NSW budget

There's plenty of health spending and some big reforms for first home buyers — this is how NSW Treasurer Matt Kean's first budget will affect you.

The $5.8 billion plan will be rolled out over 10 years to have students in pre-K by 2030. Each child who attends a primary of secondary school will be eligible for a $150 subsidy. There will be $9.5 million to fix the paths in parks across the western suburbs, and $15 million to build a special fence around the Georges River Koala Reserve. Plans for a tunnel that would have connected the northern beaches to the Warringah Freeway and the rest of Sydney are on ice. Almost half a million motorists will be eligible for quarterly rebates on their toll bills as the government tries to address the rising cost of living in NSW. The state government has committed to spending $5.8 billion over the next 10 years to make the blueprint a reality, and some of the money was set aside in the budget. The paid parental leave scheme will also be overhauled to scrap the distinction between "primary" and "secondary" carers, in a bid to help women return to the workforce earlier. A total of $119 million will be injected into the research and development of ribonucleic acid (RNA) technology over the next 10 years. Community-led Indigenous initiatives will receive funding as part of a $401 million investment to help "close the gap" in life expectancy between First Nations people and the national average. "Whoever you are, wherever you are in our great state as you come to the end of your life you will have the care and support that you need and that is the sign of a true and just society," Mr Perrottet said. The government has locked in a $775 million commitment over the next four years to drive down childcare costs and increase the number of places. The choice will be made available to first-time buyers purchasing a home up to the value of $1.5 million.

NSW treasurer Matt Kean hands down pre-election 2022 state budget that invests in housing, health and early education.

The federal treasurer, Jim Chalmers, has so far declined to assist. The deficit for the current financial year is set to more than double to $16.6bn from just over $7bn in 2020-21, and still be $11.3bn in the red in the fiscal year that is about to start. The premier said he wants to scrap stamp duty entirely in favour of an annual tax for all buyers but insisted it was not possible without the assistance of the federal Labor government to make up for the tax shortfall. “There is always a better future if we choose to reach for it and in this budget we make that choice – we choose to invest in transformational reform to build a better, brighter future for everyone.” “We want to lower the barriers to owning a home for first homebuyers seeking a place of their own,” Perrottet said. “Reform to give our children the best start to life; reform to make owning your own home easier to achieve; and reform to break the barriers to women’s opportunity in this state,” he said.

Working women and parents weighing up a return to work, and residents plotting an entry to the housing market, have emerged as the biggest winners.

Tabcorp has been handed a two-year transition period to adjust to the new rules. Women: The budget has a bold vision of women and working mothers as an economic lever that can be tapped, with policy settings that make it easier to return to work or to work longer hours. Betting companies: The sector is facing a jump in a point of consumption tax from 10 per cent to 15 per cent, as well as an increase in the effective betting tax rate to 15 per cent.

There's a $3000 payment, stamp duty reform, multi-billion-dollar housing package, healthcare and childcare investments, and more.

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The New South Wales government may be more than $11 billion in the hole but this year's budget will see hug...

Once again, a major revenue source for the government but a big cost to any foreign investor looking to buy in NSW. Thousands of paramedics are set to be recruited and new ambulance stations will be built across the state. New schools will be built across the state and existing regional and western Sydney schools will be upgraded under a $1.6 billion investment to the education system. Toll relief will also be available to Western Sydney residents with a 40 per cent cash rebate for every dollar spent over $375. The Toll Rebate Scheme will eventually replace the existing Registration Relief Scheme. As a sweetener for families with school-aged children, the government will be giving $150 vouchers to each child in primary or secondary school in the state. The state government has invested a whopping $16.5 billion over the next 10 years to increase women's participation in the workforce and better health opportunities.

Treasurer Matt Kean has defended the cost of the big reform package outlined in the state budget, saying it is a "once in a generation reform budget for the ...

"This budget is about reform. Mr Kean said the budget was "investing in the aspirations of women", and increasing women's workforce participation to the same rate as men's would make the economy eight per cent larger by 2060. Both men have sought to put their stamp on the state in the first budget in their respective roles, with the premier enacting the first stage of a long-held plan to abolish stamp duty and the treasurer implementing the first policies recommended by the expert panel of women assembled in February to advise on the budget. He said the government estimates a $16.6 billion budget deficit for 2021-22, improving to $11.3 billion in 2022-23 "as we navigate the after-effects of COVID-19 and the floods". "For more than a decade we have delivered on our vision ... with this budget the NSW government sets out a transformational roadmap for the decade ahead, delivering not just for our people today, but for generations to come," Mr Perrottet said. The projected deficit in the NSW budget has more than tripled $11.3 billion as Treasurer Matt Kean outlined a large package of reforms covering the areas of childcare, health and stamp duty.

Services to support small business will receive a cash injection in the 2022-23 NSW Budget.

The additional recurrent funding would provide ongoing support for small businesses as they recover from COVID-19. More information on the Small Business Commission The NSW Small Business Commission will receive $9.5 million over the forward estimates to boost mediation and support services for small businesses.

First homebuyers will be able to opt-in for a smaller annual property tax in a landmark reform from the New...

"We know that first home buyers are being forced to enter the property market later in life and this reform will make the property market more accessible for them," he said. "The First Home Buyer Choice will remove one of the largest upfront costs to buying a home and help deliver a brighter future for first home buyers," Perrottet said. First homebuyerswill be able to opt-in for a smaller annual property tax in a landmark reform from the New South Wales government to begin phasing out stamp duty.

The state's forecasted budget deficit has more than tripled, as the NSW government seeks to embark on major economic reforms while grappling with COVID-19 ...

A key feature of the budget is spending to improve the participation rate of women in the workforce, with $775 million over the next four years for the creation of a fund to increase the supply of affordable childcare. "A huge amount of money in gross debt has been racked up by the New South Wales government ... that will we have to be paid off by future generations of taxpayers." A modest return to budget surplus of $601 million in the 2024-25 financial year is forecast, driven by large increases in revenue from GST, mineral royalties, and other taxes. "We forecast that inflation will decrease in the future, but we need to support families now." Treasurer Matt Kean described the budget as a "once in a generation reform budget for the people of NSW". "We know that we're moving to a different stage of the pandemic and our health system is under enormous pressure ... we've also seen the impact of inflation on the state's financial position.

NSW's major transport infrastructure projects are facing significant cost hikes, with the price tag for the Sydney Metro City and South West blowing out by ...

"In real terms, this $6 billion blowout means $6 billion out of the infrastructure pipeline for good," she said. "The revised cost of the project includes $1.7 billion of costs that can be attributed to COVID — which caused significant disruption to critical workforce, construction production, supply chain and program," the spokesperson said. To date, the government has already spent almost $13 billion on the metro link that will connect Chatswood under the Sydney Harbour through to new stations in the CBD and south-west to Bankstown.

In the lead-up to the budget, the government announced more than $40 billion in new spending. The NSW Government is setting the stage for the state's prosperity ...

- $1.2 billion is set to be spent in order to establish the Transmission Acceleration Facility. - A whopping $16.5 billion is set to be spent over 10 years in order to “break the barriers” to create more opportunities for women and children. - A $4.5 billion boost is set to help the struggling health sector in efforts to recruit more than 10,000 nurses, doctors, and other staff to the state’s hospitals and health services.

The NSW Government will deliver the single-largest investment in scientific research, innovation and technological development in the State's history, ...

- $342.4 million over four years to boost support for the commercialisation of products, services and emerging digital technologies in fields that will grow the economy and providing targeted support to research institutions, start-ups, scale-ups and small-to-medium enterprise sectors in New South Wales. - $142.0 million over four years to drive research, development and innovation growth in sectors where New South Wales has a natural competitive advantage, and advance collaboration with universities, CSIRO and the private sector; The fund will include investments of:

As part of the landmark investment, the NSW Government is delivering a record $2.0 billion recurrent investment in TAFE NSW – Australia's largest training ...

- Record NSW budget for skills and training “The Budget also doubles down on the importance of TAFE NSW to our economy, delivering a record recurrent budget for the nation’s largest training provider, while investing more in capital funding in TAFE NSW than ever before.” More people than ever before will be supported to get a first job, a new job or a better job thanks to a record $2.8 billion recurrent investment in skills and training through the 2022-23 NSW Budget.

The NSW government will spend $115 billion across the state in the coming year, but its revenue is forecast to reach only $104 billion.

But this year’s budget comes with a warning: Over the long run, as the population ages, revenues are expected to grow at a slower pace than they have historically. A lot will have to go right if the government is to deliver its next surplus as forecast in 2024-25. NSW was no different – the state’s finances show a big gap between expenses and revenues has opened up during the past few years and the government is forecasting it to gradually narrow. The budget estimates the NSW economy will have expanded by a lacklustre 1.5 per cent in the financial year to June 30. In last year’s budget the government predicted a deficit of only $1.8 billion for the coming financial year which starts next month. The NSW government will spend $115 billion across the state in the coming year, but its revenue is forecast to reach only $104 billion.

The NSW Government is setting the stage for the State's prosperity, delivering a transformational budget that will secure a brighter future for New South ...

The 2022-23 NSW Budget also includes $2 billion in budget improvement measures to support fiscal sustainability and a return to surplus, comprising: For 2021-22, revenue is forecast to be $103.7 billion and expenditure $120.3 billion. “NSW has the most competitive economy in the nation and the 2022-23 NSW Budget is a 10-year Blueprint for prosperity,” Mr Kean said. The Budget forecasts above trend economic growth of 4¼ per cent for 2022-23 and a return to historically low unemployment of 3½ per cent in the June quarter next year. Highlights of the 2022-23 NSW Budget’s blueprint for reform to create opportunity and help our people prosper include: The NSW Government is setting the stage for the State’s prosperity, delivering a transformational budget that will secure a brighter future for New South Wales by offering steadfast support for families and businesses.

Some $1.6 billion has been allocated to expand services and opportunities in regional NSW in the state budget,...

The government also plans to spend $130 million setting up a Critical Minerals Activation Fund, which will be used to promote the state and its regions as an investment destination for minerals miners and create "thousands" of jobs. "Young people are key to maintaining vibrant regional communities, and the NSW government is committed to ensuring regional youth have all the tools they need to grow into their best selves," Regional Youth Minister Ben Franklin said. The budget also includes $3 million over three years for a Regional Media Capital Grants package to support country news outlets, an initiative the government hopes will "breathe fresh life into regional news gathering and reporting". "We also believe in the immense capacity of the regional NSW to help our state build a brighter tomorrow." "Stronger primary industries are critical to stronger regional communities -- that's why the NSW Government is committed to strengthening this sector now and into the future," Mr Saunders said. Some $1.6 billion has been allocated to expand regional NSW services and opportunities in the state budget, including $1.3 billion in continued investment in the government's Regional Growth Fund.

NSW Treasurer Matt Kean hands down his first budget, with first-home buyers, health and education in mind (and a $25 million flag).

(He also jokingly offered to go to Bunnings and install it himself.) (For more information, visit here.) “Our $110.4 billion infrastructure program has helped drive our recovery and kept people in jobs and we are committed to supporting business and the community as we deliver for the people of NSW.” “The NSW Budget is focused on giving women more opportunities for their future,” – NSW Treasurer Matt Kean “It’s now time to look ahead. “The NSW Budget is focused on giving women more opportunities for their future.” The NSW government is also providing a boost for women in small business. “In the next 10 years, every child in Victoria and NSW will experience the benefits of a full year of play-based learning before their first year of school,” NSW Premier Dominic Perrottet and Victorian Premier Dan Andrews said in a joint statement. In a bold move, the NSW government is providing $5.8 billion to introduce another year of education over 10 years. The NSW government is providing $5.8 billion to introduce another year of education over 10 years. The budget will lay out our plans for the next 12 months and beyond to support NSW families and build a better future.” In what is NSW Treasurer Matt Kean’s first financial road-map for the state, the 2022-23 budget is pouring billions into NSW to aid the recovery from the pandemic and the floods.

Nine months out from the state election, it has also emerged the first stage of the Parramatta light rail line has blown out by $475 million.

Work on the Bankstown section of the driverless metro rail line has stalled for months amid an industrial dispute between unions and the government. The budget papers reveal the government has already spent $12.96 billion on the City and Southwest metro rail line, almost two years before it is due to be completed. Get it here. Yet in a sign of the pressures on the project, the cost of the first stage of the light rail line from Westmead to Carlingford via the Parramatta CBD has escalated by $475 million to $2.875 billion. That will take the total cost of the rail line between Chatswood and Bankstown via the CBD to $18.5 billion, which is far higher than the original budget of $11.5 billion to $12.5 billion. The cost of the NSW government’s signature metro rail line under Sydney Harbour and the central city has blown out by $6 billion, which has been blamed on an overheated construction market, the pandemic and surging building costs.

The 2022-23 NSW State Budget provides the biggest blueprint in the State's history to level the playing field for women, investing $16.5 billion over 10 ...

“Improving the affordability and accessibility of childcare is once in a generation economic policy. $108.9 million to increase respect for women and women’s financial security, including: - $15 million to provide tailored support to help women build and grow their businesses $30.6 million to support women in small business and entrepreneurship, including: $69.4 million to improve the experiences of women in the workforce, including: - $32 million ($30 million in grants and $2 million in administration) to provide wraparound support for women to return to work

NSW Treasurer Matt Kean has shown that female economic participation is not just a should-do but a must-do.

On the back of an “unprecedented” year in which the state continued to struggle through “the hangover of Covid” and floods, the NSW government has announced ...

The budget projects the NSW government will return to surplus in just two years for the 2024-25 budget. Mr Kean estimates the investment will save drivers up to $750 a year. He said $1 spent in research and development yielded $3.50 in economic benefits for the state. We’re looking to remove those barriers,” he said. The NSW government has also committed to the creation of a $9.9m Family and Child Advocacy Support program. Mr Kean said the government was committed to “transforming the state through roads and rail”, with upgrades to the Western Harbour Tunnel, extension of the M6, upgrades to the Great Western Highway, and a Metro network for Sydney. Most importantly, regional healthcare will get a much-needed helping hand in the form of $2.4bn. After the ravages of the pandemic, the NSW government has recognised the need for equitable and quality healthcare in regional areas. All primary and secondary-aged schoolchildren in NSW will be eligible for a $150 back-to-school voucher in 2023 to assist with the cost of school supplies. The NSW government has committed billions of dollars to families after a year of disruption and discord. On the back of an “unprecedented” year in which the state continued to struggle through “the hangover of Covid” and floods, the NSW government has announced a budget focused on health and women. “There are a number of structural and cultural barriers that are still in the way of women looking to progress in our society. Following on from a strong voter swing towards accountability and equality in the federal election, the NSW government announced it would spend $16.5bn over the next decade to make “to make NSW the best place for women to work, live and raise a family”.