NSW State Final Demand expanded 3.3% over the year to June 2026.
State Final Demand reached $215.1bn in the June 2026 quarter and $852.0bn over the rolling year. Annual growth of 3.3% outpaced the national 3.1% rate by 0.2pp. On a per capita basis, annual demand reached $98,263, up 2.1% over the year and 6.1% above its average. NSW unemployment stood at 4.2% in July 2026, 0.2pp below Australia's 4.5% and the third-lowest of the six reporting states. Total employment reached 4.56m, rising 1.5% YoY to outpace national growth by 0.2pp and rank second-fastest of reporting states, driven by full-time gains of 1.8%. Against the other states, NSW ranks state final demand growth equal 3rd highest of 8 states (2026-Jun) and unemployment rate 3rd lowest of 6 reporting (2026-Jul).
Cash rate and bond yields, exchange rates and commodities, and equities and superannuation are national series with no state breakdown — see the Australia page.
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The New South Wales economy this week
5 key pointsNSW state demand grew 3.3% while capital city home prices fell 2.1%.
New South Wales presents a diverging economy in 2026. Domestic demand expanded with State Final Demand growing 3.3% over the year to June, outperforming the national rate by 0.2pp. However, high living costs weigh on households. Capital city house prices fell 2.1% over the year, recording the slowest pace of all eight states and territories. Meanwhile, labour market conditions remain steady, with jobs growing 1.5% and annual inflation running at 3.2%.
1
State Final Demand grew 3.3% over the year to June 2026, 0.2pp faster than Australia's 3.1% and equal third-fastest of the eight states and territories.
2
Capital city house prices fell 2.1% over the year to June 2026, trailing national growth of 5.5% by 7.6pp as the slowest of the eight states and territories.
3
Total employment rose 1.5% in the year to July 2026, outpacing the national 1.3% rate by 0.2pp to rank second-fastest of the six reporting states.
4
Annual CPI inflation ran at 3.2% in July 2026, 0.3pp slower than the national 3.5% rate and equal slowest of the eight states and territories.
5
Housing finance commitments grew 1.3% over the year to June 2026, trailing the national 6.6% rate by 5.3pp as the slowest of the eight states and territories.
What X is saying about the New South Wales economy
6 recent postsEmbattled Sydney developer Bathla Group has secured a 12-month extension from the NSW Supreme Court to finalise construction projects, but it is dependent on securing additional funds from lenders.
Giant Japanese real estate developer Mitsubishi Estate Asia will back a major housing estate in NSW’s Illawarra region being undertaken by the private Abadeen operation, as the state’s housing industry digests the collapse of developer Bathla.
I’m standing up for NSW forestry workers, regional towns and Australian timber. Labor is creating a financial incentive to shut down our timber industry. That means fewer local jobs, less Australian timber and more imports.
#Housingshortage #Bathla #lender #360Capital ‘accelerates the disposal’ of #homes and land. Bathla lenders have begun placing sites seized from the failed #Sydney #propertydevelopment giant on the market
High-end homes leading housing market downturn in Sydney and Melbourne
NSW sees 50% growth in EVs since November 2025.
Posts about the New South Wales economy from the last 14 days, collected 19 Sep 2026. Each post was matched to its own X status ID before publication. Views are the authors' own.
Economy
GDP & Economic Output
State Final Demand
$852.0bn
+3.3%
Australia $2,753.8bn (+3.1%)
NSW as at 2026-Jun
State Final Demand per Capita
$98,263
+2.1%
Australia $98,629 (+1.6%)
NSW as at 2026-Jun
NSW State Final Demand expanded 3.3% over the year to June 2026.
State Final Demand reached $215.1bn in the June 2026 quarter and $852.0bn over the rolling year. Annual growth of 3.3% outpaced the national 3.1% rate by 0.2pp. On a per capita basis, annual demand reached $98,263, up 2.1% over the year and 6.1% above its average.
State Final Demand in NSW totalled $215.1bn in the June 2026 Quarter, reaching $852.0bn over the rolling year. Output expanded 3.5% in the quarter compared to the same period a year earlier, while annual rolling demand recorded 3.3% growth. This steady pace demonstrates continuing expansion across the state economy, holding a positive trajectory following sustained momentum in domestic activity.
State Final Demand per capita reached $98,263 per person annually in June 2026, rising 2.1% over the year. Per capita demand stands 6.1% above its historical average of $92,610. For the quarter, per capita output was $24,803, sitting 6.2% above the average of $23,361. While headline growth ran at 3.3%, population growth diluted gains, leaving per person gains at 2.1%.
NSW annual State Final Demand growth of 3.3% exceeded the national rate of 3.1% by 0.2pp, placing NSW equal third-fastest of the eight states and territories alongside Queensland, behind South Australia at 3.7% while Northern Territory contracted 1.9%. In per capita terms, NSW growth of 2.1% was the second-fastest of the eight states and territories, 0.5pp above Australia's 1.6%.
NSW against the other states
3
State Final Demand growth — Equal 3rd highest of 8 states
at 3.3% (2026-Jun)
2
State Final Demand per Capita growth — 2nd highest of 8 states
at 2.1% (2026-Jun)
States are compared on State Final Demand. GDP by state is not published - national GDP is on the Australia page.
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Population & Migration
Population
8,670,105
+1.1%
Australia 27,921,150 (+1.4%)
NSW as at 2026-Mar
Net Overseas Migration
84,573
-6.1%
Australia 292,137 (-5.6%)
NSW as at 2026-Mar
Net Interstate Migration
-20,818
+6,104 people
NSW as at 2026-Mar
NSW population reached 8.7 million in March 2026, up 1.1% over the year.
NSW population reached 8.67m in March 2026, growing 1.1% over the year, which is 0.3pp slower than the national 1.4% rate. Overseas migration contributed 84,573 persons despite falling 6.1%, while net interstate migration saw a net outflow of 20,818 residents.
New South Wales population reached 8.7 million as at March 2026, recording an annual increase of 1.1%. Growth has moderated from earlier post-pandemic highs, trailing the national expansion rate of 1.4% by 0.3pp as overall population inflows stabilise.
Overseas migration provided 84,573 persons over the year, falling 6.1% compared to a 10-year average growth rate of 1.1%, representing a 7.2pp slowdown. Natural increase added 31.5k persons, down 1.9% over the year. Net interstate migration saw an outflow of 20,818 persons, an improvement of 16.5% compared to the long-term average loss of 24.9k residents.
With annual growth of 1.1%, NSW recorded the third-slowest of the eight states and territories, trailing Western Australia at 2.1% while remaining ahead of Tasmania at 0.6%. On net interstate migration, NSW lost 2.4 residents per 1,000 people, ranking the third-lowest of the eight states and territories, behind Western Australia at 3.3 per 1,000 while Northern Territory lost 5.9 per 1,000.
NSW against the other states
6
Population growth — 3rd lowest of 8 states
at 1.1% (2026-Mar)
6
Net Interstate Migration per 1,000 People — 3rd lowest of 8 states
at -2.4 per 1,000 (2026-Mar)
Net interstate migration is ranked per 1,000 residents so it is not simply a ranking of state size. Australia-wide it nets to zero.
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Property
Development Activity
Dwelling Approvals (rolling year)
52,713
+5.1%
Australia 206,298 (+8.8%)
NSW as at 2026-Jul
Dwelling Approvals per 1,000 People
6.1 per 1,000
+3.4%
Australia 7.4 per 1,000 (+7.2%)
NSW as at 2026-Jul
NSW annual dwelling approvals rose 5.1% to 52,713 in July 2026.
NSW approved 52,713 dwellings in the year to July 2026, an increase of 5.1% YoY, trailing the national 8.8% pace. Approvals per 1,000 people stood at 6.1, sitting 1.3pp below Australia. Commencements rose 11.9% to 51.7k, while completions edged down 0.5% to 44.5k.
A total of 52,713 dwellings were approved in NSW in the year to July 2026, representing an annual growth of 5.1% against its 10-year average of -3.3%, an improvement of 8.4pp. The state generated 6.1 approvals per 1,000 people, which sits 13.2% below the historical average of 7 per 1,000.
Across pipeline stages, annual approvals reached 52.7k while commencements rose 11.9% to 51.7k, running 14.7pp above their 10-year average trend of -2.8%. Completions contracted 0.5% over the year to 44.5k, sitting 23.1% below average on a per-capita basis at 5 per 1,000 people. Houses saw approvals grow 11.7%, while attached dwellings slipped 0.3%.
Dwelling approvals grew 5.1% over the rolling year, placing NSW equal third-slowest of the eight states and territories alongside South Australia, trailing the Australian average of 8.8% by 3.7pp and the ACT's 39.4%. NSW approvals of 6.1 per 1,000 people ranked the third-lowest of the eight states and territories, 1.3pp below Australia's 7.4 per 1,000.
NSW against the other states
6
Dwelling Approvals (rolling year) growth — Equal 3rd lowest of 8 states
at 5.1% (2026-Jul)
6
Dwelling Approvals per 1,000 People — 3rd lowest of 8 states
at 6.1 per 1,000 (2026-Jul)
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Housing Market
Capital City House Price
$1.49m
-2.1%
Australia $1.09m (+5.5%)
NSW as at 2026-Jun
Regional House Price
$810k
+5.1%
Australia $745k (+8.9%)
NSW as at 2026-Jun
Sydney house prices fell 2.1% over the year to June 2026 to $1.49m.
Capital city house prices in NSW fell 2.1% over the year to $1.49m in June 2026, recording the slowest pace among all eight states and territories and trailing national growth of 5.5%. In contrast, regional house prices rose 5.1% to $810,000. Affordability remains stretched at 13.14x income.
The median house price in the NSW capital city reached $1.49m in the June 2026 quarter, falling 2.1% over the year. This compares to average annual growth of 5.2% over the past decade, a divergence of 7.3pp. Price growth has decelerated into outright contraction, even as regional house prices rose 5.1% to reach $810,000.
Capital city houses are priced at 13.14x annual household income, representing severely unaffordable conditions despite sitting 7.5% below the 10-year average of 14.21x. Attached dwellings in the capital offer relatively better access at 7.42x income, 21.1% below their average of 9.40x. With median attached prices at $840,000, buyer demand has shifted toward higher-density options.
Capital city house price growth of -2.1% was the slowest of the eight states and territories, lagging national growth of 5.5% by 7.6pp, while Northern Territory led with 21.4% and Victoria was next slowest at 1.2%. Regional house price growth of 5.1% was the second-slowest of the seven reporting states and territories, trailing Australia's 8.9% by 3.8pp and Western Australia's 20.9%.
NSW against the other states
8
Capital City House Price growth — Lowest of 8 states
at -2.1% (2026-Jun)
6
Regional House Price growth — 2nd lowest of 7 reporting
at 5.1% (2026-Jun)
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Housing Finance
Housing Finance Commitments
$30.8bn
+1.3%
Australia $99.0bn (+6.6%)
NSW as at 2026-Jun
New-Build Share of Lending
13.4%
+1.2pp
Australia 18.2% (+2.1pp)
NSW as at 2026-Jun
NSW housing finance rose 1.3% in June 2026, trailing national growth by 5.3pp.
Housing finance commitments in NSW totalled $30.8bn in the June 2026 quarter, up 1.3% over the year. Growth lagged the national 6.6% rate by 5.3pp, recording the slowest pace of all eight states and territories. New-build lending captured 13.4% of purchase commitments, the lowest share nationally.
Housing finance commitments in NSW totalled $30.8bn in the June 2026 quarter, up 1.3% compared to a year ago. Growth fell short of the 10-year average of 3.7% by 2.4pp. Lending volumes reflect a sluggish recovery from recent interest rate increases, mirroring the softening conditions observed in capital city home values.
Owner-occupier lending totalled $17.7bn, expanding 3.2% over the year to June 2026. In contrast, investor lending declined 1.1% to $13.1bn, trailing its 10-year average growth rate of 3.1% by 4.2pp. Owner-occupiers drove the majority of credit uptake, while investor activity moderated amid shifting risk-return profiles.
Purchases of existing dwellings dominated activity at $26.7bn, sitting 16.7% above the historical average of $22.8bn. New builds captured 13.4% of dwelling purchase lending, 1.64pp below the average since 2019 of 15.0%. NSW new-build share was the lowest of the eight states and territories, 4.8pp below Australia's 18.2%, highlighting persistent headwinds in funding new supply.
NSW against the other states
8
Housing Finance Commitments growth — Lowest of 8 states
at 1.3% (2026-Jun)
8
New-Build Share of Lending — Lowest of 8 states
at 13.4% (2026-Jun)
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Rental Market
Median Rent (rolling year)
$709/wk
+6.1%
Australia $625/wk (+5.6%)
NSW as at 2026-Mar
Median Rent Growth
6.0%
-0.2pp
Australia 5.6% (-1.8pp)
NSW as at 2026-Mar
Rent as a Share of Earnings
33.0%
+0.5pp
Australia 29.4% (+0.5pp)
NSW as at 2026-Mar
NSW rolling median rent reached $709 per week in March 2026, up 6.1%.
The rolling-year median rent in NSW reached $709 per week in March 2026, rising 6.1% YoY to sit 13.4% above Australia's $625. Rent accounts for 33.0% of full-time earnings, the highest share of the five reporting states. Sydney rents reached $797 per week, carrying a 35.9% premium over regional areas.
The median rent in NSW reached $720 per week in the March 2026 quarter, with the rolling-year median at $709 per week. Over the year, rolling median rents increased 6.1%, outpacing the national 5.6% growth rate by 0.5pp. Market rent growth ran at 6.0%, showing signs of slight moderation compared to earlier peaks.
Capital city rents reached $797 per week on a rolling-year basis, commanding a 35.90% premium over the rest of the state, which sits below the 10-year average premium of 39.52%. Regional rents reached $576 per week on a rolling-year basis, 34.7% above the average of $427.65. Rolling-year medians for three-bedroom houses reached $658 per week, sitting 32.2% above their average of $497.88.
NSW market rent growth of 6.0% was equal second-lowest of the five reporting states alongside South Australia, trailing Tasmania at 7.7% and Western Australia at 6.5%. Rent absorbs 33.0% of average full-time weekly earnings, 3.6pp above Australia's 29.4% and the highest of the five reporting states. Market rent growth of 6.0% outpaced CPI rent growth of 3.40% and overall CPI of 4.40%.
NSW against the other states
4
Median Rent Growth — Equal 2nd lowest of 5 reporting
at 6.0% (2026-Mar)
5
Rent as a Share of Earnings — Highest of 5 reporting
at 33.0% (2026-Mar)
Not in this comparison: VIC (latest 2025-Sep), NT (no data), ACT (no data). Rent series are published on different schedules by each state. Every rank here is taken at one common quarter; states without a value at that quarter are listed with their own latest period instead.
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Jobs & wages
Employment
Unemployment Rate
4.2%
+0.2pp
Australia 4.5% (+0.2pp)
NSW as at 2026-Jul
Total Employment
4.56m
+1.5%
Australia 14.81m (+1.3%)
NSW as at 2026-Jul
NSW unemployment held at 4.2% in July 2026 as employment grew 1.5%.
NSW unemployment stood at 4.2% in July 2026, 0.2pp below Australia's 4.5% and the third-lowest of the six reporting states. Total employment reached 4.56m, rising 1.5% YoY to outpace national growth by 0.2pp and rank second-fastest of reporting states, driven by full-time gains of 1.8%.
The unemployment rate in NSW stands at 4.2% as at July 2026. The rate remains 0.24pp below its 10-year average of 4.47%, though it has edged up by 0.2pp over the year from 4.03%. Conditions remain tight by historical standards, but the upward drift in unemployed persons of 6.8% signals a gradual easing in labour absorption.
Total employment expanded to 4.56m persons in July 2026, an annual increase of 1.5% that added new jobs across the state. Job creation favoured full-time roles, which increased 1.8% over the year to 3.22m workers. This full-time momentum underscores stable underlying demand from major commercial and service sectors.
NSW unemployment of 4.2% is the third-lowest of the six reporting states, 0.2pp below the national 4.5% rate, with South Australia lowest at 4.1% and Victoria highest at 5.1%. On jobs growth, NSW's 1.5% expansion outpaced Australia's 1.3% by 0.2pp to rank the second-fastest of the six reporting states, trailing only Queensland at 1.9% while Tasmania contracted 0.6%.
NSW against the other states
3
Unemployment Rate — 3rd lowest of 6 reporting
at 4.2% (2026-Jul)
2
Total Employment growth — 2nd highest of 6 reporting
at 1.5% (2026-Jul)
Not in this comparison: NT (latest 2026-Mar), ACT (latest 2026-Mar).
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Job Advertisements
Job Advertisements
185,311
-1.7%
Australia 627,215 (-1.7%)
NSW as at 2026-Jul
NSW job advertisements slipped 1.7% over the year to 185,311 in July 2026.
NSW job advertisements stood at 185,311 in July 2026, falling 1.7% over the year, matching the national contraction rate. Growth ranked mid-pack among the eight states and territories. Professional job advertisements rose 4.1% and industrial ads grew 2.8%, running above long-term trends.
Job advertisements in NSW totalled 185,311 in July 2026, recording an annual decline of 1.7%. Recruitment activity has moderated from post-pandemic peaks, matching the national decline of 1.7% as employer demand across broad industry classifications normalises.
Specialised roles showed resilient demand. Professional job advertisements reached 59.7k, up 4.1% over the year against a 10-year average growth rate of 0.7%, standing 3.4pp above average. Industrial job ads totalled 33.1k, rising 2.8% over the year, running 2.0pp above the 10-year average of 0.8%. Professional roles served as the primary standout driver.
With a 1.7% decline in job advertisements, NSW sat mid-pack among the eight states and territories, matching Australia's 1.7% contraction. South Australia recorded the fastest growth at 3.3% while the Northern Territory contracted 7.7%. The moderation in online listings indicates steady hiring consolidation across the state economy.
NSW against the other states
5
Job Advertisements growth — 5th of 8 states
at -1.7% (2026-Jul)
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Wages & Earnings
Wage Price Index
160.0
+3.1%
Australia 161.2 (+3.2%)
NSW as at 2026-Jun
Full-Time Weekly Earnings
$2,177
+3.1%
Australia $2,157 (+3.5%)
NSW as at 2026-May
NSW Wage Price Index grew 3.1% in June 2026 as weekly pay reached $2,177.
The NSW Wage Price Index increased 3.1% over the year to June 2026, 0.1pp behind the national 3.2% pace and mid-pack among the eight states and territories. Full-time weekly earnings reached $2,177 in May 2026, up 3.1% YoY to sit 1.0% above the Australian average of $2,156.
Wages in NSW grew 3.1% over the year to June 2026, as measured by the Wage Price Index. Growth has stabilised around this level, tracking slightly below the Australian rate of 3.2% by 0.1pp. The index level reached 160.0, sitting 14.7% above its 10-year average of 139.4 as nominal wage gains consolidate.
Full-time weekly earnings reached $2,177 in May 2026, representing $112,468 per year for full-time workers after growing 3.9% annually. With headline CPI inflation running at 3.2% in July, consumer price growth slightly outpaced wage growth of 3.1%, leaving real purchasing power broadly flat to marginally lower over the year.
NSW WPI growth of 3.1% placed the state mid-pack among the eight states and territories alongside Victoria, trailing South Australia at 3.6% while remaining ahead of Northern Territory at 2.8%. Full-time earnings of $2,177 sit 1.0% above Australia's $2,156, though annual earnings growth of 3.1% lagged national wage growth of 3.5% by 0.4pp.
NSW against the other states
5
Wage Price Index growth — Equal 5th of 8 states
at 3.1% (2026-Jun)
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Households
Household Consumption
Household Consumption
$116.1bn
+1.6%
NSW as at 2026-Jun
Household Consumption per Capita
$13,395
+0.4%
NSW as at 2026-Jun
NSW household consumption rose 1.6% to $116.1bn in the June 2026 quarter.
Household consumption in NSW totalled $116.1bn in the June 2026 quarter, up 1.6% YoY. Per capita consumption grew 0.4% to $13,395, ranking mid-pack among the eight states and territories. Essential spending like food rose 2.0%, while power and alcohol spending contracted.
Household consumption expenditure in NSW totalled $116.1bn in the June 2026 quarter, an annual expansion of 1.6%. Per capita consumption reached $13,395, up 0.4% over the year. Population growth accounted for most of the headline expansion, leaving real volume growth per resident relatively modest as households maintain budgetary discipline.
Spending across categories revealed divergent consumer behavior. Essential food spending reached $10.8bn, rising 2.0% over the year. In contrast, power spending fell 5.5% against its 10-year average of -1.1%, trailing the average by 4.4pp. Discretionary alcohol consumption fell 1.8% against an average of +0.8%, while clothing growth of 1.5% ran 2.4pp below its 3.9% average.
On a per capita basis, NSW consumption growth of 0.4% sat mid-pack among the eight states and territories, trailing Tasmania at 1.5% while outperforming Victoria at 0.0%. The muted per person gains reflect household budget pressures, with spending curbs across discretionary items buffering essential living commitments.
NSW against the other states
5
Household Consumption per Capita growth — 5th of 8 states
at 0.4% (2026-Jun)
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Household Spending
Household Spending
$76.8bn
+5.4%
Australia $244.5bn (+6.2%)
NSW as at 2026-Jul
Household Spending per Capita
$8,857
+4.3%
Australia $8,757 (+4.9%)
NSW as at 2026-Jul
NSW household spending rose 5.4% in July 2026 to reach $76.8bn.
Monthly household spending in NSW totalled $76.8bn in July 2026, rising 5.4% YoY compared to 6.2% nationally. Per capita spending reached $8,857, up 4.3% YoY to rank the third-slowest of the eight states and territories. Recreation spending rose 7.5%, outperforming historical trends.
Household spending in NSW totalled $76.8bn in July 2026, up 5.4% compared to a year ago. On a per capita basis, spending reached $8,857, which sits 19.8% above the 10-year average of $7,391. Per capita spending grew 4.3% over the year, indicating steady monthly momentum though trailing the broader national pace.
Essential spending saw food reach $11.7bn, up 5.3% over the year, while transport grew 6.5%, running 2.5pp above its 10-year average of 4.0%. In discretionary categories, recreation spending rose 7.5%, exceeding its 10-year average of 3.6% by 3.9pp, while alcoholic beverages and tobacco contracted 0.8% over the year.
Per capita spending growth of 4.3% in NSW trailed Australia's 4.9% by 0.6pp, placing NSW the third-slowest of the eight states and territories, behind Northern Territory at 8.9% while leading the ACT at 4.0%. NSW per capita spending of $8,857 sits 1.1% above Australia's $8,757, reflecting higher nominal expenditure levels in the state.
NSW against the other states
6
Household Spending per Capita growth — 3rd lowest of 8 states
at 4.3% (2026-Jul)
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Inflation & Cost of Living
Consumer Price Index
103.2
+3.2%
Australia 103.1 (+3.5%)
NSW as at 2026-Jul
Housing CPI
105.4
+3.8%
Australia 104.7 (+5.0%)
NSW as at 2026-Jul
NSW annual inflation held at 3.2% in July 2026, equal slowest nationally.
NSW annual CPI inflation ran at 3.2% in July 2026, 0.3pp below the national 3.5% rate and equal slowest of the eight states and territories alongside the ACT and Victoria. Housing inflation recorded 3.8%, tracking 1.2pp below Australia's 5.0% pace as price pressures moderate.
Inflation in NSW was 3.2% in the year to July 2026, measured by the Consumer Price Index at 103.2. Annual inflation sits slightly above the Reserve Bank of Australia's 2-3% target band, but has moderated from recent peaks. Price growth remains contained relative to other jurisdictions as overall cost pressure stabilises.
Housing costs rose 3.8% over the year to an index of 105.4, remaining elevated above the 10-year average index level of 85.4 by 23.4%. Sub-indices reflect persistent pressures across shelter and utility components, with the CPI index at 103.5 sitting 19.7% above its historical average of 86.5.
NSW inflation of 3.2% was equal slowest of the eight states and territories alongside the ACT and Victoria, 0.3pp slower than Australia's 3.5% and well below Tasmania's 4.5%. Housing CPI rose 3.8%, the second-slowest of the eight states and territories, 1.2pp below Australia's 5.0% and ACT at 3.6%. With wage growth at 3.1%, real purchasing power held broadly steady.
NSW against the other states
1
Consumer Price Index growth — Equal lowest of 8 states
at 3.2% (2026-Jul)
2
Housing CPI growth — 2nd lowest of 8 states
at 3.8% (2026-Jul)
CPI is ranked lowest to highest. A low reading is not automatically a good outcome - it is stated as a position, not a verdict.
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