Treasury officials confirmed that more than 20 per cent of the committed $30 billion worth of capital expenditure would not be spent and that the shortfall figure, revealed in a budget paper footnote, was the highest ever.
Close to a quarter of the NSW government’s big building spending commitments will not be rolled out this financial year, with an $8 billion black hole identified in the state’s budget forecasts.
The shortfall was contained in a footnote in the NSW budget papers and marked as “slippage,” with treasury officials conceding the figure has never been so high. The Labor opposition is set to examine which education, health or transport projects are linked to the $8 billion expenditure delay at Wednesday’s budget estimates hearing into the roads portfolio.
He said while there was often slippage associated with capital expenditure, over the past decade it had been sitting at about 10 per cent each year, less than half the 2022/23 figure. “A state failing to collect $715 million from the Commonwealth is the federation’s equivalent of pigs flying. It’s not meant to happen,” he said.
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