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Australian Federal and State Budgets – An Overview

27

State-by-State GSP Growth: 1970-71 to 2006-0791

percentage

5 4.5 4 3.5 3 2.5 2 1.5 1 0.5 0

QLD

WA

SA

NSW

VIC

TAS

A more contemporary snapshot shows the NSW growth lagging behind other jurisdictions, as the following chart shows:

State-by-State GSP Growth: 2007-08 to 2008-0992

percentage

1.6 1.4 1.2 1 0.8 0.6 0.4 0.2 0

SA

TAS

VIC

WA

QLD

NSW

This is not the place to analyse these trends and their implications in detail. It is enough to say that significant budgetary issues are likely to impact upon all non- resource rich jurisdictions in Australia in the near future. Some stress factors will be due to the immediate impact of the GFC. Victoria, for example, a state with a good record over the past decade of financial management,93 is expected to lose $3.8

91

Reserve Bank of Australia, Recent Developments in State Level Economic Growth and Inflation: Submission to the Senate Select Committee on State Government Financial Management (Reserve Bank of Australia, Sydney, 2008), p.8. Access Economics, in its latest Business Outlook, echoes these sentiments, stating that a return to a “two speed economy will mean that NSW faces continuing losses in its shares of Australia’s economy and its population.” See Access Economics, Business Outlook (Access Economics, Canberra, March 2010), p.95.

92

Australian Bureau of Statistics, Australian National Accounts: State Accounts, ABS Catalogue 5220.0 (Australian Bureau of Statistics, Canberra, 2009), p.12.

93

Hayward writes, “Over the last ten years, Victorian Labor has demonstrated that it is a

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