FUTURE STATE: NSW 2056 – OPPORTUNITIES AND CHALLENGES FOR NATION’S NUMBER ONE ECONOMY

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On Thursday, 26 May 2016 Treasurer Gladys Berejiklian released the Future State: NSW 2056 report, which gives an insight into what NSW might look like in the next 40 years and provides suggestions on how the country’s number one 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.

“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,” Ms Berejiklian said.

“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 finding of the report shows in 40 years’ time:

  • 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 expenses,
  • 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.

“The intergenerational report is critical to help the Government in identifying significant demographic and economic trends which, if ignored, will challenge our ability to provide the future services and quality of life the community has come to expect,” Ms Berejiklian said.

“Fortunately, this Government understands the size of the challenge ahead and we are well ahead of the curve in implementing and planning the necessary solutions.”

The report can be accessed at: www.treasury.nsw.gov.au/intergenerational-report