Economic uncertainty, rising rates and falling house prices, but no time for austerity: Treasurer | MattWadeSMH AlexSmithSMH
NSW Treasurer Matt Kean says he is incredibly concerned about the impact a recession in the US could have on the state’s economy, but has warned rising interest rates and global economic uncertainty do not mean government spending should be limited.ahead of delivering his first state budget on Tuesday, Kean said the state’s finances were still in recovery mode after the COVID-19 pandemic.
The NSW economy has made a strong recovery since the 2021 lockdown, but inflationary pressures stoked by pandemic disruptions and the war in Ukraine have clouded the outlook, he said.“I’m incredibly concerned about the potential for the US going into recession and the impact that may have on the rest of the economy, which is one of the reasons now’s not the time for austerity,” he said.
However, Kean insisted that, despite ongoing financial pressures facing NSW, he would deliver a “reform budget” with a focus on women and the cost of living, particularly housing affordability.Dominic Lorrimer
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