The NSW Budget 2018-19 extends New South Wales’ track record of spreading the benefits of a resurgent economy across the state, delivering opportunities for families, businesses and those among us who need a helping hand.
The Budget helps households today meet the cost of living and prepares for the future by building critical infrastructure to meet the needs of a growing population.
NSW Treasurer Dominic Perrottet has announced a surplus of $3.9 billion for 2017-18, with average annual surpluses of $1.6 billion forecast over the next four years.
New South Wales has reached other Budget milestones: the state’s net debt is set to fall by 30 June 2018 to record low of negative $9.8 billion, marking a third straight year of negative net debt; and net worth is on track to rise to a quarter of a trillion dollars, making New South Wales the first Australian state to reach that level.
The NSW Government has retained its triple-A credit rating, securing the state’s first-rate reputation on global financial markets.
These strong results demonstrate the NSW Government’s sound financial management and enable it to invest a record $87.2 billion over four years in the schools, hospitals, roads, rail, sports grounds, museums and other cultural infrastructure that connects our communities across the state.
This robust pipeline of infrastructure projects is at the heart of the NSW economy, driving construction activity, creating jobs and contributing to economic growth.
To ensure the generations of tomorrow continue to benefit from this virtuous cycle, the NSW Government is reinforcing future financial wellbeing with the NSW Generations Fund, a world-first sovereign wealth fund.
The NSW Budget 2018-19 has something for everyone, including citizen-friendly features that clearly illustrate where the money comes from, where it goes, and what to expect from outcome budgeting, the new way of measuring whether NSW taxpayers are getting the most for their money.
more information, see the NSW Budget website.