Australia Economic Strategy Report Australia Economic
Strategy Report
Chapter 1

Macroeconomic overview

One of Australia’s oldest states, NSW contributes the highest towards the country’s GDP with a 33% share, valued at USD 397 billion as of June 2018.37 The state is home to about 7.95 million residents as on March 2018, highest amongst all states.38 The state is touted as a cosmopolitan, cultural hub of the country with cities like Sydney and New Castle.

NSW is a service driven economy, with a myriad of service industries established in the state. In recent years, there has been a thrust towards investment in public infrastructure in the state. The state Government has set aside about USD 89.7 billion for investment on public infrastructure till 2023. As a result, many investment opportunities in the area of rail and road infrastructure, smart city technologies and urban regeneration projects have emerged in the state.39

The Government is looking to advance two-way trade and investment with India in the following areas:
A. Promote stronger educational links between NSW and India.
B. Work towards restoring inbound tourism from India.
C. Create stronger trade pathways in the sectors of food and beverage, and technology sectors.
D. Support Indian investment and re-investment into NSW’s priority industry sectors
E. Leverage the Sister-State Agreements between the Indian states of Gujarat and Maharashtra to strengthen business, cultural and government-to-government connections.

In addition to this, the NSW Government has entered into sister agreements with the states of Maharashtra and Gujarat in India. The agreement with Maharashtra focuses on collaborative work in specific areas such as water management and vocational education, while the agreement with Gujarat is centered around developing practical projects in education, skills and innovation, water and agribusiness. The New South Wales International Office in Mumbai promotes NSW as a destination for international investment; events and tourism; and a source of world-class products and services.

37 ABS 5220.0, Australian National Accounts: State Accounts, 2017-18
38 Population, 2018, NSW Government
39 Infrastructure and Construction, NSW Government

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