Analysis: Everything you need to know about this year’s state budget in a handful of easy-to-understand diagrams
The NSW government will spend $115 billion across the state in the coming year, but its revenue is forecast to reach only $104 billion. The result is a hefty deficit of just over $11 billion. But there’s much more to the budget than that. Here are five budget charts that shed light on the state’s finances, and the economic outlook for NSW.The NSW economy has been below par for the past three years thanks to the disruptions of COVID-19.
The outlook for employment is especially rosy. The jobs market has recovered from the jolt of pandemic “much faster recovery than expected” and the budget predicts the unemployment rate to trend down to a historically low 3.5 per cent by 2022-23. NSW was no different – the state’s finances show a big gap between expenses and revenues has opened up during the past few years and the government is forecasting it to gradually narrow. But that won’t be easy. A lot will have to go right if the government is to deliver its next surplus as forecast in 2024-25.The state budget is still recovering from the damage done by COVID-19. But the government has recently received some welcome revenue windfalls to fortify the coffers.
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