Daniel Mookhey announces deficit of $7.8bn after saying cuts would be in areas that ‘don’t affect people’. Follow all the reaction live
Labor government will invest $2.2bn in housing and infrastructure projects, including new roads and schools, as it hands down its first budget in more than a decade.
The government has forecast a $7.8bn deficit this financial year, before posting a string of modest surpluses, bankrolled by its big twin revenue streams of property and payroll taxes. The state’s booming property market will see stamp duty revenue increase as property owners who had delayed decisions to buy during the pandemic and inflationary period return to the market.
Budget figures revealed NSW was expected to be back into the black next financial year and would focus on paying down debt after finding $13bn to redirect into essential services through an expenditure review. The treasurer, Daniel Mookhey, said his government was trying to rebuild a buffer for future financial shocks, like natural disasters.Within its headline housing spend, the government pledged to build almost 5,000 homes through Landcom by 2040.
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