This dashboard provides a snapshot of the key economic indicators for the NSW economy.

These measures are used to assess the economic performance of NSW and are regularly updated to reflect the most recent data (November 2022).

NSW State Final Demand Growth

State final demand is a measure of economic demand for goods and services in the economy. This measure excludes international and interstate trade as well as changes in inventories.

Source: ABS 5206.0 (seasonally adjusted, quarterly)

NSW Wage Price Index Growth

The wage price index measures changes in wages paid by employers while holding the quality and quantity of work constant. Since 2012 growth in the index has fallen significantly but has since stabilised at above 2 per cent.

Source: ABS 6345.0 (original, quarterly)

NSW Consumer Price Index Growth

The consumer price index measures changes in the price of a fixed basket of goods and services. The Reserve Bank of Australia seeks to keep underlying consumer price growth stable at between 2-3 per cent over time.    

Source: ABS 6401.0 (original, quarterly)

NSW New Building Approvals

NSW annual building approvals have been subsiding since the end of Homebuilder-driven impacts and are below their decade average levels. Attached and multi-units currently make up around 50 per cent of all approvals.

Source: ABS 8731.0 (original, monthly)

NSW Employment Growth

Employment growth is impacted by both cyclical and structural changes in the economy. Historically NSW employment growth has averaged 1.6 per cent a year.

Source: ABS 6202.0 (monthly)

NSW Participation Rate

The participation rate is the proportion of the civilian population over 15 years of age currently employed or actively seeking employment. This rate is projected to fall to 61.6 per cent by 2061 as the population ages.

Source: ABS 6202.0 (monthly), 2021-22 NSW Intergenerational Report

NSW Unemployment Rate

The unemployment rate is the share of the labour force not currently employed but actively seeking employment. The unemployment rate is currently around its lowest monthly levels and below estimates of full employment.

Source: ABS 6202.0 (monthly)

NSW Nominal Retail Trade Growth

Retail trade accounts for about a third of household consumption, which in turn accounts for about 50 per cent of Gross State Product. The retail sector is the second largest employer in the state, accounting for 10 per cent of employment.

 

Source: ABS 8501.0 (monthly)

NSW Estimated Resident Population

The NSW population is currently growing at well below its long-run average growth of 1.1 per cent after two years of mostly low or no population growth.  Population growth is expected to gradually slow to an average 0.8 per cent each year to 2061.

Source: ABS 3101.0 (original, quarterly), 2021-22 NSW Intergenerational Report

Last updated: 23/11/2022