NSW Budget: Government to hand down record $3.4 billion surplus
A RECORD $3.4 billion surplus, up on the $2.8 billion record set last year, will be announced today for 2015-16 by Treasurer Gladys Berejiklian as she delivers her second state Budget.
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A RECORD $3.4 billion surplus, up on the $2.8 billion record set last year, will be announced today for 2015-16 by Treasurer Gladys Berejiklian as she delivers her second state Budget.
The surplus was forecast in December in the government’s mid-year economic review, some $900 million more than the forecast when the Budget was handed down last June.
Increased revenues from stamp duty and lower interest payments, thanks to the paying down of debt after the $10 billion leasing of electricity company TransGrid, are expected to have contributed to the positive result.
“Over the last five years the NSW government has worked hard to repair the budget and return fiscal discipline to the state,” Ms Berejiklian said.
“Our debt is virtually zero and we have invested record amounts on infrastructure and services. Today’s Budget continues that record and delivers on our promises.”
The government is expected to forecast a record stamp duty take today.
As the midyear review foreshadowed: “The stronger revenues were driven in large part by higher than expected non-residential transfer duties in the year to date, including $438 million in duty received as a result of the long-term lease of TransGrid.”
The mid year review forecast budget surpluses of $2.56 billion in 2016-17, $2.593 billion in 2017-18 and $1.84 billion in 2018-19.
Ms Berejiklian will announce the new forecasts for those years today.
Shadow treasurer Ryan Park said the government may be reaping the rewards of the property market now but its revenue was more vulnerable than previous governments.
Stamp duty revenue in 2015-16 thus far — $7.75 billion — accounted for $1 in every $4 of the state taxation take.
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