NSW Treasurer Daniel Mookhey has pledged revenues will rise faster than government expenses in the state’s first Labor budget in 12 years
Booming property and jobs markets and an increase in coal royalties will propel a modest improvement in debt and deficit in the NSW budget, as the Minns government continues a borrowing and spending program to fund landmark infrastructure and public sector wage rises.
A surprise uplift in stamp duty, land tax and payroll collections will inject $14 billion into the state’s budget over the next four years, helping to counteract rising government costs and a contraction in household spending from rising interest rates. At the same time, a $2.7 billion increase in coal royalities will help the government avoid a shortfall sparked by a forecast for thermal coal prices to drop.
Spending under the former Perrottet government put debt on track to hit $180 billion 2025-26, with interest payments of $7 billion a year. Under the Minns government, this is now expected to reach $173 by 2025-26. The government will pay down $10.5 billion in borrowings over the next four years, in a move which will trim $2.3 billion off the government’s annual interest bill by 2025-26.
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