The New South Wales economy is expanding at the fastest rate in three years, it has been said.
Recovery in the Australian property market is aiding growth in New South Wales (NSW), it has been said.
The state economy is expanding at its fastest rate in three years, the Sydney Morning Herald reported, thanks to the housing sector and the federal government's stimulus package.
According to the news provider, budget papers show state final demand growing 2.5 per cent in 2009-10, a huge improvement on the previous forecast of a 0.5 per cent contraction.
This growth marks the fastest for NSW in 2007-08, when the economy expanded 4.4 per cent.
The revival in the Australian property market and economic rebound is expected to produce a budget surplus of AUS$101 million (£57 million), the news provider continued.
Reformation of local development contributions could further boost the Australian property sector in the state, with the Property Council if Australia pointing out that the result will be the cutting of upfront costs for the development of new homes.
Posted by Steve Douglas
Recovery in the Australian property market is aiding growth in New South Wales (NSW), it has been said.
The state economy is expanding at its fastest rate in three years, the Sydney Morning Herald reported, thanks to the housing sector and the federal government's stimulus package.
According to the news provider, budget papers show state final demand growing 2.5 per cent in 2009-10, a huge improvement on the previous forecast of a 0.5 per cent contraction.
This growth marks the fastest for NSW in 2007-08, when the economy expanded 4.4 per cent.
The revival in the Australian property market and economic rebound is expected to produce a budget surplus of AUS$101 million (£57 million), the news provider continued.
Reformation of local development contributions could further boost the Australian property sector in the state, with the Property Council if Australia pointing out that the result will be the cutting of upfront costs for the development of new homes.
Posted by Steve Douglas
