The NSW coalition has released it 2021-22 budget and key points are jobs recovery and the economy.
After what has been touted the sharpest fall in nearly 80 years the NSW economy is bouncing back with 300,000 jobs added since the height of the pandemic in mid-2020.
The budget released by Treasurer Dominic Perrottet, is forecasting above trend economic growth of 3¼ per cent for 2021-22 and unemployment, currently at 5 per cent, falling to 4½ per cent by 2024-25.
Mr Perrottet highlighted improved economic conditions have contributed to the state’s strengthened operating position, with a return to surplus of $0.5 billion now forecast in 2024-25.
Job creation remains a key focus with a record $108.5 billion infrastructure investment helping supercharge the recovery.
Public sector workers will receive a wage increase of up to 2.5 per cent.
Premier Gladys Berejiklian said budget will include important cost savings measures for families a new $100 Learn to Swim voucher for children aged between three and six, and the Free Preschool program to continue until the end of 2022.
“This is a budget which supports and protects our families and communities through record investments in health, education and transport,” Ms Berejiklian said.
“The biggest infrastructure pipeline in Australia now tops $108.5 billion and continues to be the backbone of our recovery, with NSW now adding more jobs than were lost during the height of the pandemic.”
Ms Berejiklian said the government’s response to the pandemic was only possible with the fiscal growth of the past decade.
Mr Perrottet said the budget would continue to ensure NSW was COVID-safe and at the same time lock-in the recovery and drive economic reform.
“…[It] also includes more than $6 billion in rebates, concessions and cost of living measures which benefit households across NSW.
“Our support has been targeted to keep people safe and businesses in business, and that continues with programs such as $40 million to combat domestic violence and the $50 million CBD Friday voucher scheme.
“We are also investing millions into tourism, infrastructure and events right across NSW.”
Mr Perrottet said the NSW Government had released the 2021 Intergenerational Report and the NSW Productivity Commissioner’s Productivity White Paper immediately prior to the Budget as they helped chart direction for the state over the longer-term.
“This Budget takes NSW from recovery towards reform, with a focus on your family and your future,” Mr Perrottet said.
“The NSW Government’s nation-leading Electric Vehicle Strategy will see almost half a billion dollars invested in tax cuts and incentives for this future-focussed industry.
“Reforms we have already undertaken such as the establishment of the NSW Generations Fund in late 2018 will also support future generations – the NGF has achieved particularly strong returns over the past 12 months and has grown to $14.7 billion, providing more capacity to reduce debt in the future.
“This Budget continues to support our broad reform agenda for the planning and education systems as well as investing in our world leading digital technologies and providing tax relief.”