20 October 2014
The CommSec report that puts NSW as the economic leader in Australia demonstrates that it is the development industry that is making the big contribution to the state’s prosperity, says the Urban Taskforce.
“The CommSec report measures the most recent quarter’s performance against the decade average and after a slow decade of economic performance it is good to see NSW now lifting its performance,” says Urban Taskforce CEO, Chris Johnson. “For NSW to be the most improved in so many economic areas is a good sign that the state is heading in the right direction. The figures also demonstrate that it is the risk taking development industry that is providing the lift in performance particularly in the area of housing starts.”
“The development industry needs a supportive regulatory environment to create the confidence for investment and NSW now has this positive environment.”
“While the trend figures are positive NSW cannot relax its reform process. NSW is the biggest state by population so it would be expected that dwelling commencements would top the list but the smaller state of Victoria actually commenced 14,004 dwellings to NSW’s 11,555 over the June quarter. On population growth a similar picture emerges where Victoria grew by 1.9% with NSW at 1.6%.”
“The Urban Taskforce supports the pro-growth philosophy of the NSW Government and we believe this needs to flow into reforms of the planning system and of local government particularly in urban areas where growth is occurring.”
