This dashboard provides a snapshot of the key economic indicators for the NSW economy.
These measures are used to assess the economic performance of NSW and are regularly updated to reflect the most recent data (March 2024).
NSW State Final Demand Growth
State final demand (SFD) is a measure of economic demand for goods and services in the economy. This measure excludes international and interstate trade as well as changes in inventories. SFD growth softened over 2023 following the post-COVID recovery as higher interest rates increased pressures on household budgets.
Source: ABS 5206.0 (seasonally adjusted, quarterly)
NSW Wage Price Index Growth
The Wage Price Index measures changes in wages paid by employers while holding the quality and quantity of work constant. Tight labour market conditions have helped to support stronger WPI growth, following a period where growth was below the pre-COVID decade (December 2009- December 2019) average of 2.6 per cent.
Source: ABS 6345.0 (original, quarterly)
Sydney Consumer Price Index Growth
The Consumer Price Index (CPI) measures changes in the price of a fixed basket of goods and services. Growth in Sydney’s CPI has come off its peak of 7.6 per cent in the December quarter 2022 but this, along with national CPI, remain above the Reserve Bank of Australia’s 2-3 per cent target.
Source: ABS 6401.0 (original, quarterly)
NSW New Residential Building Approvals
NSW residential building approvals (on a moving 12-month sum basis) have been subsiding since the end of ‘Homebuilder’ driven support during 2021 and are below their decade average levels. Attached and multi-units currently make up around half of all approvals.
Source: ABS 8731.0 (original, monthly)
NSW Employment Growth
Employment growth is impacted by both cyclical and structural changes in the economy. The post-COVID economic recovery supported a period of strong employment growth in New South Wales, which has since eased to be closer to the pre-COVID decade (February 2010-February 2020) average of 1.8 per cent.
Note: Gap in the trend series is due to large month-to-month changes during the COVID-19 pandemic.
Source: ABS 6202.0 (monthly)
NSW Participation Rate
The participation rate is the proportion of the civilian population over 15 years of age currently employed or actively seeking employment. Tight labour market conditions have encouraged elevated rates of participation since mid-2022.
Note: Gap in the trend series is due to large month-to-month changes during the COVID-19 pandemic.
Source: ABS 6202.0 (monthly), 2021-22 NSW Intergenerational Report
NSW Unemployment Rate
The unemployment rate is the share of the labour force not currently employed but actively seeking employment. The NSW unemployment rate has come off its recent low of 3.0 per cent in June 2023 however remains below NSW Treasury’s estimates of full employment (4.0 per cent).
Note: Gap in the trend series is due to large month-to-month changes during the COVID-19 pandemic.
Source: ABS 6202.0 (monthly)
NSW Nominal Retail Trade Growth
Retail trade accounts for about a third of household consumption, which in turn is the largest component of Gross State Product. Having risen strongly during the COVID pandemic, cost-of-living pressures have seen the pace of growth in retail trade slow to below the pre-COVID decade (February 2010-February 2020) average of 3.6 per cent per year.
Source: ABS 8501.0 (monthly)
NSW Estimated Resident Population
The NSW population is currently growing at above its long-run annual average growth of 1.1 per cent, fuelled by strong overseas migration. This follows weakness during COVID when international borders were closed. Population growth is expected to gradually slow to an average 0.8 per cent per annum by 2061.
Source: ABS 3101.0 (original, quarterly), 2021-22 NSW Intergenerational Report
Last updated: 09/04/2024
