NSW manufacturers to ‘thrive’ following $80b construction funding

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State treasurer Dominic Perrottet has said New South Wales industries will continue to drive the national economy after announcing an unprecedented $80.1 billion infrastructure investment.

The funding is the largest program ever undertaken by an Australian state, which Perrottet believes will help manufacturers thrive over the next four years.

The state’s overall unemployment rate has fallen to 4.6 per cent in late 2017, according to the NSW Government half-yearly budget review, which was held in Sydney on Thursday morning.

By August this year, it states that 7,100 jobs were added in the non-residential construction industry, with more than 80 per cent of the 219,000 new jobs added since April 2015 covering full-time employment.

“Unlike other states, we are in a very strong position because we have got a very diversified economy,” Perrottet told reporters.

“One of the most pleasing things about today’s jobs figures is that 80 per cent of those new jobs have come from full-time employment.

“To put that into perspective, looking at the jobs growth around the rest of the country, only 42 per cent are in full-time employment outside New South Wales.

“So, the best thing that we can do in New South Wales is have the conditions for businesses to thrive across all industries, including manufacturing, agriculture, tourism and the like.”

Perrottet said that the state’s construction boom has led to jobs growth in professional and technical services, including engineering design, architecture and surveying, as well as manufacturing.

“Over the past 12 months, we have seen our diversified economy improve as the engine room of the nation’s economy,” he said.

“Construction is a key part of that and, if you look at nine per cent of the jobs in construction, there is no doubt that is where the key development has been in the jobs space.

“Thanks to the strength of the labour market, that has obviously translated in terms of our forecasts for tax and revenue over the next four years.

“We want our state to grow and that means that we want our regions to grow as well as our cities. There has been a significant investment in New South Wales in making sure we drive economic activity in our regional centres.”