Poor Stacey .. the world has seen her tan lines.
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Peta Seaton MP
Shadow Minister for Finance, Shadow Minister for Energy, Shadow Minister for Reform of Government, Shadow Minister for the Illawarra
Today’s jobless figures show NSW is once again at the back of the pack in a disturbing trend in which the NSW unemployment rate is permanently worse than the national rate, with 179,000 people still jobless in NSW, Shadow Minister for Finance Peta Seaton said today.
The former economic powerhouse state of NSW has an unemployment rate of 5.1% compared with the national rate of 4.9% - worse than every other mainland state except South Australia.
The figures come on top of yesterday’s National Accounts, which showed NSW posted zero growth in the March Quarter – economic growth in NSW has come to a standstill.
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"NSW at zero growth means it took just one day to blow the NSW Budget – because Labor’s forecasts and Budget assumptions are already proving to be fiction," said Ms Seaton.
An analysis of Treasury’s projections against actual results shows the NSW Labor Government has consistently over-estimated economic growth in order to conceal the critical situation.
"How bad does it have to be to make Morris Iemma get the message and stop trying to spin his way out if trouble?" said Ms Seaton.
"Despite the dire situation, Morris Iemma has failed to make the tough decisions needed to rein in runaway spending and deliver measures to improve the competitiveness NSW," she said.
"The gap between NSW and Queensland widened even further this week, with Queensland announcing a further cut to their payroll tax levels, making NSW businesses struggle even harder.
"That’s why the Labor Government must back the Liberal/Nationals Bill in Parliament to cut payroll tax by increasing the threshold to $850,000," Ms Seaton said.
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