NSW Government releases landmark Economic Blueprint.

NSW Chief Economist Stephen Walters yesterday launched the landmark NSW 2040 Economic Blueprint: Investing in the State’s Future.

The Blueprint presents a 20-year economic vision for the State, with strategies and recommendations to ensure a sustainable fiscal and economic future for the people of NSW.

“The Economic Blueprint was prepared after extensive consultation with industry, citizens and business leaders. It outlines the direction for the continued success of New South Wales in a changing world and expanding global economy,” Mr Walters said.

“The report identifies challenges and risks and highlights opportunities for NSW to grow industries, innovate and improve the economy. We’ve made 39 recommendations on where NSW Government and industry should focus its efforts for the greatest results.

“The Blueprint sets the tone for NSW’s continued role as the engine room of Australia’s economy.”

Highlighting the strength and resilience of NSW’s economy, the Blueprint identifies the impact of global and domestic trends and the recommendations made are outlined to ready the State to respond to them and protect our future standard of living.

The report also outlines a range of key aspirations for NSW to reach by 2040 and the industries and areas to focus on to achieve:

• The nation’s first trillion-dollar economy
• Healthy, productive people
• Liveable and connected cities
• Productive, vibrant regions
• Innovative and world class businesses
• A sustainable environment with reliable and affordable energy
• Enhanced performance of government

These aspirations and the 39 associated recommendations, including 13 recommendations to be considered immediately, will allow Government and industry to build on existing programs and invest in new ones to set the state on a path from good to great.

The immediate recommendations include improving the performance of the vocational education and training system, better long-term infrastructure planning and supporting the examination of the taxation system and the NSW Review of Federal Financial Relations.

The Blueprint will evolve and is designed to be reviewed and updated regularly.

NSW Treasurer Dominic Perrottet welcomed the release of the NSW 2040 Economic Blueprint and thanked Mr Walters for his work.

“Stephen’s work in preparing this Blueprint will ensure we continue to deliver prosperity and a better standard of living for the people of NSW,” Mr Perrottet said.

Read the NSW Economic Blueprint: Investing in the State’s Future 

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