Cool, calm and collected Matt Kean prepares the runway for re-election | MattWadeSMH AlexSmithSMH
– Kean says he has devised a “reform budget” that will lay the foundation for the Coalition’s re-election campaign.
. It will be banking on fresh faces with big, bold ideas as its biggest electoral asset. “This is a fresh government with a young dynamic Premier, who wants to put his stamp and authority on the state and set a positive direction going forward,” Kean says. But rising inflation has cast a shadow over the outlook. Official inflation spiked to a 22-year high of 5.1 per cent in the March quarter and the Reserve Bank governor Philip Lowe warned on Tuesday that rate could hit 7 per cent by December. Consumer prices have not grown at that pace since the late 1980s.Central banks across the world are lifting interest rates in a bid to curb inflation and the abrupt shift in financial conditions could take a heavy economic toll.
Kean estimates the NSW government has forked out an extra $47 billion since the pandemic’s onset in March 2020 to “keep us safe and get us through”. That includes extra spending on both pandemic-related health services and economic support to businesses and households. Kean says the sharp run up in debt has been “reasonable” given the unusual circumstances of the pandemic. “What we need to be able to do is make sure that our debt is sustainable in the long term,” he says.
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