News

NSW Treasury Releases Updated Economic and Fiscal Projections

In accordance with section 24 of the Parliamentary Budget Officer Act 2010, the Secretary of the Treasury released the NSW Pre-election Budget Update on 5 March 2019.

The report provides updated information on the current and projected financial position of the New South Wales general government sector. This is the first time New South Wales has released a Pre-election Budget Update.

Finance Resource Hub

The new Finance Resource Hub, housed on the NSW Treasury website has been designed for financial professionals from all sectors in NSW, to enable knowledge sharing and promote best and consistent practice across our industry.

This tool has been created to support capability building, provide a place to go for information, as well as share the new training material relating to the Government Sector Finance Act 2018. 

2018-19 Half-Yearly Review released

Today, NSW Treasurer Dominic Perrottet delivered the NSW Half-Yearly Budget Review – stating the NSW economy and fiscal position remain strong with average annual surpluses of $1.3 billion forecast to 2021-22. The first Australian state to have a net worth of a quarter of a trillion dollars, NSW’s net debt reached a historic low of negative $11.2 billion at June 2018. 

“NSW is achieving the holy grail of financial management – solid surpluses and record low net debt while building more schools, hospitals, road and rail than ever before.

Businesses to benefit from reforms to payroll tax admin

Businesses will save about $10 million a year and have their paperwork burden eased under changes to be introduced following the NSW Productivity Commissioner’s review into payroll tax administration.

Business owners will save on average about 16 hours of work a year under the streamlined payroll tax system.

The NSW Government on 21 November 2018 announced that it would be implementing all 12 recommendations handed down by the NSW Productivity Commission’s report.

NSW Government announces Sydney Motorway Corporation transaction result

The NSW Government announced a 51 per cent stake in Sydney Motorway Corporation (SMC) has been awarded to Sydney Transport Partners.

The $9.26 billion in proceeds from the transaction will fund the final stage of WestConnex, the critical M4-M5 Link which will connect two of Sydney’s busiest motorways.

The State announced its plan in May 2017 to sell a majority share in SMC.

SMC was established by the State to finance WestConnex by incorporating an initial investment by the State alongside Commonwealth and private sector debt supported by toll revenue.

NSW Productivity and Equality Commissioner

On 14 May 2018, Peter Achterstraat AM was appointed as the State’s inaugural Productivity Commissioner.

In June 2024, Mr Achterstraat was reappointed for a further two years, with a newly expanded remit as the NSW Productivity and Equality Commissioner.

Mr. Achterstraat, who has had a distinguished public service career at both the federal and state levels, will be responsible for driving microeconomic reform and targeting regulatory roadblocks.

Mr. Achterstraat and the Commission will initially focus on four core themes:

NSW sale of Snowy Hydro shares to the Commonwealth

The NSW Government announced on 2 March 2018 it would transfer its 58 per cent shareholding in Snowy Hydro Limited to the Commonwealth.

The Victorian Government has also agreed to transfer its 29 per cent shareholding to the Commonwealth, taking the Commonwealth’s shareholding from 13 per cent to 100 per cent.  

The NSW Government will receive $4.154 billion in proceeds from the transaction.

NSW takes action to improve regulation

In November 2016 public consultation started for the Independent Review of the NSW Regulatory Policy Framework. The Panel in charge of this review delivered a draft report, consultation for which closed in June 2017. 

Earlier today the final report was publicly released. The NSW Government has welcomed this release, as well as thanking the independent panel, chaired by the Hon. Nick Greiner AC. 

Strong finances into the future

The 2017-18 Half-Yearly Review builds on the State’s strong track record of responsible financial management, successful asset recycling and commitment to vital infrastructure and frontline services for the people of NSW.

A surplus of $3.3 billion and average surpluses of $2.1 billion are forecast over the budget year and the forward estimates. At June 2017, General Government sector net debt was a record low of negative $9.3 billion.

NSW communities on the map

The NSW Government is investing $72.7 billion over four years in infrastructure – including $22.3 billion in 2017-18.

To illustrate what that investment means for every community, NSW Treasury has created an interactive map of projects across the state, a map that can be as local or as big-picture as you want it to be.

Within NSW Treasury’s budget group, a small team works purely on infrastructure. The team members have combined their detailed budget knowledge with their love of clarity.