These charts give a snapshot of the NSW economic and fiscal recovery. Despite the impacts of the COVID-19 pandemic and the recent storms and floods, they show a strong rebound and an improved economic outlook, with higher economic growth and lower unemployment. The rebounding economy underpins revenue improvement and an improved Budget Result in 2021-22. 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 measures the value-add of goods and services produced within a state, and is released annually by the Australian Bureau of Statistics. 

NSW Job Vacancies

Job vacancies data relates to the number of positions available across all employing organisations in New South Wales. 

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

General government revenue represents the sources of revenue the Government receives from transactions, including revenue generated from State own sources (such as taxes, fees and fines) and grants from the Commonwealth Government.

General government expenditure reflects the operating expenditure of the Government including employee expenses, superannuation, depreciation and amortisation, interest and grants, subsidies and other expenses.

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 operating transactions in 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, Budget Projection refers to the 2022-23 Budget projection or forecast, and 21-22 Half-Yearly Review projection refers to the 2021-22 Half-Yearly Review projection or forecast