NSW's expected economic growth rate will be cut in the state government's half-yearly budget review.
Since June the government has allocated an additional $208 million over five years to support drought-affected communities. This includes $166 million to help secure water supplies in regional NSW and $36 million to continue drought transport subsidy payments.
Falling incomes will flow through to lower household consumption growth and lower investment in new farm machinery and equipment as well as livestock. The impact of the drought will also spill over into other industries such as transport and warehousing. “You don’t need to go far beyond Sydney to see just how dry NSW is and witness the full brunt of the drought, behind these figures are farmers, families and rural communities doing it tough,” Mr Perrottet said.
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