A year ago NSW was reeling. More than a quarter of a million people had lost their jobs in the lockdowns between March and May. State Final Demand - the broadest measure of NSW economic activity - plummeted 8.6 per cent in the June quarter 2020, the biggest contraction in the state’s history.
The state’s debt position, which deteriorated abruptly last year, is also a little healthier than previously expected.The state government has borrowed $33 billion since the beginning of 2020 to offset the effects of the coronavirus crisis with an average interest rate of just 1.48 per cent.“Significant risks remain that could postpone, if not derail, the recovery,” the budget papers warns.
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