The "People's BUDGET"

19/6/2018

(Translation appears in Arabic section)

Earlier today, Treasurer Dominic Perrottet handed down the 2018-19 NSW Budget, the Government's last ahead of next year’s state election. 

Since 2015, the Government's Budgets have centred on infrastructure spending.

Today, the Treasurer added a second "horizon" to the mix: cost of living.  Billing it as a Budget with "a strong heart", the Treasurer said the Government is focusing on "people" as well as "projects". Headline measures designed to ease the cost of living included:

•           Payroll tax threshold raised: The payroll tax threshold will be raised from $750,000 to $1 million, benefiting small and medium businesses.

•           Childcare subsidy: In an Australian first, the Government has committed more than $200 million to subsidise the cost of sending three-year-olds to childcare.

•           Free hampers newborns: New mothers will receive a $150 hamper filled with essential items such as nappies, books and blankets.

•           Creative kids rebate: Families will receive a $100 rebate for each child who participates in cultural and learning activities outside of school.

•           Energy switch subsidies: The Government launched a new One-Click Energy Switch website to make it easier to compare and change providers, potentially saving households thousands of dollars.

•           Parking ticket costs reduced: The cost of parking fines will be reduced by 25 per cent and a new "grace period" for drivers who return to their car within ten minutes of receiving a ticket will be investigated. 

•           Caravan registration costs reduced: The cost of registering a caravan or camper trailer will be reduced by 40 per cent.

•           Government services consolidated: The Government currently provides 40 cost of living services across 12 agencies (e.g. energy rebates, Green Slip refunds etc.). Service NSW will become a ‘one stop shop’ for accessing these services.

Of course, the Government remains committed to its infrastructure agenda, with record funding for education and health projects, including $6 billion to build 20 new schools and $8 billion for capital works across 40 hospitals. In total, the infrastructure spend is $87.2 billion over the next four years. 

For those that are interested, the Budget Speech also revealed the Government’s new mantra: “building for tomorrow, delivering for today”.

A link to the 2018-19 NSW Budget can be found here

For the third year running, NSW has zero net debt. The Treasurer also announced a $3.9 billion surplus in 2018-19, with the average $1.6 billion surpluses expected over forward estimates reflective of slowing stamp duty revenues. The better than expected surplus in 2018-19 is a result of solid mining royalty growth and the State’s investment returns. Since its election in 2011, more than 500,000 new jobs have been created in NSW, with the unemployment rate having sat below five per cent for over a year.