Today’s retail sales data shows people are feeling confident about the NSW economy, in another sign of the State’s strength.
The ABS figures show retail sales grew 0.5 per cent in August to be 5.8 per cent higher through the year, exceeding the national average of 4.5 per cent.
Treasurer Gladys Berejiklian said it was encouraging to see that NSW retail sales growth has been the strongest among the states for the last four consecutive months, in through the year terms.
“After four and a half years of hard work by the NSW Liberals & Nationals Government, our budget is strong and people feel positive about the future,” Ms Berejiklian said.
NSW retail sales growth, in through the year terms, has been above the national average for the last 25 consecutive months.
From April 2011 to August 2015, retail sales growth was 4.9 per cent in annualised terms, the highest among the states and above the national average.
“These strong results for August are another indicator that we are on the right track in NSW,” Ms Berejiklian said.
“Thanks to our policies and careful financial management, our economy is leading the nation and this is having a positive impact across the board.”
The results follow Standard & Poor’s reaffirmation of NSW’s triple-A credit rating and separate ABS data that showed building approvals remaining at record levels.