NSW budget 2023 live updates: treasurer Daniel Mookhey announces Labor state budget
The New South Wales 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.
“We’re putting aside that money for a rainy day,” he said.
Within its headline housing spend, the government pledged to build almost 5,000 homes through Landcom by 2040.
Good afternoon, I’m Catie, and I’ll be bringing you all the news on today’s budget.
The New South Wales Labor government has vowed to invest $2.2bn in housing and infrastructure projects, including new roads and schools, in its first state budget in more than a decade.
Our team will be covering what’s in the budget, and the reaction as it rolls in.