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New South Wales is continuing to bounce back from one of the biggest economic shocks the State has faced in generations, with the Government’s targeted support measures and strong vaccination rates helping our economy successfully recover.
Treasurer Matt Kean today released the 2021-22 Half-Yearly Review, with the State’s economy showing signs of a strong rebound as we continue to reopen our economy in a safe and measured way.
Despite a revised deficit of $19.5 billion for 2021-22, the NSW Budget is still forecast to return to surplus by 2024-25, with the impact of the Delta outbreak largely contained to the current financial year.
Mr Kean said the increased deficit was driven by the significant health, social and economic measures the NSW Government introduced in response to the Delta outbreak, which kept people in jobs and businesses open across the State.
“Our support measures, combined with the resilience, creativity and determination of our people and businesses, meant the State’s economic contraction was smaller this year than it was in 2020, despite a greater level of restriction in place,” Mr Kean said.
“COVID-19 is unpredictable but we have demonstrated that we have the fiscal firepower to respond when needed. Our success so far in keeping people in jobs has shown that we can deal with the challenges that come our way over the coming weeks and months.
“As a result, we have seen strong rebounds in consumer confidence and business confidence, which are helping to drive a rebound in the State’s economy.
“Growth in jobs has resumed and vacancies are higher than pre-pandemic levels. Economic activity and employment are projected to rebound back above pre-Delta outbreak levels in the March quarter 2022.”
Mr Kean said the NSW Government has committed about $45 billion in health, social and economic measures since COVID-19 restrictions were first introduced in March 2020.
“$7 billion in JobSaver payments helped around 206,000 businesses get through the Delta outbreak, and maintained the vital link between employees and employers,” Mr Kean said.
“Our $2.8 billion Economic Recovery Strategy is continuing to support our people, our workers and our businesses, and our $5 billion commitment to WestInvest will help build vital infrastructure and facilities in south-western and western Sydney.
“Despite the pandemic, NSW is the only state in Australia with triple-A credit ratings, recently assigned by Fitch and reaffirmed by Moody’s.”
Mr Kean said the NSW Government will explore reform opportunities to support long-term economic growth, including improving women’s economic opportunities, developing the industries of the future, increasing home ownership, supporting the State in becoming a clean energy superpower, and continuing to improve our health and education systems.
“Because of the policies set out in this Half-Yearly Review and the huge efforts made by the people of NSW, we have the opportunity to build one of the strongest and most resilient economies anywhere in the world,” Mr Kean said.
“Our people are our most valuable assets, and we need to continue to invest in them and in the programs that help them flourish and realise their aspirations.
“COVID-19 has taught us that the biggest issues of our time can be the biggest opportunities for our State in the future. We intend to learn that lesson, and bounce back better and stronger in 2022.”
For more information, visit: www.budget.nsw.gov.au

The NSW Government is urging people to book in for their COVID-19 booster shot with restrictions easing today as part of the reopening roadmap.
The new settings that come into effect today include:

• Density limits will cease and masks will only be required on public transport and planes, at airports, and for indoors front-of-house hospitality staff who are not fully vaccinated. Masks are strongly recommended in settings where you cannot social distance;
• QR check-ins will only be required at high-risk venues including hospitals, aged and disability care facilities, gyms, places of worship, funerals or memorial services, business premises for personal services (e.g. hairdressers, salons and spas), pubs, small bars, registered clubs, nightclubs, and for indoor music festivals with more than 1,000 people;
• Proof of vaccination only required for indoor music festivals with more than 1,000 people and cruises with more than 100 passengers;
• Businesses can still require proof of vaccination at their own discretion;
• COVID safety plans will be optional for businesses and will be supported by SafeWork NSW.

More than 93 per cent of people aged 16 and over have been fully vaccinated as NSW continues its responsible and measured approach to reopening.
To maintain increased levels of immunity across the population the Commonwealth Government and NSW Government are continuing to roll out a booster vaccination program. Boosters are currently available for people aged 18 years and older who received their second dose at least five months ago.
Booster eligibility will increase steadily in 2022, with around 40 per cent of the NSW population to be eligible at the end of January, 64 per cent in February, 87 per cent in March, and 91 per cent by April 2022.
Premier Dominic Perrottet said with the removal of additional restrictions it was vital people booked in for their booster shot so we can continue to reopen safely.
“As we reopen in a measured and safe way people need to keep rolling up their sleeves to get their first and second jabs and their booster shots,” Mr Perrottet said.
“We have some of the highest vaccination rates in the world but there will continue to be challenges thrown at us and everyone must follow the rules to help combat new variants and keep people out of hospital.”
Deputy Premier and Minister for Regional NSW Paul Toole said the NSW Government was sticking to the roadmap to give people certainty ahead of summer.
“Our Government will always take COVID seriously to ensure our regions remain open and safe,” Mr Toole said.
“With vaccination rates so high and visitors eager to get out and about, we urge people to follow the health advice to ensure they can hit the road enjoy the best regional NSW has to offer as safely as possible.”
Minister for Jobs, Investment and Tourism Stuart Ayres said with restrictions being relaxed businesses would continue to welcome people back safely.
“It has been a tough two years for business but we are learning to live and work in a COVID-safe way and it’s important we follow the rules for everyone’s safety,” Mr Ayres said.
“Cafes, restaurants, retail, tourism will be able to welcome more people back as we head into summer but it is vital people go out and get the boosters to keep themselves and others safe and businesses open.”
Health Minister Brad Hazzard encouraged everyone to book in for their booster as soon as they are eligible.
“Check your eligibility, get online, make the booking and you will be doing your bit to keep you, your family and the community safe,” Mr Hazzard said.
For more on the roadmap changes for December 15 visit: www.nsw.gov.au/covid-19/easing-covid-19-restrictions/opening-in-dec.
Increased penalties for non-compliance with the isolation, testing and quarantine requirements remain, with individuals facing fines up to $5,000 and $10,000 for corporations.
Fully vaccinated close contacts will only have to isolate until they receive a negative PCR result. However, household close contacts and close contacts in any other settings identified by NSW Health will still be required to isolate for seven days and comply with PCR testing requirements.
The Commonwealth Government recently announced the vaccination program has been extended to all children aged 5 to 11 years from 10 January 2022 following updated advice from Australian Technical Advisory Group on Immunisation (ATAGI).

Major works are due to begin next week on the $19.5 million Adolescent and Young Adult Hospice, marking a significant milestone for the unique facility.
Health Minister Brad Hazzard and Member for Manly James Griffin MP visited the site to inspect progress ahead of the first major concrete pour.
“This incredible project is Australia’s first dedicated hospice caring for young people with life-limiting illness and will provide support to families from all over NSW,” Mr Hazzard said.
“The facility will give young people and their families a tranquil, supportive environment at the most difficult of times by providing respite care, counselling, symptom management and end-of-life care.”
Member for Manly James Griffin said the Adolescent and Young Adult Hospice will work closely with dedicated children’s hospice, Bear Cottage, to assist families to continue to care for young people as they become adults.
“Each year, about a quarter of admissions to Bear Cottage are over the age of 16 and there has been no appropriate place for them to move to,” Mr Griffin said.
“No matter where someone is from in NSW, this beautiful state-of-the-art facility in Manly will be a welcoming place for young adults who are diagnosed with life-limiting conditions.”
More than $6.5 million has been raised for this project through generous community donations, which has been boosted by an $8 million investment from the NSW Government and $5 million from the Commonwealth Government.
Health Infrastructure is working closely with the Northern Sydney Local Health District and expert clinicians to deliver the hospice, which will be located at the former Manly Hospital site on the North Head headland.
Construction is due for completion late next year.
For further information and to support the Adolescent and Young Adult Hospice, visit www.nslhd.health.nsw.gov.au/Manly.

Major works are due to begin next week on the $19.5 million Adolescent and Young Adult Hospice, marking a significant milestone for the unique facility.
Health Minister Brad Hazzard and Member for Manly James Griffin MP visited the site to inspect progress ahead of the first major concrete pour.
“This incredible project is Australia’s first dedicated hospice caring for young people with life-limiting illness and will provide support to families from all over NSW,” Mr Hazzard said.
“The facility will give young people and their families a tranquil, supportive environment at the most difficult of times by providing respite care, counselling, symptom management and end-of-life care.”
Member for Manly James Griffin said the Adolescent and Young Adult Hospice will work closely with dedicated children’s hospice, Bear Cottage, to assist families to continue to care for young people as they become adults.
“Each year, about a quarter of admissions to Bear Cottage are over the age of 16 and there has been no appropriate place for them to move to,” Mr Griffin said.
“No matter where someone is from in NSW, this beautiful state-of-the-art facility in Manly will be a welcoming place for young adults who are diagnosed with life-limiting conditions.”
More than $6.5 million has been raised for this project through generous community donations, which has been boosted by an $8 million investment from the NSW Government and $5 million from the Commonwealth Government.
Health Infrastructure is working closely with the Northern Sydney Local Health District and expert clinicians to deliver the hospice, which will be located at the former Manly Hospital site on the North Head headland.
Construction is due for completion late next year.
For further information and to support the Adolescent and Young Adult Hospice, visit www.nslhd.health.nsw.gov.au/Manly.

Local residents will benefit from an $80 million investment in Temora Hospital under the NSW Government’s $500 million health boost for rural and regional NSW.
Deputy Premier and Minister for Regional NSW Paul Toole, Minister for Health Brad Hazzard and Parliamentary Secretary for Regional Health and Member for Cootamundra Steph Cooke today announced the investment, which will greatly improve access to health services for Riverina locals.
Mr Toole said this record spend on health infrastructure built on the enhanced health services and initiatives rolling out to help ensure regional communities like Temora have access to the quality of care they deserve.
“This will be one of the biggest ever infrastructure projects in the town’s history – an investment that will be a game changer in the delivery of health services for locals,” Mr Toole said.
“We will never stop looking for opportunities to invest in regional and rural healthcare, and while the existing Temora hospital has served the needs of locals for generations, it’s now time for a new modern, well-equipped hospital.”
Mr Hazzard said experts from the Local Health District will work with staff to develop a Clinical Services Plan for the new hospital. Ongoing engagement with the community will ensure that the right services are provided.
“This $500 million boost in regional and rural health infrastructure is a huge win for local communities across NSW,” Mr Hazzard said.
“It will create thousands of local construction jobs, deliver modern facilities closer to home and make regional communities an appealing place to live, work and invest.”
Ms Cooke said this investment would ensure Temora has a hospital that would serve the region for years to come.
“I want our patients and their families and friends to have a fantastic local hospital that will not only deliver the best health outcomes, but also attract clinicians to work here in what would be a big win for the whole community,” Ms Cooke said.
“The new Temora Hospital will continue to provide Emergency Department services, as well as modern inpatient accommodation with beds available for rehabilitation, palliative care and maternity patients.
“A state-of-the-art delivery suite and enhanced community health services, including hospital avoidance services, radiology and pathology, will make this hospital a game changer for locals.”
Health Infrastructure will oversee and manage the $80 million redevelopment of the new Temora Hospital following input from the local community and hospital staff.