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September 19, 2023
2023 New South Wales State Budget Report
Everything you need to know about the 2023 New South Wales State Budget.
What you need to know
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Treasurer Daniel Mookhey has delivered Labor’s first New South Wales State Budget since 2010.
You can download the full 9-page report below.
The report covers:
- A summary of the Treasurer's speech
- Full analysis on every key announcement broken down by policy area
- Analysis on the long term state of the budget and government spending
What you need to know
- The budget deficit is $7.8 billion. This year’s deficit is almost three times bigger than what was forecast in the last budget, and will be the fifth consecutive deficit for NSW.
- The key theme remains budget repair without the privatisation of assets and reduction in spending in essential services.
- While inflation has eased to 6.6% in the June quarter, it remains high.
- The prices of essential goods and services are growing quickly, like food and non beverages at 7.8% and energy costs by 24.3%.
- Forecasts a 4.5% unemployment rate by mid-next year, a rise from June's 2.9%. Projected to reach a peak of 4.75% in early 2025.
- $72.3 billion in building new and improving existing infrastructure projects with a key focus on Western Sydney.
- $2.2 billion will go toward housing infrastructure to increase supply.
- $13.8 billion towards building up healthcare facilities, alongside significant investment to increase the workforce.
- $3.6 billion Essential Services Fund to improve services through workplacechanges and pay rise negotiations.
- $9.8 billion toward the public education system to support growing communities.
- $4.0 billion in natural disaster support and response programs.
- $1.8 billion will be committed to fast tracking the development of renewable energy zones over the next decade.
- $188.2 billion in gross projected debt by 2026.
- A return to a budget surplus of $844 million by 2024-25
- The budget bottom line has been boosted atop of a $2.7 billion budget improvement from increasing coal royalties, $4.3 billion reduction in net debt from restructuring TAHE and a $7.7 billion gross debt reduction from temporarily suspending contributions to the NSW Generations Fund.
Download the full report by providing your details below.