NSW State budget 2016: Gladys Berejiklian delivers beautiful set of numbers

The state budget is a terrific result for NSW but with housing affordability such a big issue, criticism Gladys Berejiklian has not done enough for first home owners was valid.

NSW Treasurer Gladys Berejiklian has delivered a record surplus but was under fire for not doing enough to address housing affordability.

• SCHOOLS AND COMMUTERS THE BIG WINNERS IN BUDGET

Gladys Berejiklian made the choice to break with tradition in the budget lockup today and decided to hold a press conference inside.

Her reward for that was to get hammered on not doing enough for first home buyers, Nepean or Concord Hospitals.

Such is the fate of a treasurer with a record surplus - you get hammered over not spending enough.

It is a terrific budget result for NSW but with housing affordability such a big issue and the health system under strain, it was valid questioning.

Particularly when so many billions are going to transport, the treasurer’s old portfolio.

But Berejiklian wanted to highlight today that because NSW was doing so well, we are about to suffer from lower GST revenue and this will make future budget surpluses lower, therefore she could not promise everything .

This is because of the GST relativity formula where less well off States get more money.

So we are going to miss out on $10 billion over four years - as we get 81 cents per dollar of our per capita share versus 95 cents the state received in 2014-15.

“NSW has (lobbied) about a million times it should be based on a per capita basis,” Ms Berejiklian said.

“We are the victims of our own success when it comes to the GST.”

There is also the matter she did not mention of $1 billion a year less in dividends from the electricity industry caused by the privatisation.

But the surpluses forecast ahead are still more than $1 billion and the sales of Ausgrid and Endeavour Energy are still to come so there is not much room for pessimism.

It was a beautiful set of numbers for a Treasurer to present.

And the budget slogan “Leading the Nation” said it all.