Parramatta. NSW is in a 'recession'

Tony Pearson, deputy chief economist with ANZ Bank, said NSW was in a recession "although the State Government may not tell you that." He was speaking on the current financial crisis to the Asia Business Connection function, where he told 80 business people he was confident that at the global, policy makers understood what they had to do. "I am confident, also, that Australian policy makers know what to do but, nevertheless, the outlook for the next couple of years will be rocky," he said. Referring to NSW he said business would be in for "an extremely tough time" for the next couple of years. Parramatta City Council is the major sponsor of the Asia Business Connection.