The forthcoming New South Wales (NSW) budget, set to be announced by Treasurer Daniel Mookhey, will not include new cost of living relief or an extension of the toll cap. Mookhey, however, has indicated plans for increased funding in housing, emphasising the state budget’s improved condition compared to previous years. He expressed confidence in stabilising the finances, returning to a cash surplus, and maintaining debt below $187 billion, which he claims demonstrates progress in rectifying the state’s economic situation.
Mookhey highlighted a commitment to record investment in infrastructure while addressing ongoing cost-of-living concerns for many residents. He noted that families are seeking long-term solutions rather than temporary fixes, prompting a focus on addressing the underlying issues affecting housing affordability in NSW. While toll relief will continue until January, there are no current provisions to extend the $60 per week cap as the government works to exit costly contracts with toll operators.
In terms of housing, Mookhey promised significant developments in the upcoming budget, stating there would be steps taken to provide more housing options for both purchase and rent. He hinted that potential tax cuts for builders and construction may be included in the announcement, reflecting a willingness to partner with the industry to enhance housing availability.
The government has faced challenges managing wage disputes among public sector employees, including significant pay increases for police, teachers, and train drivers. Mookhey indicated a stricter approach towards pay rise requests from professions such as doctors and nurses, stating that such increases were not financially feasible. He rejected the notion that public servants should suffer pay cuts to fund infrastructure projects, declaring that era over.
Additionally, recent news regarding the halt of construction on the Sydney Metro West project does not affect the budget, according to Premier Chris Minns. The suspension arises from concerns over potential damage to a nearby Telstra building due to inadequate preliminary investigations. However, Minns assured that this issue should not alter project completion timelines or costs for the NSW government.
The budget also allocates $30 million to construct a ferry wharf at the new Fish Market, which is anticipated to boost tourism spending in Sydney. While the Fish Market is expected to open later this year, no timeline has been set for the wharf’s completion.
Overall, the budget appears to focus on long-term economic strategies and housing solutions rather than immediate financial relief, as the government seeks to navigate its fiscal responsibilities while addressing key community needs.