NSW Budget 2018: What does the Budget mean for you?
BUSINESS is booming and the Berejiklian Government say NSW residents will reap the rewards of one of the strongest state budgets on record for the delivery of frontline services. See how it affects your family.
NSW
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BUSINESS is booming and the Berejiklian Government say NSW residents will reap the rewards of one of the strongest state budgets on record for the delivery of frontline services.
Treasurer Dominic Perrottet today announced a budget surplus of $3.9 billion over 2017-2018 — revised up from the original $3.3 billion projection — making NSW the first state to have a net worth of a quarter of a trillion dollars a year earlier than expected.
While transfer duty revenues are $1 billion lower than expected in last year’s budget due to the premature cooling of the housing market, the government say finances remain in “excellent shape” with massive investments in schools, hospitals and transport links.
ANALYSIS: What does this mean for another Berejiklian term?
WHAT’S IN IT FOR PARENTS AND KIDS
Parents are among the biggest winners of this year’s Budget, which includes plenty of funding to help young families thrive such as a $156.5 million package to support new parents and babies, a $150 baby hamper given to every new mum and 950 extra nurses and midwives.
But one of the key measures announced today is a $100 Creative Kids rebate, which will open the door for young people to embrace cultural activities outside of school. The program, to begin in January 2019, can be used to reduce the cost of activities such as music lessons, language classes or the performing arts.
NSW will also become the first state to pay for three-year-olds to go to preschool with $200 million set aside to subsidise fees for all three-year-olds enrolled in community preschools from January 1.
Schoolchildren have not been forgotten either. Sweltering students will receive relief with the government promising $500 million to bring airconditioning to 1000 schools. An additional $6 billion has been pledged to deliver more than 170 new and upgraded schools while $32 million will be handed to Catholic and Independent schools to build more classrooms.
WHAT’S IN IT FOR COMMUTERS
The Budget also spells good news for Sydney commuters — particularly in the gridlocked western suburbs — with a $3 billion reservation from Restart NSW for the Sydney Metro West, the city’s next underground metro railway connecting Sydney CBD and Parramatta in a journey that could take just 20 minutes.
But the rest of the state is also set to benefit from this year’s cash splash on transport infrastructure. Further funding includes $258 million for the first stage of the Parramatta Light Rail, $2.4 billion on Sydney Metro Northwest — linking North West Sydney with Chatswood — and $1.9 billion on Sydney Metro City and South West, connecting Chatswood with Bankstown.
An extra 2000 bus services and $880 million for technology improvements will go towards reducing congestion on Sydney’s fast growing train network.
Motorists will drive easier with $600 million for road safety improvements, full funding for the first section of the F6 extension and $1.8 billion for the development of WestConnex among a myriad of other road initiatives. Even poor parkers will be let off the hook with parking fines to be slashed by 25 per cent.
WHAT’S IN IT FOR SICK PEOPLE
The government has today announced that $740 million will help transform Liverpool Hospital into a world-leading health and academic precinct, which will include neonatal intensive care and maternity facilities and a cancer centre.
Sick residents will receive medical attention faster with an extra 750 paramedics and ambulance centre call staff and 260 mental health workers. Researchers will be given a $150 million helping hand to stop the scourge of heart disease and $5 million for childhood cancer.
WHAT’S IN IT FOR APPRENTICES
There’s never been a better time to be an apprentice in NSW. The government will hand out a whopping 100,000 free apprenticeships as part of $285 million package to address the state’s skills shortage. This announcement is backed up by a new system where 20 per cent of jobs on construction sites will be filled by apprentices.
WHAT’S IN IT FOR BUSINESSES
Small businesses will receive tax cuts to lift the payroll tax threshold to $850,000 from $750,000. This will rise to $1 million by 2021-22. And $95.9 million will go towards scaling up the NSW government’s Easy to do Business program, which slashes red tape for small businesses.
WHAT’S IN IT FOR EVERYONE
One of the key Budget centrepieces announced today is a NSW Future Generations Fund to manage debt sustainability. The fund will be seeded by an initial $3 billion investment and up to half of the interest earned will be invested in helping communities across the state.
A new point of consumption wagering tax will collect $40 million in revenue in 2018-19 and $315 million in the three years to 2021-22, bringing NSW into line with other states that are already taxing online gambling operators.
The government is spotlighting initiatives that reduce the cost of living for hardworking NSW families, who could save up to $1000 a year with a new One-click Energy Switch tool to deliver better energy deals for consumers. Voters will also be able to find savings through Service NSW centres, which will become one-stop shop cost of living counters.
It was also revealed the public service wage cap will remain at 2.5 per cent. Meanwhile, the efficiency dividend in the public service has risen to 3 per cent from 2 per cent.