Recently, New South Wales’ largest business organization reacted to the report by CommSec that ranked the state last on the basis of the current economic growth. The organization got furious about the report doing the round of late and is claiming that the report is misleading how the state is actually performing currently.
New South Wales’ economy is the largest and has always been considered as one of the most diversified economies in Australia. But, the latest ranking aroused its government and NSW Business Chamber to save the state from being called as Australia’s worst economy. It is true that the state is facing a political instability over the recent years, but this does not mean that its adverse effect are also on its economy- New South Wales’ economy is still doing good as opposed to critics’ views, asserted CEO of NSW Business Chamber, Stephen Cartwright!
According to the CEO, the CommSec report is misinterpreting the current economic state of New South Wales. He further confirmed that the state is in fact doing well despite the global financial crisis. The impact of the economic meltdown and high Australian dollar did not affect its economy. In spite of the global unfriendly and unfavorable economic condition, New South Wales is capable of growing, creating employment opportunities and retaining its AAA credit rating!
Indeed, New South Wales have always played an important role in Australian economy. But, according to the report published by CommSec, the state is legging behind in certain key economic facets, such as construction work and employment. The very report placed Western Australia and ACT at the top positions when it comes to their economic performances!