Domestic violence, the GST saga and a COVID hangover – the NSW treasurer is presiding over a complicated budget picture.
Add articles to your saved list and come back to them any time.Daniel Mookhey set expectations low from the beginning. When the NSW treasurer gave his first briefing to Premier Chris Minns, senior ministers and the expenditure review committee about his upcoming budget, there was an overriding sense of gloom. There would be no new spending, and ministers would need to do more with less.
The disruptions of the coronavirus pandemic pushed NSW deep into the red, and like a bout of long COVID, the effects of that crisis are still ailing state coffers. “What I think will become clear on budget day is just what an impact the Commonwealth Grants Commission decision had on our road back to surplus. It’s fair to say that, but for the Commonwealth Grants Commission position, that would look very different for NSW.”the horrific murder of Molly Ticehurst in Forbes in April
In NSW, the prevalence rate is 3.4 per 100,000 people. In Queensland, the rate is 2.6, and in Victoria, it is 2.1. Meanwhile, the situation is not improving in NSW:, released on Thursday, show a 15.4 per cent increase in reports of domestic assault in the five years to March. “I make the point that a middle-class, egalitarian city makes for a stronger economy. We don’t want to see what’s happening in California happen here.
Mookhey says former Liberal energy minister Matt Kean’s energy road map, designed to drive $32 billion of private investment in infrastructure, had bipartisan support in the last term of parliament. But it was built on “very optimistic assumptions about market conditions”. “We have a mandate to make sure that our essential workers are paid properly so we can deliver the essential services that people expect,” he says “And, equally, we’re doing so in a really responsible way.
NSW paid $4.2 billion to service borrowings last financial year, but by June 2027, interest expenses are forecast to hit $7.7 billion – a rise of 82 per cent in four years. Unemployment has been trending higher in NSW since the middle of last year. Figures released on Thursday showed the state’s jobless rate was 3.8 per cent last month, but it is forecast to reach 4.5 per cent over the next year. More than 174,000 people in NSW were unemployed last month; about 40,000 more than in June last year.
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