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The decision of S&P Global to upgrade its outlook for New South Wales to Stable and reaffirm its AA+ credit rating is a strong endorsement of the Minns Labor Government’s responsible economic stewardship.

S&P Global credited the Government’s “excellent financial management” for the upgrade and noted the state’s “highly diversified economy” in support of its decision.

For four Budgets, we have made consistent and careful decisions to improve the state’s fiscal position.

• We have delivered the biggest budget turnaround in the state’s history
• Debt is nearly $10 billion lower than the former Liberal National Government had projected
• We have sought out and cut wasteful spending
• The year before Labor was elected, NSW ran a record deficit of $15.3 billion
• The deficit is down to $2.3 billion in 2026-27 and a surplus of $1.1b is forecast next financial year
• In the first 3 years of the Minns Government expenses growth has been kept to just 3.7%, the lowest of any state.

Today’s decision shows why that record matters.

NSW stands alone

We know there is more to do but NSW is the first Australian state in three years to have its credit outlook improved by S&P – a distinction earned through fiscal discipline during a period of global economic uncertainty.

We have restrained spending while protecting essential services.

We have reduced our reliance on debt to fund infrastructure.

We have repaired the Budget, while continuing to invest in housing, schools, hospitals and transport.

And we have done it through successive global economic shocks.

This week global ratings agency Fitch affirmed its Triple-A credit rating for NSW.

The state also holds a Triple-A rating with Moody’s.

Treasurer Daniel Mookhey said:

“This decision confirms NSW is on the right track, and is a credit to the people, businesses and workers who keep this state growing.

“But we know there’s more work to be done.

“Working families are doing it tough and they want to know their Government is taking as much care of the state’s finances as they are with their household budget.

“Our strong balance sheet is not only a platform for growth but also a foundation to support families through this cost-of-living crisis.”

Minister for Finance Courtney Houssos said:

“Investors and businesses are taking note of this Government’s responsible economic management.

“The careful and at times difficult decisions we have made are improving the state’s long-term outlook.

“In an uncertain world, NSW, under Labor, offers something increasingly valuable: stability, discipline and confidence.”

The Minns Labor Government has begun work on revitalising the Gosford waterfront precinct, delivering on an election commitment to unlock the potential for a long-overlooked precinct.

These works, funded by an $8.5 million investment from the Minns Labor Government, will revitalise 3 key sites, improving public space and connectivity to deliver the first stage of the Gosford Waterfront Public Domain Plan, shaped by the community and released today.

The initial works include upgrades to a shared pathway linking from Polytec Stadium to the waterfront past Brian McGowan Bridge and onto Gosford Sailing Club, creating a safer, more accessible promenade for walkers and cyclists that will feature newly installed seating and lighting.

The next stage of works will be the construction of a new café and public plaza at the space near the waterfront carpark, creating a versatile space for locals and visitors to relax and gather.

The area around Brian McGowan Bridge will also undergo much-needed car park improvements and feature a decorative lighting installation.

These works follow more than a year of study and engagement, from movement and usage assessments to a community consultation survey and workshops, all of which informed the new Public Domain Plan.

NSW family-owned engineering and construction business Daracon is delivering the first stage of pathway improvements at the Gosford Sailing Club expected to be completed before the end of 2026, using local expertise to continue its strong history of quality projects on the Central Coast.

Tenders for the café and plaza have just closed, with these works continuing into 2027.

The shared pathway will connect seamlessly with the planned Gosford to Point Clare boardwalk for pedestrians and cyclists announced in June as part of the Minns Government’s $41 million investment in the 2026/27 NSW Budget to supercharge work on the revitalisation of the Gosford waterfront.

Minister for Planning and Public Spaces, Paul Scully said:

“We have worked hand-in-hand with the Gosford community to design this revitalisation.

“Today’s announcement is about turning the community’s vision into reality with shovels now in the ground.”

Minister for the Central Coast, David Harris said:

“This stage of work is just the beginning. After years of talk, the Minns Labor Government is delivering on its promise to the Central Coast community by getting on with the job of revitalising Gosford’s waterfront.

“From better shared pathways to a new plaza and soon, new café, these first steps will make a difference to the locals who walk, ride, gather and relax on this beautiful part of the Central Coast capital.”

Member for Gosford, Liesl Tesch said:

“Gosford Waterfront is one of our greatest natural assets, and this Government is committed to making sure the public spaces around it are just as special.

“This builds on our landmark $41-million investment in the waterfront as part of the 2026-27 NSW Budget, which also cemented plans for a stunning shared path across Brisbane Water.”

Chief Executive of Project lead the Hunter Central Coast Development Corporation, Valentina Misevska said:

“HCCDC was tasked with delivering real change on Gosford Waterfront and the Public Domain Plan, shaped by almost 3,500 community responses, sets out exactly how that can be done now and in the future.

“We are providing a comprehensive roadmap for one of the Central Coast’s favourite public spaces, and today’s construction start shows that plan already becoming a reality.”

A landmark investment in Eurobodalla’s water future has been delivered, with the completion of the Southern Storage Facility dam strengthening drought resilience and improving water security for the region for decades to come.

Jointly funded by the Albanese Government, through the National Water Grid Fund, the New South Wales Government and Eurobodalla Shire Council, the $150 million project includes the new Tuross River pump station and a new 3,000 megalitre (ML) storage dam located near Bodalla.

During periods of high river flows, water is pumped from the Tuross River and stored in the new dam for use when supplies are under pressure.

The water will support the region’s existing supply system for consumption and productive use and will deliver an additional 581 ML of water downstream for irrigation and stock watering each year.

The dam is now being filled and is expected to reach capacity by mid-2027, subject to river conditions.

Measuring 38 metres deep and 370 metres long, the facility incorporates flood management infrastructure and advanced water quality monitoring technology.

Once full, the storage facility will provide a vital backup water source during drought and periods of high demand, helping keep water flowing to homes, businesses and farms across the Eurobodalla Shire.

Key benefits include:

• enhanced water security across the Eurobodalla Shire, reducing the likelihood of water restrictions
• greater resilience during droughts and periods of high demand
• sustainably managed water supplies through selective pumping during high river flows, in accordance with the Tuross River Water Sharing Plan .

Find out more at www.nationalwatergrid.gov.au/projects/eurobodalla-southern-storage

Federal Minister for the Environment and Water Murray Watt:

“This investment by all levels of government delivers reliability and resilience, helping to protect the Eurobodalla region against future drought and climate challenges.

“Once the dam is filled, this project will give Eurobodalla a secure and sustainable source of water that can be relied on – no matter the season.”

NSW Minister for Water, Rose Jackson said:

“This is a huge moment for Eurobodalla and a major milestone for one of the largest regional water security projects in NSW. I’m so pleased to see us delivering this infrastructure.

“At the end of the day, this project is about making sure families, businesses and farmers have access to reliable water when they need it most.

“It is a significant investment in the region’s future and a clear example of how we’re setting up communities for success in the face of a changing climate.”

Federal Minister for Regional Development, Local Government and Territories, and Member for Eden-Monaro, Kristy McBain:

“The Albanese Government is helping secure the future of the Eurobodalla region through this investment in water security for the region.

“I campaigned for the project as Member for Eden-Monaro and prior to that as Deputy Chair of the Canberra Region Joint Organisation.

“The new dam will provide better water security for our region for many decades to come, particularly in times of drought and bushfires.”

NSW Member for Bega Dr Michael Holland:

“This is a significant milestone for the Eurobodalla and a major investment in the future of our region.

“For farmers, businesses and industries, water security means greater certainty and greater control in the face of an element we can’t control — the weather.

“By storing water when it is available, this project will provide greater resilience through drought and periods of high demand, helping give our local economy the confidence to plan, invest and grow.

“This is an important investment in the Eurobodalla’s future, and one that will benefit our community for generations to come.”

Federal Member for Gilmore, Fiona Phillips:

“Growing up on the land, I know how crucial it is to have a reliable water supply, especially in regional areas like the Eurobodalla, where farmers and landholders rely heavily on access to water for irrigation and stock in times of drought and also during bushfires and other natural disasters.”

“This new dam will bolster local water supplies when needed most. The project is a fantastic example of three levels of government working together to provide important infrastructure for our community.”

Eurobodalla Shire Council Mayor, Mathew Hatcher, said:

“Completing the dam wall is a huge achievement for Eurobodalla. This project will give our community the water security we need to thrive, even during tough droughts.

“It’s an investment in our future and a big win for residents and businesses across the shire.”

The Minns Government is responding to five new H5 bird flu events following positive tests from birds located at Dee Why, Goulburn, Hawks Nest and the south coast areas of Congo and Moruya.

These new events bring NSW to a total of 30 H5 bird flu events and 509 events for Australia.

The five new events are:

• Greater Crested Tern at Dee Why
• Greater Crested Tern in Goulburn
• Greater Crested Tern in Hawks Nest
• White fronted tern in Congo
• Silver gull in Moruya

The event at Dee Why is the second event in the Sydney metropolitan area following the detection at Warriewood on the Northern Beaches earlier this month.

The NSW Government is working closely with the poultry industry based in Goulburn and across NSW to reduce the risk of the virus.

Bird flu has not been detected in commercial poultry flocks, or captive birds, and the risk to human health remains low.

The NSW Chief Veterinary Officer continues to advise that, where possible poultry are housed.

Any additional actions regarding housing of poultry will be determined by the Chief Veterinary Officer following a risk assessment.

There are no signs of any mass mortality in NSW and surveillance is continuing so we can detect any further cases early.

A national surveillance plan is in operation to monitor for any further detections and facilitate rapid, coordinated response.

If you see sick or dead wild birds, domestic birds, marine mammals or other wildlife showing signs of H5 bird flu – Avoid contact, Record what you see, Report it via the online reporting form or Emergency Animal Disease Hotline –1800 675 888.

Minister for the Environment, Penny Sharpe said:

“H5 bird flu is a serious and ongoing threat to wildlife, and there is no way to eradicate the disease once it is established in wild bird populations.

“The NSW Government has commenced a rollout of targeted vaccinations for vulnerable species of birds to help protect them against H5 avian influenza.

“We are focused on strong surveillance, preparedness and practical measures that reduce the spread of H5 bird flu and help protect our most vulnerable native wildlife.

“If you see a sick or dead bird, please ensure you and your pets avoid contact. Record what you see on your phone and report it via the Emergency Animal Disease Hotline.”

Minister for Agriculture, Regional and Western NSW, Tara Moriarty said:

“These further detections demonstrate how important it is for us all to work together, to remain vigilant with our ongoing surveillance and reporting, so we can monitor and respond.

“There have been no detections in commercial poultry or captive birds anywhere in Australia, and the risk to human health remains low.

“We’re working closely with the poultry industry to reduce the risk of the virus spreading.

“NSW has recommended poultry owners voluntarily house birds and the NSW poultry industry continue to operate normally.

“Now is the time for everyone who has backyard chickens or pet birds in aviaries to take precautionary steps to ensure there are no interactions between their chooks and pets with wild birds.”

Sports and music fans are getting their first look at the new Sydney Olympic Park metro station which will boost passenger movements and vibrancy in Australia’s premier entertainment precinct, with the awarding of the construction contract for the station and surrounding precinct.

The Sydney Olympic Park Integrated Station Development Precinct package has been awarded to FCC Construction Australia and Ecove Group, who will deliver the metro station, surrounding public domain and the adjacent developments.

To move large crowds for major sports events and concerts, the plans reveal the only metro station on the network that will have four platforms, with its side-island-side configuration allowing it to activate the outer platforms and switch into “event mode.”

The extra platforms combined with wider walkways, open spaces and extra escalators will facilitate movement of around 25,000 passengers per hour, building on the 40,000 per hour capacity through the existing Olympic Park heavy rail station immediately to the North.

The station will be the centre of a vibrant new precinct, featuring shops, offices, homes and a generous public plaza. The interior will reflect the site’s history and culture, with materials and lighting inspired by the Olympic cauldron and nearby mangrove landscapes.

The precinct will deliver approximately 500 new apartments in two residential towers, 42 and 32 storeys, immediately adjacent to the station.

The final proposal will be subject to a Detailed State Significant Development Application, when the community will have opportunity to provide feedback.

Station construction is expected to commence around mid-2027.

The contract award follows significant progress across Sydney Metro West, including the completion of major tunnelling. The Sydney Olympic Park site is already playing a key role in project delivery, with rail being delivered and welded together for the track installation.

The Metro West project is targeting an opening date in 2032.

Minister for Transport John Graham said:

“Sydney Olympic Park is already the most exciting sports and entertainment precinct in the country, this metro station will take it to a whole new level.

“On those magic Sydney nights where the stadium and the arenas are sold out, fans will have peace of mind that Metro West will get them home with ease.

“The metro precinct will mean fans will want to stick around after the match, rather than rushing for the gates before full time.”

Minister for Planning and Public Spaces Paul Scully said:

“This isn’t just a train station, it’s the heart of a new precinct with homes, shops, offices, events and public spaces.

“Around 500 new apartments will sit right next to the station, and the design draws on the site’s Olympic history and natural surrounds, with the cauldron and mangroves both reflected in the station’s materials and lighting.

“Sydney Olympic Park is central to the Minns Labor Government’s plan to deliver tens of thousands of new homes Sydney Metro West will unlock.”

Member for Parramatta Donna Davis said:

“The Sydney Olympic Park MetroWest contract is exciting as it brings us one step closer to delivering this transformative transport connection for local residents and everyone visiting the most famous major events precinct in Australia.

“Confirmation of this contract gives our community and future investors the certainty they need that the Minns Labor Government is committed to delivering an even more vibrant, liveable and connected Sydney Olympic Park.”

Ballina Shire is set to benefit from stronger, more reliable, and flood-resilient local roads, with work underway on a major reconstruction program to permanently rebuild 11 critical sites damaged during the 2022 floods.

Jointly funded by the Albanese and Minns Labor Governments under the Commonwealth-State Disaster Recovery Funding Arrangements (DRFA), the Essential Public Asset Reconstruction (EPAR) Program goes beyond simple repairs, delivering engineered resilience upgrades to help local roads withstand future extreme weather.

Work has officially started on Forest Road at Uralba, where contractors are lifting and reshaping the road surface and improving drainage to restore structural integrity and strengthen resilience.

As construction progresses through to late 2028, the program will roll out heavy-duty engineering solutions across key arterial roads, rural routes, and bridge approaches that residents, farmers, and businesses rely on every day.

Key projects featured under the $17.4 million program include:

• Tamarind Drive: Rebuilding and strengthening the riverbank beside the road to help protect this important gateway into Ballina and improve its resilience to future severe weather.
• The Coast Road: Major reconstruction works to strengthen this critical link between Lennox Head and Ballina, including rebuilding damaged embankments, replacing culverts and improving drainage. The works will also help protect the popular shared path used by pedestrians and cyclists.
• Marom Creek Road (Devil’s Elbow): Stabilising the hillside and rebuilding damaged sections of this rural road to provide safer, more reliable access for the local community.
• Teven Road & Uralba Cutting Road: Stabilising slopes, improving drainage and rebuilding damaged sections of these rural roads to strengthen important local connections.
• Eltham Bridge: Strengthening the bridge approaches and surrounding riverbanks to help safeguard this important rural access route.
• Duck Creek Mountain Road, Sneaths Road & Towalbyn Place: Rebuilding damaged embankments and road sections, with improved drainage and other stabilisation works to provide more resilient access for rural communities.
• Hinterland Way: Stabilising slopes and clearing vegetation where required to help protect the road and maintain safe, reliable access.

Much of the 2022 flood damage occurred deep below the road surface. Consequently, extensive geotechnical investigations and engineering designs were required to ensure the permanent fixes are built to last.

Project information, construction updates and traffic impacts will be published by Ballina Shire Council as individual projects progress. The full program of works is available at ballina.nsw.gov.au/EPAR 

Real time traffic notifications are available via LiveTraffic.com

Federal Minister for Emergency Management Kristy McBain:

“The start of these reconstruction works are an important milestone for the communities who were affected by the 2022 floods.

“These works will deliver lasting benefits for residents, businesses and visitors, supporting safer travel and more reliable access across the local road network.

“Recovery takes time, and the Australian Government is committed to helping strengthen the Ballina Shire region to ensure it’s more resilient to future severe weather events.”

NSW Minister for Recovery Janelle Saffin:

“Local roads across the Northern Rivers are our essential lifelines, keeping families connected, getting kids to school and ensuring businesses, farmers, and emergency services can keep moving in extreme weather. 

“This $17.4 million investment is about building back better for the long term. It’s about working together, to deliver the upgrades needed to ensure our local roads stand strong.

“By combining State and Federal support, we are giving Ballina Shire Council the backing it needs to strengthen these vital connections, giving our families and local businesses greater confidence and peace of mind every single day.”

Federal Member for Richmond, Justine Elliot:

“As your local MP, I’m proud to have delivered $17.4 million in joint funding from the Federal and NSW Labor Governments for road upgrades across the Ballina Shire

“Following the 2022 floods the Albanese Labor Government committed to helping the North Coast build back better.

“These road upgrades are yet another example of us delivering on our commitment to more resilient roads on the North Coast.”

NSW Member for Ballina, Tamara Smith:

“Our community knows only too well the devastating impact of natural disasters and has pushed so hard for infrastructure to be built back better. It is great to see this significant investment to make our local road network stronger and more resilient.

“These roads are essential connections for communities across the Ballina electorate, particularly in our rural areas, and rebuilding them to better withstand future climate challenges is incredibly important

“I’m particularly pleased to see this funding going beyond simply repairing the damage, with investment in infrastructure that is better able to withstand future severe weather.

“It has been a long and hard-fought road to recovery since the 2022 floods, and I want to acknowledge the patience of residents who have been living with damaged roads, disruptions and lengthy reconstruction processes.

Ballina Shire Mayor, Cr Sharon Cadwallader:

“It’s been a long road since the devastating floods, and reaching this point reflects years of planning, investigations and engineering work to ensure these permanent reconstruction projects deliver the best long-term outcomes for our community.

“This program represents an important step forward in our flood recovery, and I’d like to thank the Australian and NSW Governments for their support, as well as our community for their patience as we continue rebuilding for the future.”

Troy Anderson, Director Civil Services, Ballina Shire Council

“Reaching the construction stage is a significant milestone and the culmination of years of work by Council staff to investigate the damage, undertake engineering assessments and develop the permanent reconstruction solutions we’re now ready to deliver.

“Where possible, we’re incorporating resilience improvements, so roads are better able to withstand future extreme weather events. The result will be a stronger transport network that helps keep our communities connected when it matters most.”

Shoalhaven families are one step closer to accessing fee-free, high-quality early learning as construction nears completion at Bomaderry Public Preschool.

Deputy Premier and Minister for Education and Early Learning Prue Car will join Member for Kiama Katelin McInerney today to inspect the progress of the construction works.

Located on the site of Bomaderry Public School, the new preschool will offer up to 80 places per week for local children in the year before school.

Families can now submit an expression of interest for a place at Bomaderry Public Preschool through the school’s website or by visiting the school office.

Bomaderry is one of 25 new public preschools now accepting expressions of interest, marking another milestone in the rollout of 100 new public preschools built by the Minns Labor Government.

From Wollongbar in the state’s north down to Sanctuary Point in the Shoalhaven, families can now take the first step towards enrolling their child in a brand-new public preschool, with doors anticipated to open in Term 4 2026 following service approval.

The new public preschools will help local young learners transition into the school environment in the year before starting Kindergarten and will also make pick-up and drop-off simpler for families with older children at the same school.

All 100 new public preschools are on track to open by early 2027, delivering the largest expansion of public early learning in NSW and doubling the number of public preschools across the state.

Once the 100 new public preschools, 49 of which are in regional NSW and 51 in Greater Sydney, are complete, up to 9,000 children across the state will be able to access fee-free high-quality early education in their local community.

The Minns Labor Government’s work towards delivering universal preschool access across the state is in sharp contrast to the former Liberal-National Government, which over 12 years failed to build a single public preschool.

The 100 new public preschools rollout forms part of the Minns Labor Government’s work to rebuild public education, backed by a record $9.2 billion school infrastructure funding, including $2.3 billion over the next four years for new and upgraded schools across regional NSW.

Deputy Premier and Minister for Education and Early Learning Prue Car said:

“Parents want to know their child is getting the best possible start, and they can be confident that their child can receive a high-quality, fee-free preschool education close to home.

“This new public preschool in Bomaderry is going to make a real difference for local families, giving children a state-of-the-art facility to learn and grow without adding another cost to the family budget.

“With all 100 new public preschools on track to open in early 2027, the Minns Labor Government is continuing its work to expand access to public early learning and give more children across the state a strong start to their education.”

Minister for the Illawarra and the South Coast Ryan Park said:

“The first 2000 days of a child’s life are a critically important period in their learning and development, and the development of social, emotional and cognitive skills in preschool is crucial to this.

“The opening of this fee-free public preschool will make a world of difference to a lot of families in Bomaderry and surrounding communities, who will be able to access this world-class education closer to home.

“I’m proud to see the Minns Labor Government deliver the essential services communities in the Illawarra and the South Coast need and deserve.”

Member for Kiama Katelin McInerney said:

“We know that high-quality preschool education changes the trajectory of a child’s educational journey and with this fee-free public preschool opening for our littlest learners in Bomaderry from the beginning of 2027, more local families will have to access to life-changing high-quality early education.

“Our government is committed to increasing early learning places in this electorate, and as the mum of a young child, I know firsthand how hard it can be to get your child into an early learning placement.

“This is another example of the Minns Labor Government investing to expand access to affordable early learning and doubling the number of public preschools across NSW.”

The public preschools now accepting enrolment expressions of interest are co-located at:

• Blairmount Public School
• Blaxcell Street Public School
• Bomaderry Public School
• Booragul Public School
• Bradbury Public School
• Cabramatta West Public School
• Cecil Hills Public School
• Cessnock Public School
• Crawford Public School
• Cringila Public School
• Edensor Park Public School
• Ellalong Public School
• Fairfield West Public School
• Granville South Public School
• Guildford Public School
• Hebersham Public School
• Lake Heights Public School
• Leumeah Public School
• Maryland Public School
• Mount Pritchard Public School
• Nulkaba Public School
• Prairievale Public School
• Sackville Street Public School
• Sanctuary Point Public School
• Wollongbar Public School

Communities across the Eurobodalla region are a step closer to expanded medical imaging services, with the delivery of the region’s first public MRI machine and new CT scanner, as part of the Minns Labor Government’s $330 million Eurobodalla Regional Hospital.

The new hospital will deliver a range of high-quality healthcare services for communities from Narooma to Batemans Bay, significantly improving access to essential care.

The medical imaging equipment, which also includes an ultrasound and fluoroscopy, was installed on the ground floor of the new hospital close to the Emergency Department, enabling patients with timely access to diagnosis services.

The new equipment will help deliver advanced diagnostics services for a wider range of patients, including those requiring cardiac imaging, stroke diagnosis, and interventional procedures, reducing the need for patients to travel outside the region.

The new MRI and CT services are expected to commence in 2027 following completion of the hospital.

Construction of the hospital is continuing with an internal fit-out and external landscaping works underway. The new roundabout on the Princes Highway is complete, which will support future access for the community and staff when the new hospital opens.

The new Eurobodalla Regional Hospital includes:

• A larger Emergency Department
• An eight-bed Intensive Care/Close Observation Unit — the region’s first Intensive Care Unit
• Surgical and operating theatres, including a day-stay surgical unit
• Expanded chemotherapy and renal dialysis services
• An expanded medical imaging department, including MRI
• Ambulatory care and outpatient services
• Paediatric and maternity services, including a special care nursery
• Mental health beds for short-term care
• Education and training facilities, including a simulation laboratory

The Minns Labor Government is investing $11.9 billion to deliver more beds and expanded services across 32 new or upgraded health facilities in NSW as part of the 2026-27 budget. This includes nearly $3 billion over four years for hospitals across regional NSW.

Minister for Health Ryan Park:

“These advanced imaging services will play a critical role in supporting timely diagnosis and treatment, ensuring people across the region can access an expanded range of medical imaging services, closer to home.

“The delivery of the MRI machine and CT scanner at the new Eurobodalla Regional Hospital marks another major step toward delivering a modern facility to help meet the healthcare needs of this growing community.

“The Minns Labor Government is committed to strengthening our health system to deliver tangible improvements to healthcare for communities across the state.”

Member for Bega Dr Michael Holland:

“This is a significant milestone for the Eurobodalla community. For the first time, people across our region will have access to a public MRI service, right here in their own hospital.

“Having this advanced imaging capability alongside a new CT scanner, ultrasound and fluoroscopy means clinicians will have better tools to diagnose and treat patients sooner, while reducing the need for people to travel long distances for specialist imaging.

“Improving health services and making sure people in regional communities can access the care they need close to home is one of the reasons I went into politics, so I must admit, it is rewarding to see this investment becoming a reality.

“Importantly, this is about more than bricks and mortar. It is about building a hospital with the clinical services, technology and capacity our community needs today and will need into the future.

“Seeing this equipment arrive on site makes the new Eurobodalla Regional Hospital feel very real. We are getting closer to opening a hospital that will deliver better healthcare and better access to care for people from Narooma to north of Batemans Bay.”

Innovation policy has become Frankenstein’s monster under the Minns Labor Government as they stitch together old funding, dead programs and Liberals and Nationals-era achievements.

The NSW Liberals and Nationals are challenging NSW Labor to reveal exactly how much of its Science and Innovation Fund (the Fund) contains new funding and how much has simply been rebadged from existing programs.

Shadow Minister for Science and Technology Jacqui Munro said Labor is trying to claim credit for an innovation ecosystem it had spent three years dismantling.

“Labor’s innovation policy has become a Frankenstein’s monster. Old announcements, flailing programs and Liberals and Nationals achievements stitched together in an attempt to jolt another media announcement to life,” Ms Munro said.

“NSW founders don’t build companies on press releases. They deserve to know today how much of the Fund is genuinely new investment, not in 12 months’ time.”

Since Labor was elected in 2023, NSW innovators have watched non-university programs and institutions disappear, shrink, and descend into uncertainty.

It is why Labor’s proposal raises questions about the expanded role of universities in their proposed funding structure, instead of injecting funding to solve the real problem at-hand.

Universities are essential research institutions and commercialisation partners, but they represent one part of the innovation ecosystem.

Cicada Innovations, based in Eveleigh, have reported that 76 per cent of their deep tech founders initiated their ventures independently of academia.

The Government must answer questions about how it will support entrepreneurs outside university pathways and ensure founders are not forced through additional layers of institutional bureaucracy to access commercialisation support.

Shadow Treasurer Scott Farlow said NSW could not afford innovation policy built around future promises while competitor states and countries around the world invest today.

“This is a Treasurer already making New Year’s resolutions for 2027, having failed to fulfill his promises for the last three years,” Mr Farlow said.

New South Wales is now recording the lowest Gross State Product (GSP) growth of any Australian state, has suffered through 15,300 business insolvencies in three years and is experiencing the lowest levels of business confidence on record.

The economic conditions for investment in New South Wales suggest to founders and funders that the necessary pipeline for growth, from idea to profitability, is failing.

When innovators and their businesses leave NSW, they also take their intellectual property, investment, jobs, supply chains and future industries.

The NSW Liberals and Nationals want NSW to be back at the top of the pack and have a plan to turn around the state’s grim economic figures.

Our plan to back businesses to create jobs, invest locally and grow our economy already includes:

• Raising the annual payroll tax threshold from $1.2 million to $1.5 million, meaning around 4,000 businesses will no longer have to pay payroll tax at all.
• Lowering the payroll tax rate from 5.45% to 4.75% for businesses with an Australian payroll below $10 million, meaning more than 25,000 businesses will be able to employ more people, increase wages and expand their operations.
• Indexing the payroll tax thresholds to inflation so growing costs do not automatically push more small businesses into paying higher taxes.
• Doubling funding for the Business Connect program, giving more small-business owners access to the practical advice and support they need to start, strengthen and grow their businesses.