NSW workers 'losing out'
New South Wales (NSW) has been declared the worst performing economy of all the states and territories.
A report by market analyst CommSec said that stagnant activity in the construction sector was the main reason for the state’s poor performance, the Daily Telegraph reported.
According to CommSec chief economist Craig James, residential construction has been disappointing and has failed to produce enough homes to match the increasing population of NSW.
"This was highlighted the last time we did the rankings three months ago. Then we found that NSW dwelling starts last financial year were the lowest in 56 years. And things haven’t improved," he told the newspaper.
Mr James added that the construction slowdown meant that a whole range of professions, from builders to retailers, had lost out. Unemployment and rising costs have encouraged Aussies to compare savings accounts in order to get the most for their money.
Last week a wide-ranging report by the Daily Telegraph found that households will have to pay up to $76 a week extra this year as a result of a range of rising living costs.
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