NSW Treasurer Matt Kean has shrugged off criticism of a big-spending NSW Budget arguing that now is the time to leverage the state’s strong financial position
NSW is the only state where forecast accumulated deficits are worse than six months ago and is the only state nationally to have gone backwards since their midyear budget updates.
Analysts have praised the budget for its vision, forward-thinking and generally targeted approach to spending. But the magnitude and pace of spending including $71 billion in new commitments has alarmed others who questioned its assumptions and potential to drive inflation. “By not showing a degree of restraint there’ll be higher interest rates as a result of the [NSW] budget, there’s no doubt about that,” Mr Hamilton said.
“I still think it’s fairly conservative because a lot of the reforms they’ve put in place will pay back dividends,” SP analyst Martin Foo said, describing initiatives including a $5 billion childcare plan as a “foundational policy” which will drive growth in the future.But the analyst questioned the prediction that gross state product would grow by 4.25 per cent in the next year.
Australia Latest News, Australia Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Treasurer Matt Kean emerges as the real power in NSWANALYSIS: Matt Kean’s big spending on progressive programs looks designed to appeal to Liberal voters lost at the federal election.
Read more »
NSW budget updates LIVE: NSW budget focused on reform, treasurer saysWATCH LIVE: NSW budget address; RBA doesn’t see Australian recession on the horizon; Victoria says offshore wind will blow energy shortfalls away. Follow updates here.
Read more »
NSW budget updates LIVE: Stamp duty overhaul will cut years of saving: Matt KeanQueensland budget speech; NSW says stamp duty changes will cut amount of time needed to save for a home; inflation set to get worse before getting better. Follow updates here.
Read more »
NSW treasurer says budget aims to 'create more opportunities for everyone'NSW Treasurer Matt Kean says the state budget being handed down today will focus on families and 'making sure that everyone is able to realise that potential and fulfil their dreams'.
Read more »
Kean has been ‘very pragmatic’ on NSW energy crisis
Read more »
NSW budget reforms to help people ‘achieve dreams’: Kean
Read more »