While the historic deficit has more than doubled since the June state budget to $19.5 billion, Treasurer Matt Kean said the impact of the Delta outbreak on the state’s coffers is expected to be largely contained to this financial year | Rabe9 MattWadeSMH
The NSW budget deficit has blown out to almost $20 billion after the long winter lockdown, but Treasurer Matt Kean says the state is still forecast to return to surplus within three years.to $19.5 billion, Mr Kean said the impact of the Delta outbreak on the state’s coffers is expected to be largely contained to this financial year.
The Treasurer pointed to the state’s rebound out of the 2021 lockdown to explain why he believes the economy can handle further challenges over coming months, as COVID-19 cases surge with the new Omicron strain taking hold across Sydney and parts of NSW. “COVID-19 is unpredictable, but we have demonstrated that we have the fiscal firepower to respond when needed.”
In the June budget, net debt was forecast to reach $104 billion by 2024-25. The NSW budget deficit for this financial year is almost four times more than forecast a year ago.Then-treasurer Dominic Perrottet declared “NSW is back” in June, with GST receipts, stamp duty and payroll tax having contributed to the budget’s stronger-than-expected turn-around.
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