NSW Treasurer Dominic Perrottet today highlighted the West and North West regions of Sydney as key economic drivers of the State’s economy on the back of a new report showing they are among the top performers in Australia.
Baulkham Hills-Hawkesbury and Blacktown were among the five strongest regions in the country in the new State of the Regions report released today by CommSec.
Parramatta topped the list for the Fastest Growth of Businesses with a 22 per cent increase over the past decade.
“This is a clear reflection of the hard work, pride and have-a-go attitude of the people in those communities,” Mr Perrottet said.
“They are building a brighter future for themselves and their families, and the Government is playing a role in that through transformational projects such as the Sydney Metro Northwest, Metro West, Parramatta Light Rail and Bankwest Stadium.
“We are building two new transport systems for Parramatta, the new stadium is already open and a clear winner, and the iconic Metro Northwest – a project Labor could never build – will open early and under budget on the 26th of May.
“These projects create thousands of jobs during construction as well as attracting businesses and making the region more attractive and accessible for people.”
The Commsec report – the first to look at 88 individual regions across Australia – focused on four key economic indicators: building approvals, the unemployment rate, population growth and growth in business counts.
The unemployment rate in the Baulkham Hills and Hawkesbury region averaged 3.0 per cent in 2018 and 4.9 per cent in Blacktown. The current national unemployment rate for Australia is 5 per cent with NSW the lowest state at 4.3 per cent.
Healthcare, professional, scientific and technical services and retail industries all helped power employment across Western Sydney. The Commsec report highlighted strong business numbers and building approvals for new homes as key growth factors.