Economy of New South Wales: Difference between revisions

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{{Use dmy dates|date=June 2020}}

 

The economy of [[New South Wales]] represents a significant proportion of the [[Economy of Australia|Australian economy]]. The economy was valued at A$660.6 billion in 2021-22,<ref name="Australian Bureau of Statistics ABS">{{Cite web|author=Australian Bureau of Statistics (ABS)|title=Australian National Accounts: State Accounts, Cat. No. 5220.0, Canberra|access-date=19 September 2023|date=18 November 2022|url=https://www.abs.gov.au/statistics/economy/national-accounts/australian-national-accounts-state-accounts/latest-release=}}</ref> representing 30.6% of Australia's total [[GDP]].<ref name="Australian Bureau of Statistics ABS" />

|export-goods = Coal, Gold, Wheat, Aluminium, Refined Petroleum, Beef, Meat (Excl. Beef), Medical Instruments, Measuring & analysing instruments, Oil-seeds & oleaginous fruits (Soft).

|export-partners = {{Flag|Japan}} 28.7%<br>{{Flag|Republic of Korea}} 9.1%<br>{{Flag|Taiwan}} 7.8% <br>{{Flag|China}} 5.9% <br>{{Flag|United States}} 5%

|import-goods = Telecom equipment & parts, Refined petroleum, Computers, Medicaments (incl veterinary), Goods vehicles

 

| quote = The early governors wanted to keep NSW as a large-scale open prison, with a primitive economy based on yeomen ex-convicts and run by government fiat.

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Successive [[commodity]] booms (and busts) in [[whaling in Australia | whaling]], [[seal hunting | sealing]], [[wool]], [[Australian gold rushes | gold]] and [[wheat]] characterised the 19th century and fostered a thriving colonial capitalism.

 

 

*46.1% of the [[finance]] and [[insurance]] industry

*44% of the [[Telecommunication|communication]]s industry

*34% of the [[manufacturing]] industry

The state boasts a highly trained [[Multilingualism|multilingual]] workforce, with more than half of its residents aged 15–74 tertiary qualified, and 22% of the population speaking another language than English at home. <ref name=":1" />

 

 

NSW also has the largest number of total companies registered at 786,403 compared to 630,888 in Victoria and 443,729 in Queensland.<ref name=":2" />

{{See also|Agriculture in Australia}}

 

 

{{visible anchor|Wheat|text=[[Wheat]]}} is the most extensive crop in the state by hectare<ref name="2021-NSW-wheat">{{cite web |date=2022-07-10 |title=Wheat |url=https://www.dpi.nsw.gov.au/about-us/publications/pdi/2021/wheat |access-date=2022-07-10 |website=NSW Department of Primary Industries}}</ref> amounting to 39% of the continent's harvest.<ref name="Aust-report">{{cite web |title=New South Wales |url=https://www.agriculture.gov.au/abares/research-topics/agricultural-outlook/australian-crop-report/new-south-wales |website=[[Department of Agriculture, Fisheries and Forestry (Australia)|Australian Department of Agriculture, Fisheries and Forestry]]}}</ref><ref name="Aegic">{{cite web |date=2021-03-08 |title=Wheat |url=https://www.aegic.org.au/australian-grains/wheat/ |access-date=2022-07-15 |website=Aegic {{!}} [[Australian Export Grains Innovation Centre]] |location=[[Sydney]] & [[Perth]]}}</ref> As such the ''Puccinia graminis'' f. sp. ''tritici'' (''Pgt'') strain [[Ug99]] is a tremendous forward looking concern and [[Plant Health Australia]], [[Grains Research & Development Corporation]] (GRDC), and the Plant Biosecurity Cooperative Research Centre have already begun preparing for its arrival.<ref name="Aust-prep-Ug99">{{cite web |last=Park |first=Robert F. |date=October 2009 |title=Australia's Preparedness for Ug99 |url=https://www.planthealthaustralia.com.au/pest_documents/stem-rust-of-wheat-ug99-bcp/ |access-date=2022-07-10 |publisher=[[Plant Health Australia]] + [[Grains Research & Development Corporation]] (GRDC) + Plant Biosecurity Cooperative Research Centre |s2cid=201081742}}</ref> [[Sydney]] is a major port for the export of Australian wheat.<ref name="Export">{{cite web |date=15 October 2020 |title=Wheat |url=https://www.agriculture.gov.au/agriculture-land/farm-food-drought/crops/wheat |access-date=2022-07-15 |website=Australian [[Department of Agriculture, Fisheries and Forestry (Australia)|Department of Agriculture, Fisheries and Forestry]]}}</ref> [[NSW Department of Primary Industries|DPI]] is concerned about foreign [[Biotype|biotypes]] of [[Wheat pathogen|wheat pathogens]] carrying [[Virulence gene|virulence genes]] not yet a burden for Australians, including Ug99.<ref name="DPI-rust">{{cite web |date=2007-02-13 |title=Rust diseases - a threat to global food security |url=https://archive.dpi.nsw.gov.au/content/science-and-research/science-news/crop/protection/rust-diseases-threat |access-date=2022-07-15 |website=[[NSW Department of Primary Industries]]}}</ref>

[[File:Murray Grey cows and calves.JPG|thumb|right|[[Murray Grey]] cows and calves]]Cattle, sheep and pigs are the predominant types of livestock produced in NSW and they have been present since their importation during the earliest days of European settlement. Economically the state is the most important state in Australia, with about one-third of the country's sheep, one-fifth of its cattle, and one-third of its small number of pigs. New South Wales produces a large share of Australia's hay, fruit, [[Legume|legumes]], [[Alfalfa|lucerne]], maize, nuts, wool, wheat, oats, [[Oilseed|oilseeds]] (about 51%), poultry, rice (about 99%),<ref>[http://www.abs.gov.au/AUSSTATS/[email protected]/7d12b0f6763c78caca257061001cc588/3310BE70A640767DCA2573D20010BB7D?opendocument Agricultural Production] {{Webarchive|url=https://web.archive.org/web/20080507041523/http://www.abs.gov.au/ausstats/[email protected]/7d12b0f6763c78caca257061001cc588/3310BE70A640767DCA2573D20010BB7D?opendocument|date=7 May 2008}} Retrieved on 7 March 2009.</ref> vegetables, fishing including oyster farming, and forestry including wood chips.<ref>[http://www.anra.gov.au/topics/agriculture/overview/index.html Agriculture – Overview – Australia] {{webarchive|url=https://web.archive.org/web/20130521073731/http://www.anra.gov.au/topics/agriculture/overview/index.html|date=21 May 2013}}</ref> Bananas and sugar are grown chiefly in the Clarence, Richmond and Tweed River areas. Wool is produced on the [[Northern Tablelands]] as well as prime lambs and beef cattle.<ref>https://www.dpi.nsw.gov.au/__data/assets/pdf_file/0005/457592/Wool-profile-central-west-region.pdf</ref>

 

 

On the central slopes, there are many orchards, with the principal fruits grown being apples, cherries and pears. However, the fruit industry is threatened by the Queensland fruit fly (''[[Bactrocera tryoni]]'') which causes more than $28.5&nbsp;million a year in damage to Australian crops, primarily in Queensland and northern New South Wales.<ref>{{Cite journal |last1=Lloyd |first1=Annice C. |last2=Hamacek |first2=Edward L. |last3=Kopittke |first3=Rosemary A. |last4=Peek |first4=Thelma |last5=Wyatt |first5=Pauline M. |last6=Neale |first6=Christine J. |last7=Eelkema |first7=Marianne |last8=Gu |first8=Hainan |date=May 2010 |title=Area-wide management of fruit flies (Diptera: Tephritidae) in the Central Burnett district of Queensland, Australia |journal=Crop Protection |volume=29 |issue=5 |pages=462–469 |doi=10.1016/j.cropro.2009.11.003 |issn=0261-2194}}</ref>