Retail boosts NSW economy

shopping, retail, emporium, centreBuoyant retail and housing construction sectors are largely to thank for NSW being named the nation’s best performing state economy, Treasurer Andrew Constance says.

The latest CommSec State of the States report, released on Monday, ranked both the NSW and NT economies in first place.

Western Australia, which held top place for three years until late last year, fell to third, followed by Victoria in fourth and Queensland in fifth.

Tasmania was last on the list.

Constance said it was pleasing to see NSW take top spot in the report.

He also used the occasion to reiterate the government’s call to relax Boxing Day trading hours in the retail sector.

“We’re seeking a mandate as part of the election to deregulate retail trading on Boxing Day,” he said.

“It’s an enormous disadvantage to the retail sector.”

He described more flexible Boxing Day trading hours as “an opportunity for employees to work on what will remain a public holiday, but at the same time it gives business the option”.

He said such a change would give business “greater support” through the festive trading season.

“The state government continues to invest in housing, jobs and in particular public infrastructure,” Constance said.

“It’s very pleasing to see the fact that NSW has been reaffirmed again as the number one state … driven by retail, driven by housing construction.”

The report, published quarterly, ranks the states and territories on eight key measures, including economic growth, unemployment, retail spending, housing finance and population growth.

NSW came out on top thanks to population growth and healthy home building responding to a shortage of housing, the report found.

AAP

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