Some of the top performing businesses in New South Wales can be found in Western Sydney according to new data released by NAB.
NAB’s data, released today, shows that Parramatta and the Outer South West are among the stand out performers for New South Wales, with ‘return-on-assets’ for businesses in these regions well above the state average.
Return on assets is an indicator of how profitable a company is relative to its total assets.
“We already know that Western Sydney is a heavy lifter for the New South Wales economy, with almost 30 per cent of the state’s businesses based in the West,” NAB Group Executive Business Banking, Angela Mentis said.
“This new data shows that businesses in Parramatta and the Outer South West are among the top performers for the state, at converting investment into profit, which is an indicator of effective management, notwithstanding risk”.
“The best performers are in the industries of food retailing, textile manufacturing, construction trades, personal and household good retailing, financial services and health services.
“Importantly, some of these sectors are also among the largest employers in Western Sydney.”
The NAB data shows that return-on-assets for Parramatta and the Outer West were in the top 20 per cent average return-on-assets for the state.
According to ABS data, Manufacturing (especially Blacktown, South West), Retail Trade, Health (Parramatta, Outer West & Blue Mountains), and Construction are the largest employers in Western Sydney. Specifically, the data shows that for people living in Sydney, their largest employing industries are:
- Manufacturing – 11.5% of total employment
- Retail trade – 11%
- Health care and social assistance – 11%
- Construction – 8.2%
- Education and training – 7%
“Getting your business humming is always hard work. But, based on our data, many businesses in Western Sydney are on the right track.”
NAB is Australia’s largest business bank, and the largest lender to small and medium-sized businesses.