NSW’s Half Yearly Review showed the state’s full year deficit will come in $100 million more than expected at $11.4 billion.
The NSW budget outlook has worsened, with the government splashing cash on cost-of-living measures and disaster relief even as collections from payroll tax and GST rise and coal royalties soar.
The Treasurer blamed the weaker-than-expected result on a raft of expenses triggered by flooding in the state’s central west, as well as a reconstruction program to rebuild flood-ravaged communities in the Northern Rivers.“Since the budget, NSW has again been impacted by storms and floods. The NSW government has continued to support affected communities, providing an additional $2.6 billion with the Australian government,” a statement accompanying the half-yearly review read.
At the same time, revenues from public transport have come in lower than expected and passenger volumes after COVID-19 struck are yet to return to normal levels. Other usual sources of government revenue have also declined in the six months since the 2022 budget.Stamp duty receipts are expected to end the year at $1.7 billion, or 15.4 per cent lower than expectations in June, and the forecasts for this have also been trimmed by $3.9 billion, or 10 per cent, over the four years to 2025-26.
The latest accounts show the Coalition’s net debt has jumped by 40 per cent from $56 billion in 2021-22 to $78 billion now, standing at 10 per cent of gross state product.
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