Both the NSW and Queensland budgets have wasted the opportunity to reset a prudent fiscal course in the post-pandemic world.
to contain the inflation outbreak, the NSW and Queensland governments unveiled big-spending, expansionary budgets that contained no real fiscal repair.
Mr Kean is betting on NSW’s strong recovery from the pandemic, with the budget forecasting 4.25 per cent growth in gross state product this year, before averaging out at 2.5 per cent across the four-year forward estimates. To help pay for its big spending, the Palaszczuk government has broken its election promise not to increase taxes. Opportunistically seizing on the soaring price of coal amid the global energy crunch, the budget has revamped the existing royalty regime. A new three-tiered rate will collect 20 per cent, 30 per cent, and 40 per cent of miners’ profits when the coal price exceeds $175 a tonne, $225 a tonne and $300 a tonne respectively.
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