Treasurer Dominic Perrottet has today released the NSW Half-Yearly Review (HYR), confirming the continued strength of the State\u2019s Budget despite challenges such as the worst drought on record,\u00a0recent volatility in the housing market and lower household consumption.
\nThe HYR forecasts a surplus of $702 million in 2019-20, down $314 million since the 2019-20 Budget, with average surpluses increasing to $1.9 billion over the four years to 2022-23 (up from $1.7 billion), bolstered by early signs of an improvement in the housing market.
\n\u201cThe importance of maintaining Budget surpluses lies in the simple fact that it enables us to provide critical support to those in need, such as farmers and regional communities affected by this devastating drought,\u201d Mr Perrottet said. \u201cWe have been able to respond quickly to these and other challenges while continuing to fund productive infrastructure, thanks to our strong financial position.\u201d
\nSince the June Budget, additional measures to support drought affected communities and ease financial pressures have been provided, taking the Government\u2019s total for drought support to around $2 billion.
\nThe NSW Government allocated $25 million last month to help people impacted by bushfires to rebuild their communities. It has also provided a further $48.2 million in partnership with the Federal Government. Given the bushfire season still has a long way to go, Mr Perrottet said the Government remained ready to provide more funding.
\nWhile the ongoing drought is impacting the economy, growth is expected to be at 1\u00be per cent in 2019-20 but will accelerate to 2\u00bd per cent in 2021-22. This is\u00a0supported by a record four-year infrastructure spend of $97.3 billion.
\n\u201cNSW is the engine room of Australia and we\u2019ve reinforced the economy with our record investments in public infrastructure, creating a jobs boom right across the State and ensuring we remain the strongest in the nation,\u201d Mr Perrottet said.
\nKey Highlights of the HYR:<\/p>\n
Mr Perrottet said ongoing weakness in the national economy was playing out in NSW, with another drop in GST receipts forecast as consumption softens.
\nMr Perrottet said while the Budget was robust enough to manage the adjustment, the reduction demonstrated the need for reform.
\nSince June, the NSW Government has launched a number of reform initiatives including the NSW Review of Federal Financial Relations, the NSW 2040 Economic Blueprint and Global NSW, the State\u2019s revitalised trade and investment strategy.
\n\u201cWhen times are tough, it\u2019s good to know we\u2019ve got the capacity to act quickly and make a difference and yet still keep our economy growing,\u201d said Mr Perrottet. \u201cWe will continue to deliver fiscal stability to look after the best interests of the people of NSW.\u201d<\/p>\n","protected":false},"excerpt":{"rendered":"
Treasurer Dominic Perrottet has today released the NSW Half-Yearly Review (HYR), confirming the continued strength of the State\u2019s Budget despite challenges such as the worst drought on record,\u00a0recent volatility in the housing market and lower household consumption. The HYR forecasts a surplus of $702 million in 2019-20, down $314 million since the 2019-20 Budget, with … Continue reading “STRONG AND STABLE: NSW BUDGET ON TRACK TO DELIVER SOLID SURPLUS”<\/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-4593","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\/4593","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=4593"}],"version-history":[{"count":0,"href":"http:\/\/www.16news.com.au\/index.php\/wp-json\/wp\/v2\/posts\/4593\/revisions"}],"wp:attachment":[{"href":"http:\/\/www.16news.com.au\/index.php\/wp-json\/wp\/v2\/media?parent=4593"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"http:\/\/www.16news.com.au\/index.php\/wp-json\/wp\/v2\/categories?post=4593"},{"taxonomy":"post_tag","embeddable":true,"href":"http:\/\/www.16news.com.au\/index.php\/wp-json\/wp\/v2\/tags?post=4593"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}