{"id":3059,"date":"2019-06-18T04:15:52","date_gmt":"2019-06-18T04:15:52","guid":{"rendered":"http:\/\/www.16news.com.au\/?p=3059"},"modified":"2019-06-18T04:15:52","modified_gmt":"2019-06-18T04:15:52","slug":"budget-speech-2019","status":"publish","type":"post","link":"http:\/\/www.16news.com.au\/index.php\/2019\/06\/18\/budget-speech-2019\/","title":{"rendered":"BUDGET SPEECH 2019"},"content":{"rendered":"<h4>BUILDING A BETTER NEW SOUTH WALES<\/h4>\n<p><strong>Introduction<\/strong><br \/>\nJust over a month ago, North West Metro opened to the public for the very first time.<br \/>\nAn eight year dream realised &#8211; with time and money to spare.<br \/>\nOver a million people have already boarded these new trains.<br \/>\nThe nation\u2019s first driverless Metro, right here in New South Wales.<br \/>\nThe first step in a game changing network that will forever alter the landscape of our city and our<br \/>\nState.<br \/>\nSaving people time.<br \/>\nConnecting our communities.<br \/>\nGrowing our economy.<br \/>\nBut North West Metro is more than just a project.<br \/>\nIt is a monument to the difference between spin and substance.<br \/>\nFirst promised by those opposite 34 years ago &#8211; and cancelled 4 times.<br \/>\nPromised once by our government &#8211; and delivered &#8211; on time and under budget.<br \/>\nOur bold decisions have unleashed a mega building program on a scale never before seen in<br \/>\nthe history of our nation.<br \/>\nAnd North West Metro is just one of many dividends the people of New South Wales will now<br \/>\nreceive for placing their trust in us.<br \/>\nThe Newcastle Light Rail is running.<br \/>\nWestern Sydney Stadium has opened.<br \/>\nThe new WestConnex M4 Tunnel is about to.<br \/>\nThe CBD Light Rail<br \/>\nNorthConnex<br \/>\nAnd the WestConnex New M5 Tunnel.<br \/>\nThis is just the first wave of projects that will breathe new life into our State.<br \/>\nAfter these open, along will come the second:<br \/>\nA new Football Stadium<br \/>\nWalsh Bay Arts Precinct<br \/>\nThe Australian Museum<br \/>\nA redeveloped Barangaroo<br \/>\nThe Princes Highway to the south<br \/>\nAnd the Pacific Highway to the north<br \/>\nThen even more will come online:<br \/>\nSydney Gateway<br \/>\nThe M4-M5 Link Tunnels<br \/>\nPrecincts in Ultimo &amp; Redfern<br \/>\nThe Rozelle Interchange<br \/>\nA Powerhouse Museum in Western Sydney<br \/>\nParramatta Light Rail<br \/>\nAnd after these, still more:<br \/>\nThe F6<br \/>\nThe Sydney Modern Art Gallery<br \/>\nSydney Metro City &amp; South West<br \/>\nA renovated Central Station<br \/>\nThe Western Harbour Tunnel<br \/>\nThe Great Western Highway<br \/>\nThe M12 Motorway<br \/>\nSydney Metro West<br \/>\nNorth South Metro Rail Link<br \/>\nAnd the brand new Western Sydney Aerotropolis.<br \/>\nWave after wave of projects, forever transforming New South Wales.<br \/>\nWe\u2019re launching the biggest school building program since Federation.<br \/>\n190 projects &#8211; in every corner of the State:<br \/>\nBungendore to Bangalow, Milton to Merrylands, Penshurst to Picton.<br \/>\nAnd a hospital building blitz that has never been seen before:<br \/>\nLiverpool to Lismore, Coffs Harbour to Campbelltown, Gosford to Goulburn<br \/>\nBankstown to Blacktown, St George to Shoalhaven, Randwick to Ryde.<br \/>\nWe have taken windfall revenues and lazy assets and are transforming them into bricks, mortar,<br \/>\nconcrete and steel.<br \/>\nRoads, rail, metros and motorways.<br \/>\nSchools, hospitals, museums and stadiums.<br \/>\nEvery project we build standing in silent testimony to which party is on the right side of history.<br \/>\nAnd we are not even halfway through our ambitious agenda for New South Wales.<br \/>\nOur infrastructure investment is now approaching $100 billion.<br \/>\nA new golden century for New South Wales.<br \/>\nThe compound effect of vision, passion and determination.<br \/>\nThe Liberals and Nationals are not content to simply sit here as passive custodians of the status<br \/>\nquo.<br \/>\nWe are relentlessly ambitious for the people of our State.<br \/>\nWe share their big dreams and their drive to achieve them.<br \/>\nAnd together we forge ahead, pioneers in prosperity, so our people are free to achieve.<br \/>\nEven as we sit here today, our machines are grinding away, carving another crossing under the<br \/>\nmost famous harbour in the world.<br \/>\nA crossing that will one day be used by our children and grandchildren.<br \/>\nJust as we stand on the shoulders of those who have come before us &#8211; we are building a better<br \/>\nfuture for those who will come after us.<br \/>\nMost good governments have their legacies written long after they are gone.<br \/>\nBut our legacy is appearing before our very eyes.<br \/>\nIn March, the people of New South Wales made a choice.<br \/>\nA choice that also echoed around the nation just a few weeks ago.<br \/>\nTo put their faith in a Premier and a party that will always put them first.<br \/>\nThe party that knows you don\u2019t need to pull someone else down to lift yourself up.<br \/>\nThe party of Menzies\u2019 forgotten Australians.<br \/>\nThis last election was a referendum on values and ambition.<br \/>\nAnd the people always get it right.<br \/>\nWe thank them for the trust they have placed in us.<br \/>\nAnd now we are getting straight to work, getting the job done for New South Wales.<br \/>\n<strong>Economic Context<\/strong><br \/>\nIn 2011, we faced significant challenges.<br \/>\nA slower economy, higher unemployment and ageing infrastructure.<br \/>\nOur response was to dare to do things differently.<br \/>\nOur record construction program isn\u2019t just the foundation of our future.<br \/>\nIt\u2019s been a pillar of our economy too.<br \/>\nIn recent years, New South Wales has been leading the pack, powering the nation.<br \/>\nAlmost half a million jobs have been added in just 4 years.<br \/>\nThis year unemployment fell to its lowest rate since records began.<br \/>\nAnd regional New South Wales added more jobs than every other region combined.<br \/>\nWorkforce participation is at record highs.<br \/>\nYouth unemployment fell to record lows.<br \/>\nAnd it\u2019s working women driving our State forward.<br \/>\nOur exceptional strength has seen us outperform.<br \/>\nGrowing above trend.<br \/>\nRecording the fastest per capita growth of any state.<br \/>\nContributing the lion\u2019s share of national prosperity.<br \/>\nAdding record numbers of jobs.<br \/>\nAnd attracting increased levels of business investment.<br \/>\nBut today we face a new set of challenges.<br \/>\nThe global economic outlook is weaker than it was 12 months ago.<br \/>\nOur farmers are battling what some are calling the worst drought in living memory.<br \/>\nOur housing market has undergone the biggest downturn in four decades.<br \/>\nAnd with wage growth still slow, homeowners are cautious with their spending.<br \/>\nBut just as we overcame the challenges of the past &#8211; so too will we overcome these new<br \/>\nchallenges.<br \/>\nWhile our growth is forecast to be slower,<br \/>\nIt is strong for this point in the economic cycle &#8211; a testament to the resilience and flexibility of our<br \/>\neconomy and the working men and women of our State.<br \/>\nWe enter the future equipped with the tools that will see us return to trend growth:<br \/>\nStrong labour market conditions<br \/>\nRecent policy stimulus<br \/>\nA solid export sector<br \/>\nAnd our record construction program, the cornerstone of our economy.<br \/>\n<strong>Budget Result<\/strong><br \/>\nWhile we are optimistic, the current economic headwinds have fiscal consequences too.<br \/>\nThe soft housing market has wiped $10.6 billion in forecast stamp duty from the Budget since<br \/>\n2017.<br \/>\nThe federal budget in April cut a further $2.3 billion in GST receipts as consumers tighten their<br \/>\nbelts.<br \/>\nThese drastic fluctuations are a fact of life in our federal system.<br \/>\nAnd a weak and fragile budget would buckle under the strain.<br \/>\nBut I am pleased to inform the House &#8211; despite the largest revenue write downs in our history &#8211;<br \/>\nFortress New South Wales is standing strong.<br \/>\nToday I can announce a projected operating surplus for 2018-19 of $802 million, and average<br \/>\nsurpluses of $1.7 billion each year to 2023.<br \/>\nNet debt is again negative &#8211; for the fourth year in a row.<br \/>\nOur net debt to GSP &#8211; the lowest of any mainland state.<br \/>\nAnd our Triple-A rating is once again secured.<br \/>\nOur wealth is also growing &#8211; a shared prosperity in which we all have a stake.<br \/>\nOur net worth will surpass $310 billion by 2023, fast approaching a third of a trillion dollars.<br \/>\nThat\u2019s because we\u2019ve swapped old assets for new ones &#8211; and are building like never before.<br \/>\nOur collective wealth is now invested in outstanding schools, world class hospitals, exceptional<br \/>\nsporting facilities and state-of-the-art transport.<br \/>\n<strong>Savings<\/strong><br \/>\nOne of the hallmarks of our government has been running a public service that is focused on the<br \/>\nneeds of our citizens.<br \/>\nThat means a bigger, better frontline.<br \/>\nAnd a leaner, more agile back-office.<br \/>\nThis Budget continues that journey, reflecting changes to the public service announced in April.<br \/>\nThis means 10 departments will be reduced to 8.<br \/>\nWhile our frontline is again boosted, we will drive more efficiencies in our back-office and<br \/>\ncontingent labour expenses across government.<br \/>\nWe will also reduce spending on consultants and contractors, abolish bonuses for the highest<br \/>\npaid department executives and bring long-service leave benefits into line with community<br \/>\nstandards.<br \/>\n<strong>Strong Financial Management<\/strong><br \/>\nWhile we have tightened our own belts, other states have gone down a different path &#8211; cutting<br \/>\nwages for their workers and increasing taxes on their people.<br \/>\nThese short-term measures may help plug holes in their budgets &#8211; but they cause long-term<br \/>\nharm to their economies.<br \/>\nAs Liberals and Nationals, we believe as Menzies did, that people should be free to flourish.<br \/>\nThat means less government, not more.<br \/>\nAnd lower taxes, not higher ones.<br \/>\nOver the last four budgets the Coalition has cut nearly $5 billion in taxes to grow our economy.<br \/>\nSo businesses can invest.<br \/>\nFamilies can get into their first homes.<br \/>\nAnd small business can hire more people.<br \/>\nLike Steven Benham from Wilkins Windows.<br \/>\nBecause of our payroll tax cuts, he\u2019s now able to take on an extra apprentice.<br \/>\n16 year old Chloe Wykes, who\u2019s studying joinery using one of our new fee free apprenticeships<br \/>\nat TAFE.<br \/>\nA win for business.<br \/>\nA win for the economy.<br \/>\nAnd a win for a young woman with the chance to now pursue her dream career.<br \/>\nOn this side of the House, we believe that you cannot tax your way to prosperity.<br \/>\nReducing wages and raising taxes should be levers of last resort &#8211; not default options of first<br \/>\nopportunity.<br \/>\nThat\u2019s why I\u2019m proud to say our Budget today will not introduce a single new tax.<br \/>\nInstead it continues to fund:<br \/>\nStamp duty cuts to help first home buyers<br \/>\nIndexing stamp duty to make housing more affordable for the next generation<br \/>\nAnd further payroll tax cuts to drive investment and boost small business as the threshold lifts to<br \/>\n$900,000.<br \/>\nWe\u2019re also using our Budget to deliver for families and lower the cost of living:<br \/>\n\u2022 A second Active Kids voucher<br \/>\n\u2022 Creative Kids vouchers<br \/>\n\u2022 Baby Bundles<br \/>\n\u2022 Free Dental checks for Kids<br \/>\n\u2022 Reductions in early childhood education costs<br \/>\n\u2022 Fee Free Apprenticeships<br \/>\n\u2022 TAFE and VET places<br \/>\n\u2022 Motor Registration relief for toll users<br \/>\n\u2022 Weekly $50 Opal caps<br \/>\n\u2022 Energy rebates for self-funded retirees<br \/>\n\u2022 Regional Travel Cards for Seniors<br \/>\n\u2022 Caravan registration discounts for grey nomads<br \/>\n\u2022 And expanding the Energy Switch Program to help lower gas bills.<br \/>\nThat takes the total amount we have returned to the people of New South Wales in cost of living<br \/>\nsupport in the last two budgets alone to over $2 billion.<br \/>\n<strong>Drought<\/strong><br \/>\nWith drought now affecting close to 100% of our State &#8211; our farming, rural and remote<br \/>\ncommunities are being put to the ultimate test.<br \/>\nWater is scarce.<br \/>\nTimes are tough.<br \/>\nAnd people are hurting.<br \/>\nThe late Les Murray once claimed &#8211; farmers have few friends in Australia\u2019s towns and cities.<br \/>\nBut to each and every farmer across our State, I say: all of New South Wales stands with you.<br \/>\nWe can\u2019t control the rain &#8211; but we can control what we do about it.<br \/>\nThis is a Budget for the bush with farmers at its heart.<br \/>\nIt delivers critical relief to the most drought-affected communities of New South Wales, taking<br \/>\nour total support package to over $1.8 billion.<br \/>\nMore transport subsidies for stock, fodder and water.<br \/>\nFurther funds for emergency water supplies.<br \/>\nAnd waiving charges for water licenses, interest on drought loans and local land service rates.<br \/>\nWe know when people on the land aren\u2019t doing well, it doesn\u2019t just affect them.<br \/>\nIt also hurts towns and local economies.<br \/>\nSo we\u2019re fast tracking local infrastructure projects with another $170 million investment, to keep<br \/>\npeople employed and families in towns.<br \/>\nOur regional, rural and remote communities are resilient.<br \/>\nAnd they will get through this time.<br \/>\nBut we can\u2019t just wait for a crisis in order to act.<br \/>\nAs one farmer I met in Bourke said, \u201cEvery day, we\u2019re one day closer to when the rain comes.<br \/>\nBut we\u2019re also one day closer to when the next drought hits.\u201d<br \/>\nThis Budget doesn\u2019t just provide short-term relief for the current crisis &#8211; but also long-term<br \/>\nsolutions for the future.<br \/>\nWe\u2019re using the proceeds from the greatest water project in our history &#8211; Snowy Hydro &#8211; to<br \/>\ndeliver water security for the regional communities of the future.<br \/>\nWe\u2019ll look at raising the Wyangala Dam wall<br \/>\nAnd delivering the pipeline from Lostock Dam to Glennies Creek.<br \/>\nFast-tracking new regional water strategies<br \/>\nAnd investing more for bores and drains in the Great Artesian Basin.<br \/>\nThe total funding for water security projects in this Budget comes to $1.4 billion.<br \/>\nThese decisions we make today will help protect and future proof our regions tomorrow.<br \/>\n<strong>Election Commitments<\/strong><br \/>\nThis is a Budget that gets it done.<br \/>\nIt funds our election commitments &#8211; just as we promised.<br \/>\nAnd it makes record investments in the things that matter.<br \/>\n<strong>World class services<\/strong><br \/>\nIt boosts our frontline workers yet again.<br \/>\n4,600 teachers.<br \/>\n5,000 nurses and midwives.<br \/>\n3,300 more health professionals.<br \/>\nAnd 1,500 more police.<br \/>\nThe education measures we are launching today represent the biggest ever New South Wales<br \/>\neducation budget.<br \/>\nFully meeting our Gonski commitments<br \/>\nPutting mental health counsellors in high schools<br \/>\nOffering before and after school care for every primary school student in New South Wales<br \/>\nRolling out free mobile dental checks for primary school kids from July 1<br \/>\nRecord funding for non-government schools<br \/>\nWiping the maintenance backlog to zero<br \/>\nAir-conditioning over 900 schools<br \/>\nAnd investing a record $6.7 billion to build and upgrade 190 schools.<br \/>\nOur health system will be boosted to fast-track an additional 8,000 paediatric operations and<br \/>\n10,000 cataract surgeries.<br \/>\nThat means more staff and less pressure on wait times, and quality care when you need it.<br \/>\nAnd I can announce today, for the first time ever, our health infrastructure budget hits the<br \/>\n$10 billion mark, with new facilities planned for every corner of the State.<br \/>\nWe\u2019ll combat crime with new police stations in Bega, Goulburn and Jindabyne<br \/>\nMajor upgrades at Bathurst and Bourke<br \/>\nAnd a new state-of-the-art training facility in Dubbo.<br \/>\nWe\u2019ll build 10 Service NSW centres<br \/>\nAnd put four Service NSW buses on the roads in the regions.<br \/>\n<strong>World class infrastructure<\/strong><br \/>\nOur transport system continues to grow, with another 17 new air-conditioned Waratah trains<br \/>\nMore express services to Western Sydney<br \/>\nAnd congestion easing measures like smart traffic lights, pinch point upgrades and smart<br \/>\nmotorways.<br \/>\nWe\u2019ll duplicate Nelson Bay Road<br \/>\nAnd duplicate the Great Western Highway from Katoomba to Lithgow.<br \/>\nWe\u2019re fast-tracking Sydney Metro West to start construction next year<br \/>\nAnd we\u2019ll build the North-South Metro Rail Link &#8211; getting ready for our new airport.<br \/>\n<strong>Regional Investment<\/strong><br \/>\nIn our regions we\u2019ll deliver $500 million to repair local roads<br \/>\nAnd another $500 million to fix country bridges.<br \/>\nWe\u2019ll eliminate blackspots &#8211; and build new data centres.<br \/>\nAcross our regions, we\u2019re delivering thousands of small investments making a big difference to<br \/>\nregional communities.<br \/>\n<strong>The Environment<\/strong><br \/>\nOur environment wins with a new national park in south-west Sydney &#8211; to protect precious koala<br \/>\nhabitats.<br \/>\nWe will invest $150 million for new and improved public parklands<br \/>\nUpgrade fire trails and National Park walking tracks<br \/>\nAnd give more households the choice of cheap, clean energy &#8211; with no-interest loans for solar<br \/>\npanels and batteries.<br \/>\n<strong>Digital New South Wales<\/strong><br \/>\nWe\u2019ll continue to make people\u2019s lives easier with a focus on digital government.<br \/>\nVictoria has copied our Service NSW approach &#8211; and now the Commonwealth too is jumping on<br \/>\nboard &#8211; with the originally named \u201cService Australia\u201d.<br \/>\nBut we\u2019re going to take things to the next level.<br \/>\nThis Budget provides seed funding of $100 million to establish the Digital Restart Fund<br \/>\nTo drive digital transformation across the whole of government.<br \/>\nAnd after successful trials in key locations \u2013 New South Wales drivers will be the first in the<br \/>\ncountry to have the choice of a digital driver\u2019s licence from August this year.<br \/>\n<strong>Jobs for the future<\/strong><br \/>\nAt the heart of this Budget are policies that grow jobs.<br \/>\nWe believe, as Reagan did, that work and family are at the centre of our lives, the foundation of<br \/>\nour dignity as a free people.<br \/>\nThat\u2019s why it\u2019s important to us that there is work for those who want it &#8211; and a fair reward for those<br \/>\nwho work.<br \/>\nA few weeks ago I was out in Cobar, the red heart of New South Wales.<br \/>\nOne in three people there work the mines.<br \/>\nPlenty more earn their living from the people mining brings in.<br \/>\nPeople like Neal Valk who\u2019s here in the gallery today &#8211; and who has worked mines up and down<br \/>\nthe country.<br \/>\nHe knows, as we do, just how much we depend on our miners for their contribution to our<br \/>\neconomy.<br \/>\nAnd just how much they depend on us, to do the right thing by them, with policies that help,<br \/>\nrather than hurt.<br \/>\nUnlike others, who seek to play politics with their lives and livelihoods<br \/>\nOn this side of the House, we are proud to stand in solidarity with the blue collar workers of our<br \/>\nState.<br \/>\nAnd our commitment to them is to always put them first.<br \/>\nWe are also helping create the jobs of tomorrow.<br \/>\nIn 2015 we promised an additional 150,000 jobs by this year.<br \/>\nInstead, we have delivered more than triple that number.<br \/>\nThis year, we committed to an even more ambitious target of 250,000 jobs by 2023.<br \/>\nAnd we intend on achieving that too.<br \/>\nTo help skill our workforce, this Budget funds 100,000 fee free TAFE and VET courses.<br \/>\nIncluding 30,000 for mature-aged workers.<br \/>\nWe\u2019ll build a new state-of-the-art Western Sydney Construction Hub.<br \/>\nEight new TAFE Connected Learning Centres for our regions.<br \/>\nAnd invest in training and mentoring for women who want to get into the workforce.<br \/>\nWe\u2019ll also develop four new major employment precincts to add to the six already underway.<br \/>\nOur policies are working &#8211; and so too are hundreds of thousands more men and women across<br \/>\nthe State.<br \/>\n<strong>Helping the most vulnerable<\/strong><br \/>\nOne of the benefits of running strong budgets is our ability to help people who need it most.<br \/>\nWe are using our financial might to help those who have slipped through the cracks.<br \/>\nOur previous two budgets have:<br \/>\nRolled out palliative care programs<br \/>\nHelped injured workers recover faster<br \/>\nIncreased funding for children at risk<br \/>\nDelivered initiatives to increase adoption rates<br \/>\nHelped indigenous boys complete their education<br \/>\nSupported drug addicts with a second chance<br \/>\nIncreased funding for domestic violence initiatives<br \/>\nAnd allocated money to reduce homelessness.<br \/>\nToday this Budget continues our targeted investments, giving the most vulnerable among us<br \/>\nsupport and care:<br \/>\nA new Ageing and Disability Commissioner &#8211; to stand up for those most at risk<br \/>\nIncreased assistance to Lifeline and Kids Helpline, meaning they can answer thousands more<br \/>\ncalls per year<br \/>\nAnd a new investment in cutting edge spinal research &#8211; to one day help people who were told<br \/>\nthey would never walk, take their first steps.<br \/>\nAs conservatives, we are champions of hope and opportunity.<br \/>\nWe know part of building a better future is helping people build better lives.<br \/>\nAnd we do this by finding new ways to solve old problems.<br \/>\nOur social impact investments are bearing fruits, delivering $220 million in outcomes contracts<br \/>\nso far, supporting programs which enable at-risk children to have a safe and stable home.<br \/>\nThis Budget continues to tackle indigenous disadvantage with $55 million in funding to upgrade<br \/>\nlocal infrastructure and establish new opportunities to get ahead &#8211; through the Roads to Home<br \/>\nprogram.<br \/>\nWe\u2019re also proud to partner with Foodbank, with $8 million in funding over the next four years,<br \/>\nto provide breakfast at an additional 500 schools across this State.<br \/>\nI want to thank parents like Sam Hyratt and Amanda Mataele, here today, who volunteer at the<br \/>\nBreakfast Club to make sure students at Campbellfield Public School start the day will a full<br \/>\nmeal, ready to learn.<br \/>\nThey rise early, day in day out, to make sure no child is left behind.<br \/>\nTheir reward is not financial, but it is invaluable &#8211; witnessing the bonds of their community grow<br \/>\never stronger, and knowing that so many kids will feel better and achieve more &#8211; because<br \/>\nthey&#8217;ve been fed and nurtured all before the school bell rings to start the day.<br \/>\nI also want to acknowledge the former Labor leader &#8211; Mr John Robertson &#8211; for his advocacy &#8211; in<br \/>\nmaking this possible.<br \/>\n<strong>Setting up for success<\/strong><br \/>\nGood governments don\u2019t plan according to electoral cycles.<br \/>\nThey plan for the future they know is coming.<br \/>\nOur economic landscape is rapidly shifting.<br \/>\nProductivity growth has slowed.<br \/>\nOur population is ageing.<br \/>\nAutomation and artificial intelligence will soon touch the working lives of millions of our people.<br \/>\nAnd a booming middle class in Asia will open massive new markets and new opportunities.<br \/>\nWe must act now to overcome these challenges &#8211; and make the most of what lies ahead.<br \/>\nThis Budget puts in place four pillars of prosperity &#8211; to set our State up for future success.<br \/>\n<strong>Economic Blueprint<\/strong><br \/>\nThe first pillar is a vision and a plan &#8211; to take our economy to the next level.<br \/>\nWe take pride in our place as Australia\u2019s leading economy.<br \/>\nBut the race that matters is a race against time &#8211; to secure our strength today and tomorrow.<br \/>\nBy the end of this year the Chief Economist will formally release the New South Wales<br \/>\nEconomic Blueprint.<br \/>\nIt will identify the industries and markets where our future prosperity lies.<br \/>\nAnd help us to be ready for new opportunities yet to emerge.<br \/>\n<strong>Generations Fund<\/strong><br \/>\nThe second pillar is sustainable debt &#8211; and a commitment to intergenerational equity.<br \/>\nThe $3 billion Generations Fund &#8211; launched last year &#8211; has already grown to $10.8 billion,<br \/>\nthanks to new contributions and strong returns.<br \/>\nBy 2030, it\u2019s expected to reach $28 billion &#8211; a balance sheet buffer to keep our debt sustainable<br \/>\nand support our Triple-A rating.<br \/>\n<strong>Federal Financial Relations<\/strong><br \/>\nThe third pillar is making the case for a better Federation.<br \/>\nIn our three-tier federal system &#8211; financial relations are a mess.<br \/>\nThe people of New South Wales contribute the most in GST and income tax &#8211; yet have to sit and<br \/>\nwatch as it\u2019s doled out to other states with no benefit for themselves.<br \/>\nWe rely on the Commonwealth for a substantial part of our funding &#8211; but have little control over<br \/>\nwhere it is spent.<br \/>\nWhen GST receipts fall &#8211; we find out at the last minute.<br \/>\nAnd the complicated tangle of financial arrangements makes it harder for states to plan.<br \/>\nUnder the current system, states that perform well are penalised.<br \/>\nReforming states end up subsidising those that don\u2019t.<br \/>\nStates that do nothing to strengthen their economies &#8211; reap windfall gains from other states that<br \/>\ndo.<br \/>\nThis is not a system that\u2019s fit for purpose.<br \/>\nAnd New South Wales can no longer wait for others to act.<br \/>\nJust like we took the lead in establishing the national Board of Treasurers.<br \/>\nToday I announce we will again take the lead &#8211; launching a comprehensive review of<br \/>\nFederal-Financial Relations from a New South Wales perspective.<br \/>\nThe review will be conducted by a panel of eminent experts.<br \/>\nThey will be charged with finding ways to give states that embrace reform &#8211; more autonomy and<br \/>\nmore flexibility &#8211; making dynamic federalism a reality.<br \/>\nThey will develop practical options for state reform on how to best encourage investment and<br \/>\ngrowth in the State\u2019s economy.<br \/>\nAbove all the panel will be guided by core Liberal principles &#8211; lower, simpler, fairer and more<br \/>\nsustainable taxes for the people of New South Wales.<br \/>\n<strong>Outcomes<\/strong><br \/>\nThe final pillar is more efficient government spending &#8211; as we move to the next phase of outcome<br \/>\nbudgeting.<br \/>\nNo state has been more committed to implementing the Gonski principles than<br \/>\nNew South Wales.<br \/>\nThis has seen record real increases in our education budget.<br \/>\nBut we need to ensure this is matched by a corresponding increase in education outcomes.<br \/>\nWe want our kids not just to be the best funded, but the best educated.<br \/>\nEducation will be the first department shifting to a focus on outcomes.<br \/>\nOver the coming 12 months each cluster will produce an Outcome and Business Plan &#8211; showing<br \/>\nhow the taxpayer money it spends will achieve concrete outcomes &#8211; and if something\u2019s not<br \/>\nworking &#8211; how they will fix it.<br \/>\n<strong>Conclusion<\/strong><br \/>\nOver our last two terms we have developed sources of enduring wealth for our State.<br \/>\nA strong economy with quality jobs.<br \/>\nRecord investments in the services that matter.<br \/>\nThe largest construction program in our State\u2019s history.<br \/>\nTax cuts and cost of living support.<br \/>\nNegative net debt and growing net worth.<br \/>\nAnd a sovereign wealth fund that will deliver dividends for future generations.<br \/>\nWe now promise to maintain the momentum that has made New South Wales number one.<br \/>\nAnd with this Budget we are getting it done.<br \/>\nThe best education for your children &#8211; in state-of-the-art schools<br \/>\nWorld-class healthcare in world-class hospitals.<br \/>\nMetro lines and better roads to get you home faster to the ones you love.<br \/>\nAnd more help for those doing it tough.<br \/>\nThis is a Budget that revs up our regions and supercharges our cities.<br \/>\nThat supports people-powered businesses creating millions of jobs.<br \/>\nA Budget of delivery kicking off a term of delivery.<br \/>\nI commend it to the House.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>BUILDING A BETTER NEW SOUTH WALES Introduction Just over a month ago, North West Metro opened to the public for the very first time. An eight year dream realised &#8211; with time and money to spare. Over a million people have already boarded these new trains. The nation\u2019s first driverless Metro, right here in New &hellip; <a href=\"http:\/\/www.16news.com.au\/index.php\/2019\/06\/18\/budget-speech-2019\/\" class=\"more-link\">Continue reading<span class=\"screen-reader-text\"> &#8220;BUDGET SPEECH 2019&#8221;<\/span><\/a><\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[4],"tags":[],"class_list":["post-3059","post","type-post","status-publish","format-standard","hentry","category-nswnews"],"_links":{"self":[{"href":"http:\/\/www.16news.com.au\/index.php\/wp-json\/wp\/v2\/posts\/3059","targetHints":{"allow":["GET"]}}],"collection":[{"href":"http:\/\/www.16news.com.au\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"http:\/\/www.16news.com.au\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"http:\/\/www.16news.com.au\/index.php\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"http:\/\/www.16news.com.au\/index.php\/wp-json\/wp\/v2\/comments?post=3059"}],"version-history":[{"count":0,"href":"http:\/\/www.16news.com.au\/index.php\/wp-json\/wp\/v2\/posts\/3059\/revisions"}],"wp:attachment":[{"href":"http:\/\/www.16news.com.au\/index.php\/wp-json\/wp\/v2\/media?parent=3059"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"http:\/\/www.16news.com.au\/index.php\/wp-json\/wp\/v2\/categories?post=3059"},{"taxonomy":"post_tag","embeddable":true,"href":"http:\/\/www.16news.com.au\/index.php\/wp-json\/wp\/v2\/tags?post=3059"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}