NSW Intergenerational Report 2016

NSW Treasurer Gladys Berejiklian released the Future State: NSW 2056 Report in late May 2016. Also known as the NSW Intergenerational Report 2016 it gives an insight into the economy, lifestyle and business environment of NSW over the next 40 years. It also provides suggestions on how NSW, as Australia’s leading state economy, might become an even more attractive place to live and work.

The intergenerational report is published every five years and projects demographic, workforce and housing trends across NSW over the next four decades. It also provides a long-term projection of the state’s economic and fiscal position.  Ms Berejiklian said that the intergenerational report is critical in helping the NSW Government to identify significant demographic and economic trends:

We live in the best state in Australia with the strongest economy – we are living longer, healthier lives and living standards are higher than ever before. But we need to make sure we’re planning now to face the challenges of the future so NSW remains the best place to live and work.

Key findings of the intergenerational report

In 2056:

  • NSW’s economy will be worth $1.3 trillion dollars, after becoming the first state to be a trillion dollar economy,
  • The NSW population will rise to 11.2 million people – around 50 per cent more than today,
  • NSW life expectancy for males will increase from 81 to 89 and 85 to 91 for females,
  • 24 per cent of the population will be aged 65 and over – up from 16 per cent currently,
  • The health sector will make up the largest share of expense
  • The number of NSW residents aged over 100 will increase by more than tenfold from 1,500 today to around 18,000 in 2056,
  • 1.8 million new homes will be built, and
  • Innovation and the digital age will deliver employment opportunities for regional NSW.

Infrastructure spending

Economic infrastructure (such as roads, rail lines and ports) provides direct economic benefit in the building and operational stages and productivity benefits in the long-term. Infrastructure enables new housing supply, efficient transportation of goods and services, reliable delivery of essential services and improved travel times. Social infrastructure (such as quality schools and hospitals) allows the delivery of critical services to the people of NSW.

The general government sector’s net capital expenditure is projected to rise at an average annual rate of 5.1 per cent—exceeding average GSP growth—reaching $23.0 billion in 2055-56. Net capital expenditure is a small component of overall expenditure, making up less than five per cent of the total in 2014-15.

More information and the full intergenerational report can be found on the NSW Treasury website. Madrigal has expertise in sustainability and sustainability reporting.