NSW Budget littered with small-scale sweeteners
NSW TREASURER Dominic Perrottet has handed down what he bills a “people’s budget”, filled with small-scale sweeteners that splash prizes across almost every demographic including a $100 voucher for every school aged child.
NSW
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EVERY school aged child will be handed a $100 voucher towards things like art and drama classes in a major pre-election vote sweetener in today’s state budget.
Treasurer Dominic Perrottet has handed down what he bills a “people’s budget”, littered with small-scale sweeteners that splash prizes across almost every demographic.
LISTEN TO ANNA CALDWELL UNPACK THE BUDGET:
The Treasurer has also today unveiled a brand new sovereign wealth future fund — like no other in the world — that will dole out dividends to community groups in a vote-based popularity contest within electorates.
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The new NSW Generations Fund will be seeded with $3 billion immediately from today’s budget and then boosted by interest from the proposed sale of WestConnex in a bid to set the state up to guard against budget pressures in the future.
Legislation will “triple lock” the fund to protect it from being dismantled in the future, Mr Perrottet said.
In a nod to his “people’s budget” ethos, dividends from the fund will be splashed across community groups — initiatives like Riding for the Disabled — bizarrely to be selected on the public vote.
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The Government is already under pressure to explain how this process will be managed to protect against rorts.
Mr Perrottet labelled today’s budget as one that focuses on “dual horizons” — now and the future — as it invests record amounts in schools, hospitals and infrastructure as well as attempting to tackle the burden of cost of living pain.
“Strong financial management has created a virtuous cycle of growth and return — allowing us to make record investments where it matters,” he said in his budget speech.
“The decisions we make yield dividends. Letting us focus on dual horizons, building for tomorrow and delivering for today.”
In what the Treasurer labelled the “holy grail of numbers”, he confirmed better than expected surpluses of $3.9 billion this year, followed by $1.6 billion a year on average over the forward estimates.
Stamp duty revenue has taken a major hit to the tune of close to $1 billion from the mid-year budget.
But, revenue has been boosted by better mining royalties and a growth in GST income.
The budget confirms how NSW is booming with unemployment the lowest in the nation at 4.9 per cent and the labour participation rate the highest on record at 64.9 per cent, driven by a growth in female employment.
But the budget papers also flag that on the downside, the loss of momentum in the housing market is expected to see house prices remain “soft” over the next two years.
The $100 voucher for “creative kids” is a near carbon copy of last year’s “active kids” bonus and headlines a suite of measures for families.
Under the $216 million creative kids plan, parents can put the $100 per child voucher towards music lessons, language classes, coding and digital, visual and performing arts.
A family with two children can now save $400 a year under the combined active and creative kids vouchers.
The overall budget boost for families also includes $156 million parenting package headlined by a cash-splashing $150-a-pop baby hamper for every new mum complete with nappies and nappy rash cream.
Preschool for three year olds will also be subsidised at a cost of $250 million.
Then, there is a cost of living push with both parking fines and caravan registration getting a cut.
As well, there’s a service to find every voter a cheaper deal on electricity and one to connect them to existing government assistance already available.
WHAT THE BUDGET MEANS FOR YOU
Every apprenticeship will be free in a $285 million package to boost training.
Schools get a massive boost across the board as the government seeks to take Labor on over its home turf — $500 million to aircondition 1000 schools, funding for 900 full time science and maths teachers, $6 billion for school infrastructure.
There’s a boost of hospital infrastructure with the health budget up $1 billion on last year’s, including 950 more nurses and midwives and 700 more paramedics.
Even small business gets a helping hand with the payroll tax threshold rising from $750,000 to $1 million by 2021.
The Treasurer reassures that he has not turned his back on infrastructure with a record $87.2 billion driving roads and rail across the state.
The Daily Telegraph also revealed today $3 billion has been put in reserve for the vaunted Metro West underground rail project.
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