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{{Use Australian English|date=June 2020}}
{{Multiple issues|
{{Primary sources|date=April 2008}}
{{
{{Cleanup|date=July 2023|reason=some sentences have unclear meaning, [[WP:MOS]] issues}}
}}
{{Use dmy dates|date=June 2020}}
{{Short description|none}}
The economy of [[New South Wales]] represents a significant proportion of the [[Economy of Australia|Australian economy]]. The economy was valued at A$
{{Infobox economy
Line 13 ⟶ 17:
|currency = [[Australian dollar|Australian Dollar]] (A$ or AUD)
|year = 1 July - 30 June
|
|growth =
|per capita = A$
|unemployment = 3.6% (August 2023) <ref name="Australian Bureau of Statistics Labour Force">{{Cite web|author=Australian Bureau of Statistics (ABS)|title=Labour Force, Australia. |access-date=19 September 2023|date=14 September 2023|url=https://www.abs.gov.au/statistics/labour/employment-and-unemployment/labour-force-australia/latest-release}}</ref>
|industries = [[Service (economics)|Services]], [[mining]], [[
|exports = A$
|export-goods =
|export-partners = {{Flag|Japan}}
|imports = A$
|import-goods =
|import-partners = {{Flag|China}} 29.7%<br>{{Flag|United States}} 10.5%<br>{{Flag|Japan}} 5.0%<br>{{Flag|Republic of Korea}} 4.7%<br>{{Flag|Germany}} 4.5%
}}
== Economic history ==
[[Aboriginal Australians]] generally lived within a [[hunter-gatherer]] economic system. The European settlement of New South Wales began in 1788 as a [[Convicts in Australia | convict]] economy, with [[human capital]] hired out to private entrepreneurs, and government and the military dominating the colony.<ref>
{{cite news
| title = Proof of history's rum deal
| url = https://www.smh.com.au/national/proof-of-historys-rum-deal-20060128-gdmv0d.html
| work = The Sydney Morning Herald
| publication-date = 28 January 2006
| access-date = 25 November 2020
| 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.
}}
</ref><ref>{{Cite web |title=1788 to 1810 - Early European Settlement |url=https://www.parliament.nsw.gov.au/about/Pages/1788-to-1810-Early-European-Settlement.aspx |access-date=2023-10-22 |website=www.parliament.nsw.gov.au}}</ref>
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.
=== Revenue ===
At the time of [[Australian federation | Federation]] in 1901, New South Wales was a free-trading state (as opposed to [[protectionist]]) with a broad revenue-base including income tax. The state earned more revenue than it needed to run its services. This situation reversed during [[World War II]] (1939-1945) when the Commonwealth took responsibility for the collection of income tax. Following the war, the states attempted to re-enter the income-tax field but were rebuffed by [[High Court of Australia | High Court]] rulings (Income Tax decisions).
The loss of income
== Australia's largest economy ==
NSW has the largest economy of any state in Australia, valued at $
The NSW Economy alone would place itself 37th largest economy in the world, above countries such as [[Denmark]], [[South Africa]], and [[New Zealand]].<ref name=":0" /> Per Capita it places 19th, beating [[Germany]], the [[United Arab Emirates|UAE]], The [[United Kingdom]], and New Zealand.<ref name=":0" />
NSW has a diversified and knowledge intensive economy. In the 2012-13 Fiscal year, it accounted for:<ref>{{Cite web |date=2019-11-22 |title=Industry structure - Industry sectors |url=https://www.business.nsw.gov.au/industry-sectors/why-sydney-and-nsw/industry-structure#:~:text=The%20state%20dominates%20the%20nation's,arts%20and%20recreation%20services%20industries. |access-date=2023-09-20 |website=NSW Department of Industry |language=en}}</ref>
*46.1% of the
*
*
*
[[Sydney]] is home to 42% of Australia's top 500 companies, and is the [[Asia-Pacific]] headquarters for over 600 multinational companies.<ref name=":1">{{Cite web |date=2019-11-22 |title=Industry strengths and capabilities - Industry sectors |url=https://www.business.nsw.gov.au/industry-sectors/industry-opportunities/financial-professional-and-business-services/industry-strengths-and-capabilities#:~:text=The%20state's%20financial%20and%20professional,for%20over%20600%20multinational%20companies. |access-date=2023-09-20 |website=NSW Department of Industry |language=en}}</ref>
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" />
In 2019-2023 just over 116,000 new companies registered in [[NSW]], compared with just under 100,000 in [[Victoria (Australia)|Victoria]] and fewer than 50,000 in [[Queensland]].<ref name=":2">{{Cite web |date=2023-08-22 |title=Counts of Australian Businesses, including Entries and Exits, July 2019 - June 2023 {{!}} Australian Bureau of Statistics |url=https://www.abs.gov.au/statistics/economy/business-indicators/counts-australian-businesses-including-entries-and-exits/latest-release |access-date=2023-09-20 |website=www.abs.gov.au |language=en}}</ref> NSW is home to more than half of Australia's fintech startups.<ref>{{Cite web |title=Technology in NSW |url=https://www.investment.nsw.gov.au/priority-sectors/technology/ |access-date=2023-10-22 |website=www.investment.nsw.gov.au |language=en}}</ref>
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" />
While the Greater Sydney area contributes to the majority of the NSW economy, regional NSW produces one fifth of the states total GSP.<ref>{{Cite web |last=NSW |first=Department of Regional |date=2020-02-03 |title=Regional NSW Today {{!}} NSW Government |url=https://www.nsw.gov.au/regional-nsw-today |access-date=2023-09-20 |website=www.nsw.gov.au |language=en-AU}}</ref> A large portion of this is dedicated to agriculture with 81% of all NSW land dedicated to agricultural use.<ref>{{Cite web |title=Agrifood |url=https://www.investment.nsw.gov.au/priority-sectors/agrifood/ |access-date=2023-09-20 |website=www.investment.nsw.gov.au |language=en}}</ref>
== Future Investment ==
In 2021 the government department 'Investment NSW' was created with the purpose to:<ref>{{Cite web |title=About Investment NSW |url=https://www.investment.nsw.gov.au/invest/how-we-can-help/about-investment-nsw/ |access-date=2023-09-20 |website=www.investment.nsw.gov.au |language=en}}</ref>
*Boost [[research and development]]
*foster [[Startup company|start-ups]] and innovations
*Grow priority sectors and precincts
*Attract global talent and investment
*Export to the world
As of September 2023, Investment NSW lists priority sectors as:<ref>{{Cite web |title=Priority Sectors |url=https://www.investment.nsw.gov.au/priority-sectors/ |access-date=2023-09-20 |website=www.investment.nsw.gov.au |language=en}}</ref>
*[[Manufacturing]]
*[[Agriculture|Agrifood]]
*Clean Economy
*[[Technology]]
*Health and life sciences
*[[Defense industry|Defence]] and [[aerospace]]
*[[International student|International students]]
The 2023-24 NSW budget shows a commitment to continued investment into [[essential services]], [[Education]], [[Transport|Transport infrastructure]]. Along with a major focus on reducing state [[debt]] after a major increase from 2019 due to the [[COVID-19 pandemic|Covid-19 Pandemic]].<ref>{{Cite web |title=Overview: Our plan for NSW {{!}} NSW Budget |url=https://www.budget.nsw.gov.au/2023-24/budget-papers/overview |access-date=2023-09-20 |website=www.budget.nsw.gov.au}}</ref>
== Exports ==
[[File:CSIRO ScienceImage 8217 A bulk carrier entering Port Hunter Newcastle New South Wales.jpg|thumb|A bulk carrier entering the [[Port of Newcastle]], New South Wales, 2009]]
In 2021-22, NSW recorded A$31.1 billion or 51% of Australia's total services exports.<ref name=":3">https://www.dfat.gov.au/sites/default/files/nsw-cef.pdf</ref>
In 2021-22, total goods and services exports from NSW amounted to $120.3 billion, with the five largest exports being:<ref name=":3" />
*Coal: A$41.5 Billion
*Education-Related Travel: A$7.5 Billion
*Computer & Information Services: A$5.1 Billion
*Professional & Management Consulting Services: A$4.44 Billion
*Gold: A$4.42 Billion
NSW goods exports for 2021-22 were worth A$89.2 billion, while services exports were worth A$31.1 billion. While goods imports for the same time period were worth A$150.9 billion, and services imports worth A$36.1 billion. Meaning in 2021-22 NSW imported A$66.7 billion more in total than it exported. This total accounts for 20.2% of total Australian exports, and 40.6% of Australian imports.<ref name=":3" />
==
{{See also|Agriculture in Australia}}
Agriculture is spread throughout the eastern two-thirds of New South Wales.<ref>{{Cite web |last=Channels |first=NSW Government Digital |date=2020-01-20 |title=Key facts about NSW {{!}} NSW Government |url=https://www.nsw.gov.au/about-nsw/key-facts-about-nsw |access-date=2023-10-22 |website=www.nsw.gov.au |language=en-AU}}</ref>
{{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>
[[Pgt 126|''Pgt'' standard race 126]] was the most common race here from 1929 to 1941, as it was for the whole of Australia.<ref name="Park-Wellings-2012" /> First detected on [[Tasmania]] in 1954, [[Pgt 21|standard race 21]] was the most common race by the next year in the southern part of this state, [[Victoria (state)|Victoria]], and Tasmania.<ref name="Park-Wellings-2012">{{cite journal | issue=1 | publisher=[[Annual Reviews (publisher)|Annual Reviews]] | volume=50 | date=2012-09-08 | last1=Park | journal=[[Annual Review of Phytopathology]] | issn=0066-4286 | first1=Robert F. | last2=Wellings | first2=Colin R. | title=Somatic Hybridization in the Uredinales | doi=10.1146/annurev-phyto-072910-095405 | pages=219–239 | pmid=22920559}}</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>
The cotton industry is centred in the Namoi Valley in northwestern New South Wales.<ref>{{Cite journal |last=Bridges |first=E. M. |date=1967 |title=Cotton in Australia |url=https://www.jstor.org/stable/40566216 |journal=Geography |volume=52 |issue=1 |pages=73–75 |issn=0016-7487}}</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 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>
Approximately {{convert|40,200|ha}} of vineyards lie across the eastern region of the state with wines produced in the Hunter Valley with the Riverina being the largest wine producer in New South Wales.<ref name="Riverina">{{cite web|title=From paddock to plate |work=Tourism New South Wales |publisher=New South Wales Government |date=1 July 2003 |url=http://www.tourism.nsw.gov.au/media/news300603a.html |access-date=7 March 2009 |url-status=dead |archive-url=https://web.archive.org/web/20090203210739/http://www.tourism.nsw.gov.au/media/news300603a.html |archive-date=3 February 2009}}</ref> Australia's largest and most valuable [[Thoroughbred]] horse breeding area is centred on Scone in the Hunter Valley.<ref>[http://www.smh.com.au/news/New-South-Wales/Scone/2005/02/17/1108500198920.html SMH Travel - Scone] Retrieved on 7 March 2009</ref> {{visible anchor|Powdery Mildew of Grape|Grape|text=Powdery Mildew}} (''[[Erysiphe necator]]'', syn. ''Uncinula necator''), {{visible anchor|Downy Mildew of Grape|text=Downy Mildew}} (''[[Plasmopara viticola]]''), and Gray Mold (''[[Botrytis cinerea]]'') are common fungal [[List of grape diseases|diseases of grape]] here.<ref name="Vine-Guide">{{cite book |last1=Fahey |first1=Darren |url=https://www.dpi.nsw.gov.au/agriculture/horticulture/grapes/grapevine-management-guides-current-and-past-editions/grapevine-management-guide-2022-23 |title=Grapevine management guide 2022–23 |last2=Dunne |first2=Katie |last3=Jarrett |first3=Maggie |date=2022 |publisher=[[NSW Department of Primary Industries]] |eissn=2209-7503 |issn=1036-7551 |access-date=2022-08-07}}</ref> [[Fungicide|Fungicides]] are commonly used in this crop and so [[fungicide resistance]] and [[Fungicide resistance management|resistance management]] are a concern.<ref name="Vine-Guide" /> DPI provides recommendations on these and other topics for producers.<ref name="Vine-Guide" />
As with the entire world, the most popular [[rodenticide]] is [[warfarin]] although some [[warfarin resistance]] is found here.<ref name="Vertebrate">{{cite book |last1=McCleod |first1=Lynette |url=https://catalogue.nla.gov.au/Record/6534827 |title=Pesticides Used in the Management of Vertebrate Pests in Australia: A Review |last2=Saunders |first2=Glen |date=August 2013 |publisher=[[NSW Department of Primary Industries]] |isbn=978-1-74256-546-0 |pages=168 |access-date=2022-08-07}}</ref> DPI recommends rodenticides including alternatives for resistant targets.<ref name="Vertebrate" />
About half of Australia's timber production is in New South Wales. Large areas of the state are now being replanted with eucalyptus forests
Under the Water Management Act 2000, updated [[riparian water rights]] were given to those within NSW with [[livestock]]. Under the Act, "an owner or occupier of a landholding is entitled to take water from a river, estuary or lake which fronts their land or from an aquifer which is underlying their land for domestic consumption and stock watering without the need for an access licence."<ref name="Domestic and Stock Rights">{{cite web |date=15 August 2014 |title=Domestic and stock rights |url=http://www.water.nsw.gov.au/Water-licensing/Basic-water-rights/Domestic-and-stock/Domestic-and-stock/default.aspx |url-status=dead |archive-url=https://web.archive.org/web/20150324142301/http://www.water.nsw.gov.au/Water-licensing/Basic-water-rights/Domestic-and-stock/Domestic-and-stock/default.aspx |archive-date=24 March 2015 |access-date=9 April 2015 |publisher=NSW Department of Primary Industries, Office of Water}}</ref>
40% of Australia's [[lucerne]] (''[[Medicago sativa]]'', alfalfa) is grown here.<ref name="NSW" /> Due to the [[introduced species|introduction]] of the [[spotted alfalfa aphid]] (''Therioaphis maculata'') in the 1700s all varieties grown here must be resistant to it (see also {{section link|Lucerne|Varieties}}).<ref name="NSW">
{{Unbulleted list citebundle
|{{*}} {{cite web | access-date=2022-07-27 | date=2022-07-27 | title=Lucerne | url=https://www.dpi.nsw.gov.au/agriculture/pastures-and-rangelands/species-varieties/lucerne | website=[[NSW Department of Primary Industries]]}}
|{{*}} {{cite web | access-date=2022-07-27 | date=2022-07-27 | title=Lucerne varieties | url=https://www.dpi.nsw.gov.au/agriculture/pastures-and-rangelands/species-varieties/pf/factsheets/lucerne-varieties | website=[[NSW Department of Primary Industries]]}}
|{{*}} {{cite web | access-date=2022-07-27 | date=2019-01-11 | title=Lucerne | url=https://agrifutures.com.au/farm-diversity/lucerne/ | website=[[AgriFutures Australia]]}}
}}
</ref>
The [[Flow Hive]] was invented here and the company is operated here.<ref name="Flow-Hive">{{cite web | title=Flow Hive | website=[[Flow Hive]] | url=https://www.honeyflow.com/ | access-date=2022-07-13}}</ref>
In the late 1970s, {{visible anchor|Drug resistance|text=drug resistance}} had become so severe that the government convened a committee to advise them.<ref name="Worms-Res" /> The [[NSW Stock Medicines Board|Stock Medicines Board]] formed a committee from [[University of New England (Australia)|University of New England]], [[CSIRO]], the [[NSW Department of Agriculture|Agriculture Department]], [[University of Sydney]], and the [[Victoria Department of Agriculture]].<ref name="Worms-Res" /> The state's stations are so numerous {{endash}} and modern drugs so vital to modern production {{endash}} that {{visible anchor|Anthelminthic|Anthelminthic drugs|Anthelminthic resistance|Anthelminthic drug resistance|text=[[anthelminthic resistance]]}} in [[livestock parasite]]s of [[sheep]], [[goat]]s, and [[horse]]s had become widespread.<ref name="Worms-Res" /> (In fact the first known example of any anthelminthic resistance in the country was against [[thiabendazole]] (TBZ) in ''[[Haemonchus contortus]]'' of sheep in the [[Northern Tablelands]], reported by Smeal ''et al.'', 1968.<ref name="Worms-Res" />) The committee found that by the late '70s [[bendazole resistance]]s were common in ''H. contortus'', ''[[Trichostrongylus]] [[Trichostrongylus colubriformis|colubriformis]]'', and ''[[Ostertagia circumcincta]]'' spp. of sheep and [[Strongylidae]] spp. of horse.<ref name="Worms-Res" /> They advised that resistance would continue to develop and could not be avoided, and so [[anthelminthic resistance management|resistance management]] would be a constant companion for the industry in the future.<ref name="Worms-Res">{{cite journal | issue=5 | year=1980 | volume=56 | pages=239–250 | journal=[[Australian Veterinary Journal]] | issn=0005-0423 | publisher=[[Australian Veterinary Association]] ([[Wiley Publishing|Wiley]]) | last1=Prichard | first1=R. K. | last2=Hall | first2=C. A. | last3=Kelly | first3=J. D. | last4=Martin | first4=I. C. A. | last5=Donald | first5=A. D. | title=The Problem of Anthelmintic Resistance in Nematodes | doi=10.1111/j.1751-0813.1980.tb15983.x | s2cid=37754728 | pmid=7002142}}</ref>
== See also ==
{{Portal|New South Wales}}
*[[Economy of Sydney]]
*[[Economy of Australia]]
*[[New South Wales wine]]
*[[
== Data ==
Line 118 ⟶ 152:
|-
! Recent Economic Indicators
!
!
|-
| Estimated Resident Population
|
|
|-
| Real Gross State Product growth (%)
|
| 1.
|-
| Real GSP per head growth (%)
|
|
|-
| GSP (current prices) (A$m)
|
|
|-
| Proportion of Australian GDP (%)
|
|
|-
| Change in real final demand (%)
| 4.4
| 3.4
|-
| Unemployment rate (%)
|
| 5.0
|}
<ref name=":3" />
== References ==
{{
==External links==
*[https://web.archive.org/web/20090223133610/http://www.anra.gov.au/topics/agriculture/statistics/nsw/index.html Agriculture - Statistics - New South Wales]
*[https://web.archive.org/web/20070830081751/http://www.nsw.gov.au/docs/NSW_Financial_Statement_230206.pdf Economical and Financial Statement] Morris Iemma MP 23 February 2006.
{{New South Wales}}
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