Last year, the Government handed down a reform Budget that invested in the people of New South Wales to overcome the challenges of today and secure a more prosperous tomorrow.
Since then, the resilience of the NSW people has been tested once again. Communities have seen their homes and businesses inundated by floods. Families have seen their household budgets hit by inflation as the impact of Putin’s illegal invasion of Ukraine and the aftershocks of the pandemic reverberate through the global economic system.
That is why, since the Budget, we have continued to stand shoulder-to-shoulder with the NSW people. We have committed more than $6 billion with the Australian Government to flood relief and recovery. We have continued to roll out $7.2 billion in cost-of-living support. And we are investing in the health system, including a further $612.5 million to support the COVID-19 health response in 2023-24. This is on top of the $4.5 billion additional workforce health investment over the next four years.
These measures were made possible by the strong public finances this government has delivered. One of the central beliefs of Coalition governments is that it is strong financial management that underpins the investment that our community relies on when times are tough.
This belief is evident in this Half-Yearly Review. The Budget remains on track to return to surplus in 2024-25. That is a promise we first made in November 2020, and it is a promise we have kept despite the headwinds we have faced since then: Delta, Omicron, floods, energy shocks and inflation.
A strong budget and a resilient balance sheet are essential to safeguard against unforeseen shocks. But good economic management is about more than just balancing the books – it is about having a plan to tackle the scourge of inflation and grow our prosperity.
This Half-Yearly Review continues our plan to deliver comprehensive short-term support for families struggling with the cost of living, through programs such as our Toll Relief Rebate Scheme, our Energy Bill Buster Program and $150 Back to School NSW vouchers.
It is also a plan to invest in the reforms that will lift the productive capacity of our economy in the medium and long term. The only lasting way to bust inflation and boost real wages is to unlock greater productivity and growth.
That is why we are investing $5 billion to deliver affordable childcare across New South Wales and expand the economic opportunities for women.
It is why we are investing $5.8 billion to deliver a year of universal pre-kindergarten to every child in our state, so they can not only reach their dreams but dream bigger in the first place.
It is why we are rolling out a $116.6 billion infrastructure pipeline, the largest in our nation’s history.
It is why we are supporting more people to own their own home by giving first home buyers the choice to jettison upfront stamp duty, a significant obstacle to the Australian dream of home ownership.
And it is why we are securing New South Wales’ position as a renewable energy superpower, with the country’s most ambitious strategy to modernise our energy system and thrive in the global net-zero economy.
This Government’s plan is clear. We will continue to support families to overcome the challenges they face. We will continue to deliver world-class infrastructure and services. And we will continue to invest in the reforms that unleash the talent and aspiration of our people to build a brighter future for New South Wales.
The Hon. Matt Kean MP
NSW Treasurer
Minister for Energy
7 February 2023
