From the ANZ’s excellent weekly economic outlook comes a great chart which shows how Sydney appears to be benefiting most from the latest round of economic growth and transition at present.
The ANZ says:
The detailed quarterly industry employment data (released this week) showed that construction and real estate employment rose sharply over the year to May. This has been most evident in Sydney, where the unemployment rate has fallen below 5% compared with a jobless rate of more than 6% in the rest of Australia as a whole…
The NSW Budget this week showed improved operating balances and lower net debt. The NSW economy is expected to be buoyed by substantial infrastructure spending in coming years as an expected AUD20bn in proceeds from the privatisation of electricity networks is invested in new projects.
NSW was one of the laggards during the mining boom, so even though it’s only part of the national picture, it’s a good sign in terms of the transition to the non-mining parts of the economy picking up.