking another language than English at home. [8]
In 2019-2023 just over 116,000 new companies registered in
NSW also has the largest number of total companies registered at 786,403 compared to 630,888 in Victoria and 443,729 in Queensland.[9]
While the Greater Sydney area contributes to the majority of the NSW economy, regional NSW produces one fifth of the states total GSP.[11] A large portion of this is dedicated to agriculture with 81% of all NSW land dedicated to agricultural use.[12]
Future Investment
In 2021 the government department 'Investment NSW' was created with the purpose to:[13]
- Boost research and development
- foster start-ups and innovations
- Grow priority sectors and precincts
- Attract global talent and investment
- Export to the world
As of September 2023, Investment NSW lists priority sectors as:[14]
- Manufacturing
- Agrifood
- Clean Economy
- Technology
- Health and life sciences
- Defence and aerospace
- International students
The 2023-24 NSW budget shows a commitment to continued investment into essential services, Education, Transport infrastructure. Along with a major focus on reducing state debt after a major increase from 2019 due to the Covid-19 Pandemic.[15]
Exports
In 2021-22, NSW recorded A$31.1 billion or 51% of Australia's total services exports.[16]
In 2021-22, total goods and services exports from NSW amounted to $120.3 billion, with the five largest exports being:[16]
- Coal: A$41.5 Billion
- Education-Related Travel: A$7.5 Billion
- Computer & Information Services: A$5.1 Billion
- Professional & Management Consulting Services: A$4.44 Billion
- Gold: A$4.42 Billion
NSW goods exports for 2021-22 were worth A$89.2 billion, while services exports were worth A$31.1 billion. While goods imports for the same time period were worth A$150.9 billion, and services imports worth A$36.1 billion. Meaning in 2021-22 NSW imported A$66.7 billion more in total than it exported. This total accounts for 20.2% of total Australian exports, and 40.6% of Australian imports.[16]
Agriculture
Agriculture is spread throughout the eastern two-thirds of New South Wales.[17]
The cotton industry is centred in the Namoi Valley in northwestern New South Wales.[28]
On the central slopes, there are many orchards, with the principal fruits grown being apples, cherries and pears. However, the fruit industry is threatened by the Queensland fruit fly (Bactrocera tryoni) which causes more than $28.5 million a year in damage to Australian crops, primarily in Queensland and northern New South Wales.[29]
Approximately 40,200 hectares (99,000 acres) of vineyards lie across the eastern region of the state with wines produced in the Hunter Valley with the Riverina being the largest wine producer in New South Wales.
As with the entire world, the most popular rodenticide is warfarin although some warfarin resistance is found here.[33] DPI recommends rodenticides including alternatives for resistant targets.[33]
About half of Australia's timber production is in New South Wales. Large areas of the state are now being replanted with eucalyptus forests
Under the Water Management Act 2000, updated riparian water rights were given to those within NSW with livestock. Under the Act, "an owner or occupier of a landholding is entitled to take water from a river, estuary or lake which fronts their land or from an aquifer which is underlying their land for domestic consumption and stock watering without the need for an access licence."[34]
40% of Australia's
The Flow Hive was invented here and the company is operated here.[36]
In the late 1970s, drug resistance had become so severe that the government convened a committee to advise them.
See also
Data
Recent Economic Indicators | 2020/21 | 2021/22 |
---|---|---|
Estimated Resident Population | 8,095,430 | 8,130,115 |
Real Gross State Product growth (%) | 2.6 | 1.8 |
Real GSP per head growth (%) | 2.5 | 1.6 |
GSP (current prices) (A$m) | 649,173 | 697,364 |
Proportion of Australian GDP (%) | 31.2 | 30.2 |
Change in real final demand (%) | 4.4 | 3.4 |
Unemployment rate (%) | 6.1 | 5.0 |
References
- ^ a b c d Australian Bureau of Statistics (ABS) (18 November 2022). "Australian National Accounts: State Accounts, Cat. No. 5220.0, Canberra". Retrieved 19 September 2023.
- ^ Australian Bureau of Statistics (ABS) (14 September 2023). "Labour Force, Australia". Retrieved 19 September 2023.
- ^ Market Information and Research Section DFAT (December 2022). "New South Wales (fact sheet)" (PDF). Based on DFAT STARS database and ABS catalogues 3101.0, 5220.0, 5368.0, 5368.0.55.003/4 and 6202.0. Archived from the original on 12 May 2022. Retrieved 19 September 2023.
{{cite web}}
: CS1 maint: bot: original URL status unknown (link) - ^
"Proof of history's rum deal". The Sydney Morning Herald. 28 January 2006. Retrieved 25 November 2020.
The early governors wanted to keep NSW as a large-scale open prison, with a primitive economy based on yeomen ex-convicts and run by government fiat.
- ^ "1788 to 1810 - Early European Settlement". www.parliament.nsw.gov.au. Retrieved 22 October 2023.
- ^ a b c "Basic Data Selection - amaWebClient". unstats.un.org. Retrieved 20 September 2023.
- ^ "Industry structure - Industry sectors". NSW Department of Industry. 22 November 2019. Retrieved 20 September 2023.
- ^ a b "Industry strengths and capabilities - Industry sectors". NSW Department of Industry. 22 November 2019. Retrieved 20 September 2023.
- ^ a b "Counts of Australian Businesses, including Entries and Exits, July 2019 - June 2023 | Australian Bureau of Statistics". www.abs.gov.au. 22 August 2023. Retrieved 20 September 2023.
- ^ "Technology in NSW". www.investment.nsw.gov.au. Retrieved 22 October 2023.
- ^ NSW, Department of Regional (3 February 2020). "Regional NSW Today | NSW Government". www.nsw.gov.au. Retrieved 20 September 2023.
- ^ "Agrifood". www.investment.nsw.gov.au. Retrieved 20 September 2023.
- ^ "About Investment NSW". www.investment.nsw.gov.au. Retrieved 20 September 2023.
- ^ "Priority Sectors". www.investment.nsw.gov.au. Retrieved 20 September 2023.
- ^ "Overview: Our plan for NSW | NSW Budget". www.budget.nsw.gov.au. Retrieved 20 September 2023.
- ^ a b c d https://www.dfat.gov.au/sites/default/files/nsw-cef.pdf
- ^ Channels, NSW Government Digital (20 January 2020). "Key facts about NSW | NSW Government". www.nsw.gov.au. Retrieved 22 October 2023.
- ^ "Wheat". NSW Department of Primary Industries. 10 July 2022. Retrieved 10 July 2022.
- ^ "New South Wales". Australian Department of Agriculture, Fisheries and Forestry.
- ^ "Wheat". Aegic | Australian Export Grains Innovation Centre. Sydney & Perth. 8 March 2021. Retrieved 15 July 2022.
- S2CID 201081742. Retrieved 10 July 2022.
- ^ "Wheat". Australian Department of Agriculture, Fisheries and Forestry. 15 October 2020. Retrieved 15 July 2022.
- NSW Department of Primary Industries. 13 February 2007. Retrieved 15 July 2022.
- ^ PMID 22920559.
- ^ Agricultural Production Archived 7 May 2008 at the Wayback Machine Retrieved on 7 March 2009.
- ^ Agriculture – Overview – Australia Archived 21 May 2013 at the Wayback Machine
- ^ https://www.dpi.nsw.gov.au/__data/assets/pdf_file/0005/457592/Wool-profile-central-west-region.pdf
- ISSN 0016-7487.
- ISSN 0261-2194.
- ^ "From paddock to plate". Tourism New South Wales. New South Wales Government. 1 July 2003. Archived from the original on 3 February 2009. Retrieved 7 March 2009.
- ^ SMH Travel - Scone Retrieved on 7 March 2009
- ^ ISSN 1036-7551. Retrieved 7 August 2022.
- ^ ISBN 978-1-74256-546-0. Retrieved 7 August 2022.
- ^ "Domestic and stock rights". NSW Department of Primary Industries, Office of Water. 15 August 2014. Archived from the original on 24 March 2015. Retrieved 9 April 2015.
- ^ a b
- • "Lucerne". NSW Department of Primary Industries. 27 July 2022. Retrieved 27 July 2022.. 11 January 2019. Retrieved 27 July 2022.
- • "Lucerne". AgriFutures Australia
- • "Lucerne".
- ^ "Flow Hive". Flow Hive. Retrieved 13 July 2022.
- ^ S2CID 37754728.
External links
- Agriculture - Statistics - New South Wales
- Economical and Financial Statement Morris Iemma MP 23 February 2006.