The NSW budget forecasts the NSW jobless rate to hit 4.5 per cent by the middle of next year – far higher than the 2.9 per cent rate registered in June. Unemployment is now expected to peak at about 4.75 per cent in early 2025.The budget also warns economic output per person will stall over the next two years due to the slowdown. “This is the weakest result, excluding the pandemic, since the global financial crisis,” it said.
Firstly, there is a risk high levels of inflation will persist, making further interest increases necessary. A third risk is that the Chinese economy will be further affected by persistent problems in its housing market. This could, in turn, affect key NSW exports.The state’s debt will grow at a slower rate than previously forecast. Gross debt is projected to be $173 billion by June 2026, nearly $15 billion below that which was expected at the last budget update released shortly before the state election in March.
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