A $7bn shortfall has been forecast this financial year, but Daniel Mookhey says any cuts to be made will be in areas that ‘don’t affect people’
says Labor’s first budget for the state in more than a decade will lay the groundwork for future reform, make cuts “in areas that don’t affect people” and provide support for a “once in a generation” cost-of-living crisis.
“At the same time, I think what people want is deeper reform to prevent these cost-of-living pressures from simply repeating and repeating. “It’s about making sure that we are fixing the fundamentals about what’s wrong with our essential services and it’s about responsibly repairing the state’s finances.”
In 2021-22, NSW revealed a historic deficit of nearly $17bn. A $7bn shortfall has been forecast this financial year. Successive interest rate hikes and sharp inflation over the past year have also taken their toll.
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