{"id":36692,"date":"2025-12-21T20:08:56","date_gmt":"2025-12-21T09:08:56","guid":{"rendered":"http:\/\/www.16news.com.au\/?p=36692"},"modified":"2025-12-21T20:08:56","modified_gmt":"2025-12-21T09:08:56","slug":"half-yearly-review-shows-nsw-economy-is-getting-stronger","status":"publish","type":"post","link":"http:\/\/www.16news.com.au\/index.php\/2025\/12\/21\/half-yearly-review-shows-nsw-economy-is-getting-stronger\/","title":{"rendered":"Half-Yearly Review shows NSW economy is getting stronger"},"content":{"rendered":"\n<p>Today\u2019s Half-Yearly Review confirms the NSW economy is continuing to strengthen, with the budget remaining on track to return to surplus in 2027-28.<\/p>\n\n\n\n<p>NSW Treasury\u2019s latest forecasts show:<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>The state is expected to post a $1.3 billion surplus in 2027-28, $200 million more than projected at the 2025-26 Budget.<\/li>\n\n\n\n<li>Gross debt is projected to be $177.2 billion by June 2026, $1.5 billion lower than projected at the Budget.<\/li>\n\n\n\n<li>Average expense growth is projected to be 2.6 per cent per annum over the forward estimates, down from the 6.5 per cent average expense growth each year between 2011-12 and 2022-23.<\/li>\n\n\n\n<li>Real wages remain on track to grow each year over the forward estimates, despite inflationary pressures lingering in the Australian economy.<\/li>\n<\/ul>\n\n\n\n<p>The Review reflects the Minns Labor Government\u2019s disciplined strategy to turn around the large deficit it inherited in 2023. Since then the Government has:<\/p>\n\n\n\n<ol class=\"wp-block-list\">\n<li>Eliminated wasteful spending by implementing the most comprehensive expenditure review in decades.<\/li>\n\n\n\n<li>Slashed interest expenses by $500 million per annum after cutting gross debt by $11 billion, compared to the Pre-Election Budget Update.<\/li>\n\n\n\n<li>Cut spending on consultants and senior executives, using the savings to rebuild the state\u2019s essential services.<\/li>\n\n\n\n<li>Repaired the state\u2019s broken insurance schemes by overhauling workers compensation and insourcing police death and disability protection.<\/li>\n\n\n\n<li>Driven higher investment returns by creating\u00a0<em>OneFund<\/em>, a framework which overhauls the state\u2019s fund management strategy.<\/li>\n<\/ol>\n\n\n\n<p>Today\u2019s Review books the spending decisions the Government has taken since the 2025-26 Budget.<\/p>\n\n\n\n<p>It includes the cost of offering ongoing cost-of-living relief to NSW motorists by making the $60 toll cap permanent, as well as the costs of terminating the Liberals\u2019 disastrous privatisation of the Northern Beaches Hospital and returning it to public ownership.<\/p>\n\n\n\n<p>The Half-Yearly Review is available&nbsp;<a href=\"https:\/\/www.budget.nsw.gov.au\/2025-26\/half-yearly-review\" rel=\"noreferrer noopener\" target=\"_blank\">here<\/a><\/p>\n\n\n\n<p><strong>NSW Treasurer Daniel Mookhey said:<\/strong><\/p>\n\n\n\n<p>\u201cNSW has had a horrible week. The state\u2019s focus must remain on healing.<\/p>\n\n\n\n<p>\u201cToday\u2019s Half-Yearly Review updates markets and the public about the state of the Government\u2019s finances. It reports a slight improvement in the budget results, and accounts for our<\/p>\n\n\n\n<p>decisions to make the toll cap permanent and return the Northern Beaches Hospital to public ownership.\u201d<\/p>\n\n\n\n<p><strong>Finance Minister Courtney Houssos said:<\/strong><\/p>\n\n\n\n<p>\u201cOur thoughts remain with everyone affected by the horrific events of the past week.<\/p>\n\n\n\n<p>\u201cThe budget forecasts are steady and consistent with the June Budget. It demonstrates the Government\u2019s careful and disciplined approach to managing the public\u2019s money.\u201d<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Today\u2019s Half-Yearly Review confirms the NSW economy is continuing to strengthen, with the budget remaining on track to return to surplus in 2027-28. NSW Treasury\u2019s latest forecasts show: The Review reflects the Minns Labor Government\u2019s disciplined strategy to turn around the large deficit it inherited in 2023. Since then the Government has: Today\u2019s Review books &hellip; <a href=\"http:\/\/www.16news.com.au\/index.php\/2025\/12\/21\/half-yearly-review-shows-nsw-economy-is-getting-stronger\/\" class=\"more-link\">Continue reading<span class=\"screen-reader-text\"> &#8220;Half-Yearly Review shows NSW economy is getting stronger&#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-36692","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\/36692","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=36692"}],"version-history":[{"count":1,"href":"http:\/\/www.16news.com.au\/index.php\/wp-json\/wp\/v2\/posts\/36692\/revisions"}],"predecessor-version":[{"id":36693,"href":"http:\/\/www.16news.com.au\/index.php\/wp-json\/wp\/v2\/posts\/36692\/revisions\/36693"}],"wp:attachment":[{"href":"http:\/\/www.16news.com.au\/index.php\/wp-json\/wp\/v2\/media?parent=36692"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"http:\/\/www.16news.com.au\/index.php\/wp-json\/wp\/v2\/categories?post=36692"},{"taxonomy":"post_tag","embeddable":true,"href":"http:\/\/www.16news.com.au\/index.php\/wp-json\/wp\/v2\/tags?post=36692"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}