Daniel Mookhey’s second budget begins on a downbeat note. “The people of NSW are doing it tough,” says the opening line.goes on to outline welcome new spending on social housing. There’s additional funding for domestic violence prevention and GPs will be given an incentive to bulk-bill with the offer of payroll tax relief. The state economy is also forecast to regain momentum in the year ahead after a period of high inflation and subdued growth.
NSW has already had five deficits in row and that will now extend to nine – the state’s longest stint in the red for decades. The string of deficits in NSW is a legacy of the severe economic disruption caused by the COVID pandemic. Should the economy pick up as forecast, big budget deficits will no longer be justified.The NSW government has budgeted to spend $122 billion on its core activities in 2024-25, almost $1.7 billion more than the previous year.
Spending on wages and superannuation for the state’s public sector workforce will reach $55 billion in 2024-25.The disruptions of the COVID pandemic along with big investments in infrastructure have triggered a sharp increase in state borrowings during the last five years. Increasing debt and higher global interest rates mean the cost of servicing the state’s borrowing has risen rapidly.
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