The cost-of-living crunch now appears to be hitting NSW harder than other states. Here’s why.
State final demand – a broad gauge of spending across private and public sectors – fell by 0.4 per cent in NSW over the June quarter, the worst result since the pandemic lockdowns of 2021.Senior economist at Indeed Callam Pickering said the contraction in final demand was “ugly” and showed that consumers were doing it especially tough in the state.
Household spending in NSW fell by 0.6 per cent in the June quarter, which was also weaker than any other state or territory. The weak final demand figures for NSW in the June quarter come as other indicators point to a deterioration in economic conditions in the state. in NSW rose more than 40 per cent in the year to June as higher interest rates sapped the state’s economic momentum. NSW firms made up 42 per cent of all insolvencies in Australia last financial year, even though the state’s share of the economy is only about one-third.
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