New South Wales is open for business
Australia's largest and fastest growing state economy
NSW has the largest and fastest growing state economy in Australia, recording a gross state product of A$557.9 billion in 2016–17 and accounting for a third of national gross domestic product. NSW is a leading location for investment, with a AAA credit rating from two of the world’s leading rating agencies.
After 26 years of uninterrupted economic growth, NSW has embarked on the largest infrastructure program in Australia. The state has committed to spend A$80 billion on new economic infrastructure over the next four years.
Sydney, the capital of NSW, is Australia’s largest city, with a population of close to 5 million. It is a global business hub and gateway to Asia. More than 600 multinational firms run their Asia-Pacific operations from Sydney, and 43 of the 53 banks operating in Australia are headquartered here.
Regional NSW also offers a wide range of opportunities for people considering investing, relocating a business or starting a new enterprise. Regional NSW is the largest and most diverse regional economy in Australia. It is home to about 2.5 million people and contributes around a third of the gross state product. Learn more about Regional NSW at investregional.nsw.gov.au
Rich in natural resources, its major industries include agribusiness, food production, advanced manufacturing, mining and resources, defence and aerospace, and professional and financial services.
Strengthening NSW – ASEAN engagement
Almost 300,000 NSW residents, or 4 per cent of the state’s population, were born in ASEAN countries. This has helped to forge not only strong cultural connections between NSW and ASEAN countries but also longstanding trade and investment relationships, and growing economic partnerships.
NSW merchandise exports to ASEAN member countries were worth A$4.6 billion in 2016–17, an increase of 37 per cent year-on-year.
The ASEAN region represented 10 per cent of all global merchandise exports from NSW by value.
Mineral and fuel exports such as coal, aluminium and copper ores are among our top exports to ASEAN and were worth A$1.4 billion in 2016–17, up 48 per cent for the same prior period. Agricultural produce including wheat, cotton and beef was another significant export, with year-on-year growth in export value of 57 per cent or A$1.2 billion.
At the same time, NSW imports from ASEAN countries represent a larger share of two-way trade, at A$14.5 billion in 2016–17. This demonstrates the complementary nature of the trade relationship. Significant NSW imports from ASEAN countries include petroleum, telecommunications equipment, cars and computers.
There is great potential for our relationship with ASEAN to grow.
To find out more download the New South Wales – open for business brochure