New population estimates for the nation’s two largest states show a “shortfall” of 101,000 Victorians and 95,000 people across NSW, paving the way for a re-jig of the $79 billion GST pool and a loss of federal representation. | swrighteconomy
over and above what it would normally get under the annual carve-up of the GST due to a deal put in place in 2018 by then-treasurer Scott Morrison, will next year get tens of millions dollars more than expected.
It is a similar situation in the recent NSW budget delivered by Treasurer Matt Kean in which he forecast a deficit of $11.3 billion for the coming year. The population changes will not feed into the new financial year, but will hit GST allocations from the 2023-24 financial year. That is the year both Victoria and NSW expect a marked improvement in their budget bottom lines.
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