NSW State Final Demand grew 3.3%, equal third-fastest among states and territories
State Final Demand reached $852.0bn over the year to June, growing 3.3% against a 2.5% decade average. Per-capita demand fell in the latest quarter but remained higher over the year. NSW growth was 0.2pp faster than Australia’s. NSW unemployment rose to 4.71% in September, above its 4.47% decade average and level with Australia. Employment fell 0.8% in the month, though it remained 1.2% higher over the year, matching Australia’s growth. Unemployment was the third-highest among six reporting states. Against the other states, NSW ranks state final demand growth equal 3rd highest of 8 states (2026-Jun) and unemployment rate 3rd highest of 6 reporting (2026-Sep).
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 house prices fell 2.1%, the slowest growth of the eight states and territories
NSW’s economy presents a mixed picture: State Final Demand grew 3.3% over the year to June, above its 2.5% decade average and equal third-fastest among the eight states and territories, while per-capita demand fell in the latest quarter. Population growth was 1.1%, below Australia’s 1.4%. Housing was weaker: capital house prices fell 2.1% over the year, the slowest among the eight states and territories, and housing finance grew 1.3%, the slowest rate. Inflation was 4.3% in the year to September, level with Australia, as unemployment rose to 4.71%.
1
State Final Demand grew 3.3% over the year to June, 0.2pp faster than Australia and equal third-fastest among the eight states and territories.
2
Population grew 1.1% over the year to March, 0.3pp slower than Australia; NSW had the third-slowest growth among the eight states and territories.
3
Capital city house prices fell 2.1% over the year to June, 7.6pp slower than Australia and the slowest growth among the eight states and territories.
4
Housing finance grew 1.3% over the year to June, 5.3pp slower than Australia and the slowest growth among the eight states and territories.
5
Inflation was 4.3% over the year to September, the same pace as Australia and the second-slowest among the eight states and territories.
What X is saying about the New South Wales economy
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Posts about the New South Wales economy from the last 14 days, collected 29 Oct 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 grew 3.3%, equal third-fastest among states and territories
State Final Demand reached $852.0bn over the year to June, growing 3.3% against a 2.5% decade average. Per-capita demand fell in the latest quarter but remained higher over the year. NSW growth was 0.2pp faster than Australia’s.
State Final Demand totalled $215.1bn in the June quarter and $852.0bn over the rolling year. Annual growth was 3.3%, above the 10-year average of 2.5%; growth accelerated from 1.2% a year earlier and 3.0% in the previous quarter.
Annual State Final Demand per capita was $98,263 in June, up 2.1% over the year against a 10-year average level of $92,610. The annual rate rose from 0.1% a year earlier, while population grew 1.1% over the year to March. Quarterly per-capita demand fell 0.4%, the first fall after four quarterly rises.
NSW State Final Demand grew 3.3%, 0.2pp faster than Australia’s 3.1%, and was equal third-fastest among the eight states and territories, level with Queensland. South Australia led at 3.7%, while the Northern Territory recorded -1.9%. Per-capita growth was second-fastest among the eight states and territories at 2.1%, behind South Australia’s 2.7%. State comparisons use State Final Demand; state GDP is not published.
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 grew 1.1%, the third-slowest among states and territories
NSW population reached 8.7 million in March, growing 1.1% over the year, below the 1.2% decade average and Australia’s 1.4%. Overseas migration and natural increase both fell over the year; net interstate migration was a loss. Population growth ranked third-slowest among the eight states and territories.
NSW’s population reached 8.7 million in March 2026, increasing 1.1% over the year. Growth was below the 10-year average of 1.2%, unchanged from a year earlier. It was 0.3pp slower than Australia’s 1.4%, making NSW the third-slowest-growing of the eight states and territories.
Net overseas migration was 84,573 in March, down 6.1% over the year and 4.5% below its 10-year average level of 88.6k; its annual fall eased from 11.4% in the previous quarter. Natural increase was 31.5k, down 1.9% over the year, against a decade-average growth rate of -3.4%; it fell 7.3% in the latest quarter. Net interstate migration was a loss of 20,818 people, compared with its 10-year average loss of 24.9k. Overseas migration was the largest component by level.
NSW population growth of 1.1% was below Australia’s 1.4%; Western Australia led at 2.1%, while Tasmania was lowest at 0.6%. NSW recorded a net interstate loss, with -2.4 per 1,000 people, the third-lowest of the eight states and territories. Western Australia had the highest rate at 3.3 per 1,000, and the Northern Territory the lowest at -5.9. Interstate migration is ranked per 1,000 residents.
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)
53,167
+1.5%
Australia 208,219 (+7.5%)
NSW as at 2026-Sep
Dwelling Approvals per 1,000 People
6.1 per 1,000
0.0%
Australia 7.5 per 1,000 (+7.1%)
NSW as at 2026-Sep
NSW approvals grew 7.3%, the second-slowest among states and territories
NSW recorded 53.5k dwelling approvals in the year to August, 6.0% below its decade average. The 6.2 approvals per 1,000 people also trailed Australia’s 7.5. Completions rose sharply in the latest quarter, while approvals growth slowed and commercial office approvals remained below their decade average.
NSW approved 53,461 dwellings in the year to August, 6.0% below the 10-year average of 56.9k. Approvals stood at 6.2 per 1,000 people, below the decade average of 7.0 and Australia’s 7.5. Approvals grew 7.3% over the year, 2.2pp slower than Australia and the second-slowest growth among the eight states and territories; the latest quarter’s rolling-year total rose 2.2%.
The pipeline was mixed: commencements reached 51.8k in June, 9.1% below the 10-year average, while completions were 49.3k, 9.3% below average. Completions rose 10.1% in the June quarter, lifting annual growth to 16.9% from -0.1%. Approvals for houses were 25.5k and attached dwellings 28.0k; the supplied data does not give their shares. Completions remain below approvals in level, with no direct conversion rate supplied.
NSW had 6.2 dwelling approvals per 1,000 people in August, compared with Australia’s 7.5, and ranked third-lowest among the eight states and territories. The rate grew 6.9% over the year, 1.8pp slower than Australia. Commercial approvals value totalled 10,052 in August, 25.0% above its 10-year average: industrial approvals grew 55.9% over the year, while retail fell 7.5% and office fell 22.5%.
NSW against the other states
7
Dwelling Approvals (rolling year) growth — 2nd lowest of 8 states
at 1.5% (2026-Sep)
6
Dwelling Approvals per 1,000 People — 3rd lowest of 8 states
at 6.1 per 1,000 (2026-Sep)
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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
NSW capital house prices fell 2.1%, slowest among states and territories
Capital-city house prices reached $1.49m in June, down 2.1% over the year and 7.6pp slower than Australia. The latest quarter brought a 4.0% fall, while regional prices fell 2.4% but remained 5.1% higher over the year. All reported housing-market measures moved lower in the latest period.
The median house price in NSW’s capital city reached $1.49m in the June quarter, down 2.1% over the year, against average annual growth of 5.2% over the past decade. Prices fell 4.0% in the quarter, reversing annual growth from 6.9% in the previous quarter. Regional houses reached $810,000, down 2.4% in the quarter but up 5.1% over the year.
Capital-city houses cost 13.14 times annual income in June, below the 10-year average of 14.21 by 7.5%. This sits in the supplied 10-times-plus severe unaffordability band. Attached homes were 7.42 times income, also below their 9.40 average; that is seriously unaffordable under the supplied scale. Regional houses at 7.15 times income were more affordable than capital-city houses. All reported prices, sales and affordability measures fell in their latest period.
Capital-city house sales totalled 50.3k over the year to June, down 3.5% from a year earlier but 3.2% above the 10-year average level of 48.8k. The latest rolling-year total fell 8.6%, meaning sales in the June quarter were below the same quarter a year earlier. NSW capital house-price growth was 7.6pp slower than Australia’s 5.5% and the slowest among the eight states and territories. Regional growth was 3.8pp slower than Australia’s 8.9%, second-slowest among the seven reporting states and territories; the ACT’s latest data was June 2026.
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 grew 1.3%, slowest among states and territories
Housing finance commitments totalled $30.8bn in June, up 1.3% over the year but 2.4pp below decade-average growth and 5.3pp slower than Australia. Owner-occupier lending grew while investor lending declined. New-build lending share was 13.4%, the lowest among the eight states and territories and below its since-2019 average.
Housing finance commitments totalled $30.8bn in June 2026, up 1.3% over the year. This was below the 10-year average growth of 3.7% and 5.3pp slower than Australia’s 6.6%. Lending rose 4.0% in the latest quarter, far below the usual June-quarter rise of 21.6%; the annual rate slowed from 17.6% in the previous quarter.
Owner-occupier lending was $17.7bn, or 57.5% of total lending, compared with 56.4% a year earlier. It grew 3.2% over the year, below its 4.1% decade average. Investor lending was $13.1bn, or 42.5%, down from 43.6% a year earlier; its annual growth fell 1.1%, against a 3.1% decade average. The investor share was above its decade average of 39.2%.
New-build lending totalled $4.1bn in June, against $26.7bn for existing dwellings. New builds captured 13.4% of purchase lending, below the average since 2019 of 15.04%; the share rose 1.20pp over the year. New-build lending grew 11.8% over the year, while existing-dwelling lending fell 0.1%. NSW’s share was 4.8pp below Australia’s 18.2%, the lowest among the eight states and territories. The data supplied here does not include an interest rate; dwelling approvals grew 7.3% over the year to August.
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)
$715/wk
+5.8%
Australia $633/wk (+5.5%)
NSW as at 2026-Jun
Median Rent Growth
5.7%
+0.8pp
Australia 5.5% (-0.3pp)
NSW as at 2026-Jun
Rent as a Share of Earnings
32.8%
+0.8pp
Australia 29.4% (+0.6pp)
NSW as at 2026-Jun
NSW rent takes 32.8% of full-time earnings, highest among reporting states
The median rolling-year rent was $715 a week in June, up 5.8% over the year and 0.5pp faster than Australia. Market rent growth was 5.6%, the lowest among the five reporting states, while rent absorbed 32.8% of full-time earnings, the highest. CPI rent inflation was 3.5%, below market rent growth.
The median rent in NSW reached $732 per week in the June quarter, or $715 on a rolling-year basis. The rolling-year median rose 5.8% over the year, up from 5.0% a year earlier but easing from 6.0% in the previous quarter. The rolling-year median was 13.1% above Australia’s $632 and grew 0.5pp faster.
Sydney rents were $808 a week, compared with $594 in regional NSW; the supplied capital-city premium was 36.0%, below its 10-year average of 39.38%. Regional rent growth was 6.6%, against 6.0% in the capital. Capital-city three-bedroom house rent was $725 and two-bedroom unit rent $828; the data gives no direct gap or evidence on whether units are closing it.
New bonds lodged totalled 292.7k over the rolling year to June, down 4.4% over the year and at a five-year low. Median rent growth was 5.6%, 0.3pp above Australia but the lowest among the five reporting states; Tasmania led at 9.5%. Victoria’s latest published figures are for the September 2025 quarter; the national series carries Victoria forward until DFFH publishes. NSW rent inflation (CPI Rents) was 3.5%, while overall CPI was 4.0% and wage growth 3.1%. Rent as a share of full-time earnings was 32.8%, 3.5pp above Australia.
NSW against the other states
5
Median Rent Growth — Lowest of 5 reporting
at 5.7% (2026-Jun)
5
Rent as a Share of Earnings — Highest of 5 reporting
at 32.8% (2026-Jun)
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
4.7%
+0.5pp
Australia 4.7% (+0.3pp)
NSW as at 2026-Sep
Total Employment
4.51m
+1.2%
Australia 14.78m (+1.2%)
NSW as at 2026-Sep
NSW unemployment reached 4.71%, rising 0.35pp in September
NSW unemployment rose to 4.71% in September, above its 4.47% decade average and level with Australia. Employment fell 0.8% in the month, though it remained 1.2% higher over the year, matching Australia’s growth. Unemployment was the third-highest among six reporting states.
The unemployment rate in NSW stood at 4.71% in September 2026, above its 10-year average of 4.47%. It rose 0.35pp in the month and 0.73pp over three months, up 0.74pp from the five-year low of 2.96% in June 2023. The monthly increase was the largest since May 2025.
Total employment was 4.51 million in September, up 1.2% or 51,920 people over the year, below the 10-year average growth of 1.7%. Full-time employment grew 1.2%, adding 37,548 people over the year; the data does not supply part-time growth. The labour force fell 0.4% in the month, although it was 1.7% higher over the year.
NSW’s unemployment rate was level with Australia’s 4.7%, with the annual change 0.2pp larger. It was the third-highest among the six reporting states; South Australia was lowest at 4.2% and Victoria highest at 5.0%. NSW employment growth matched Australia’s 1.2% and was third-fastest among the six reporting states. Western Australia led at 3.7%, while Tasmania recorded -3.0%. The territories’ latest figures were for March 2026.
NSW against the other states
4
Unemployment Rate — 3rd highest of 6 reporting
at 4.7% (2026-Sep)
3
Total Employment growth — 3rd highest of 6 reporting
at 1.2% (2026-Sep)
Not in this comparison: NT (latest 2026-Mar), ACT (latest 2026-Mar).
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Job Advertisements
Job Advertisements
184,843
-1.6%
Australia 632,452 (+0.3%)
NSW as at 2026-Sep
NSW job ads fell 1.6%, third-slowest among states and territories
Job advertisements totalled 184.8k in September, 9.8% below the decade average and 34.5% below the five-year peak. They fell 0.7% in the latest quarter and 1.6% over the year, against Australia’s 0.3% annual increase. Professional ads remained 4.0% above their historical growth average.
Job advertisements in NSW totalled 184.8k in September 2026, 9.8% below the 10-year average level of 204.9k and 34.5% below the peak of 282.2k in June 2022. Ads fell 0.7% in the September quarter and 1.6% over the year. The latest level was the lowest in five years.
Professional ads numbered 59.5k, 3.9% below their 10-year average level, despite annual growth of 4.0% against average growth of 0.8%. Industrial ads were 32.6k, 2.1% below their average level, while sales ads were 8.9k, 9.2% below average. Professional advertising is the clearest growth standout; all three categories fell in the latest quarter.
NSW job ads fell 1.6% over the year to September, 1.9pp slower than Australia’s 0.3% growth and the third-slowest growth among the eight states and territories. Western Australia led at 6.8%, while the Northern Territory recorded -6.9%.
NSW against the other states
6
Job Advertisements growth — 3rd lowest of 8 states
at -1.6% (2026-Sep)
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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 growth was 3.1%, 0.1pp slower than Australia
The Wage Price Index rose 3.1% over the year to June, below its 2.7% decade-average growth by 0.4pp and 0.1pp slower than Australia. It rose 0.4% in the quarter, its weakest June quarter in five years. Full-time weekly earnings were $2,177 in May; real wages fell 0.9pp over the year to June.
Wages grew 3.1% over the year to June 2026, as measured by the Wage Price Index, above the 10-year average growth of 2.7%. The index rose 0.4% in the June quarter, when the typical rise is 0.5%; it was the weakest June quarter in five years. The annual growth rate was down from 3.2% a year earlier.
Average full-time weekly earnings were $2,177 in May, or $112,468 per year. Over the year to June, wage growth was 3.1% while inflation was 4.0%, so real wages fell 0.9 percentage points.
NSW WPI growth of 3.1% was 0.1pp slower than Australia’s 3.2%, placing NSW mid-pack among the eight states and territories. South Australia led at 3.6% and the Northern Territory was lowest at 2.8%. Full-time weekly earnings were $2,177, 1.0% above Australia’s $2,156, though growth was 0.4pp slower.
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 per-capita consumption grew 0.4%, mid-pack among states and territories
Household consumption totalled $116.1bn in June, up 1.6% over the year against a 1.5% decade average. Per-capita consumption rose 0.4% annually but fell 0.1% in the latest quarter. Power and utilities and alcohol spending contracted over the year, while cafes and restaurants grew above their average.
Household consumption expenditure totalled $116.1bn in the June quarter, up 1.6% over the year against average growth of 1.5%. Per-capita consumption was $13,395, up 0.4% over the year and 2.1% above its 10-year average level. It fell 0.1% in the latest quarter. This is quarterly National Accounts data.
Among essentials, food grew 2.0% over the year, below its 2.2% average; rent and dwellings grew 1.2%, below 1.6%; power and utilities fell 5.5%, below its -1.1% average; health grew 2.5% against 3.5%; and transport fell 0.3% against 0.6%. Discretionary recreation grew 0.4% against 1.5%, alcohol and tobacco fell 1.8% against 0.8% growth, cafes and restaurants rose 2.5% against 2.0%, and clothing rose 1.5% against 3.9%. Power was the weakest standout.
NSW per-capita consumption growth was 0.4%, mid-pack among the eight states and territories; Tasmania led at 1.5% and Victoria was lowest at 0.0%. No meaningful national comparator is supplied for household consumption or per-capita consumption. The figures show weakness across several categories, particularly power and utilities, but do not measure consumer confidence.
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
$77.4bn
+6.2%
Australia $246.9bn (+6.7%)
NSW as at 2026-Sep
Household Spending per Capita
$8,931
+5.5%
Australia $8,841 (+5.9%)
NSW as at 2026-Sep
NSW household spending up 6.2%, led by transport and recreation
NSW spending totalled $77.4bn in the three months to September 2026, up 6.2% on a year ago and above its 10-year average growth of 4.3%. Nearly every category rose in the latest three months, with transport and recreation leading annual growth at 10.0% and 8.0%. Per capita growth of 5.5% is the third-slowest of the eight states and territories, against Australia's 5.9%.
Household spending in NSW totalled $77.4bn in the three months to September 2026, up 6.2% compared to a year ago. This is above average growth of 4.3%. Per capita, NSW spending was $2,983 per person in September 2026 on the single-month measure, and $35,406 per person annually. Over the three months to September 2026, spending per person reached $8,931, 20.3% above the 10-year average level of $7,423, and rose 1.8% over the latest three months. That rise is about twice its usual move for the time of year and the largest since December 2025.
Essentials are mixed: transport grew 10.0% over the year, well above its 10-year average of 4.4%, while food grew 4.9%, against 5.2%, and health grew 4.9%, against 5.8%. Health rose 2.1% over the latest three months. Among discretionary categories, recreation grew 8.0%, against a 10-year average of 3.8%, and hotels and restaurants grew 5.9%, against 5.6%. Clothing grew 3.9%, just below its 4.0% average. Furnishings was the only category to fall over the latest three months, down 0.2%, though it grew 3.7% over the year.
Household spending grew 6.7% across Australia, so NSW's 6.2% trails the national 6.7% by 0.5pp. Per capita, NSW spending of $8,931 in the three months to September 2026 is 1.0% above Australia's $8,841, but per capita growth of 5.5% trails the national 5.9% by 0.4pp, the third-slowest of the eight states and territories.
NSW against the other states
6
Household Spending per Capita growth — 3rd lowest of 8 states
at 5.5% (2026-Sep)
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Inflation & Cost of Living
Consumer Price Index
104.3
+4.3%
Australia 104.3 (+4.3%)
NSW as at 2026-Sep
Housing CPI
105.8
+5.8%
Australia 105.2 (+5.2%)
NSW as at 2026-Sep
NSW inflation was 4.3%, level with Australia and above target
Inflation was 4.3% over the year to September, above the 3.1% decade average and the RBA’s 2–3% target band, but level with Australia. Prices rose 0.7% in September and 2.0% over three months. Transport inflation reached 8.3%; housing was 5.8%. Real wages fell 0.9pp over the year to June.
Inflation in NSW was 4.3% in the year to September 2026, above the 10-year average of 3.1% and the RBA’s 2–3% target band. The annual rate rose from 3.9% in August to 4.3% in September. Prices rose 0.7% in September and 2.0% over three months; annual inflation remained below its five-year peak of 7.7% in December 2022.
Transport inflation was 8.3% over the year, above its 3.8% average, and housing was 5.8% against 3.6%. Communication rose 2.3%, well above its -0.8% decade average. Food inflation was 3.4% against 3.1%, while health was 3.5%, just below its 3.6% average. Clothing rose 0.7%, above its 0.4% average, despite falling 2.4% in September.
NSW inflation of 4.3% matched Australia’s 4.3% and was the second-slowest among the eight states and territories; Victoria was lowest at 4.0% and Tasmania highest at 5.3%. Housing inflation was 5.8%, 0.6pp above Australia and mid-pack among the eight states and territories. Over the year to June, wages grew 3.1% while inflation was 4.0%, so real wages fell 0.9 percentage points.
NSW against the other states
2
Consumer Price Index growth — 2nd lowest of 8 states
at 4.3% (2026-Sep)
5
Housing CPI growth — 5th of 8 states
at 5.8% (2026-Sep)
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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