Inaugural NSW Chief Economist Role Announced
(6 July 2018 - Australia) The state NSW Government has created a new Chief Economist role following the appointment of a new Productivity Commissioner position to Peter Achterstraat AM.
Current chair of the Australian Business Economists (ABE) executive committee and former Chief Economist for the Australian Institute of Company Directors (AICD) and JP Morgan, Stephen Walters, has been announced in the role. Mr Walters will advise the NSW government on state, national and global economic issues and analysis.
NSW Treasurer Dominic Perrottet said the appointment was made with the aim of reinforcing the state's capabilities and keeping it on the front foot. The NSW government had an estimated A$65 billion in total assets on its balance sheet at the end of the 2017 financial year. The NSW government's central borrowing authority generated a pre-tax profit of $132 million and debt instruments are guaranteed by the NSW Government and rated by credit agencies S&P Global and Moody’s. For long term Australian and foreign currency debt NSW has a Aaa (stable) rating with Moody’s and a AAA (negative) rating from S&P.
"I'm looking forward to harnessing the existing knowledge at NSW Treasury to ensure the public and key stakeholders have a clear understanding of the Government's position on key economic issues. The state has been powering the national economy but there are challenges on the horizon. It is critical that we not only address those challenges but articulate our roadmap for long-term economic success." Stephen Walters stated.
"This appointment, coupled with the Productivity Commission, will also support our desire to lead on micro-economic reform. Mr Walters will provide fresh and innovative economic analysis, strengthening our ability to manage economic challenges from both home and abroad" NSW Treasury Secretary Michael Pratt said.