These charts give a snapshot of the NSW economic and fiscal recovery. They show the improved outlook – higher economic growth, lower unemployment, an improved Budget Result and lower net debt. Readers seeking detailed analysis on the outlook and its drivers should visit Budget Paper No. 1 Budget Statement, particularly Chapter 2 Economy and Chapter 3 Fiscal Outlook.


Gross State Product (GSP)

Gross State Product (GSP) measures the value-add of goods and services produced within a state, and is released annually by the Australian Bureau of Statistics.

NSW Population Growth

Population growth reflects the increase in the number of individuals in the NSW population.

NSW Unemployment Rate

The unemployment rate is the share of the labour force not currently employed but actively seeking employment. 

Sydney Consumer Price Index (CPI)

Sydney CPI measures household inflation and is a measure of changes in the price of a "basket" of goods and services.

Government Revenue and Expenses

Revenue is defined as all increases in net worth resulting from transactions. Revenue consists mainly of taxation revenue, sales of goods and services, property income, other current revenue, and capital revenue. Expenses are defined as decreases in net worth resulting from transactions. Common types of expenses include employee expenses, depreciation and amortisation, interest, grants and subsidies.

Budget Result

The Budget Result is one measure of the financial sustainability of the State's operation. It represents the difference between expenses and revenues from transactions for the general government sector.

Net Debt

Net debt is a common measure used to assess the overall strength of a jurisdiction's financial position. It comprises the stock of selected gross financial liabilities* less selected financial assets**. High levels of net debt can impose a call on future revenue flows to service that debt and if unchecked can limit government flexibility to adjust expenditure.

* financial liabilities include deposits held, advances received, borrowings, and derivatives
** financial assets include cash and deposits, advances paid and investments, loans and placements

Net Worth

Net worth is an economic measure of wealth. It is equal to total assets less liabilities.

In the above charts, Forecast or Projection refers to the 2021-22 Budget forecast or projection, and Previous forecast or Previous projection refers to the 2020-21 Half-Yearly Review forecast or projection.