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NSW treasurer warns of slower growth ahead of next month’s state budget
The NSW economy will grow less than expected next financial year amid rising inflation and the global oil shock, the state’s treasurer will warn ahead of next month’s budget.
Attentive budget watchers will notice a slowdown more pronounced in NSW than elsewhere in the federation. The simple reason is that higher inflation has led to higher interest rates which is lowering consumption spending; the point of the [Reserve Bank of Australia’s] increased interest rates. But the more complicated explanation is this: higher interest rates hurt working Australians in every state, but they hurt working Australians more in this state.
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