The state's half-year budget review said three interest rate cuts by the Reserve Bank since June had a 'significant impact' on Sydney's property market, with home value indicators showing an 8 per cent jump in prices between mid-August and early December
The state's half-year budget review said three interest rate cuts by the Reserve Bank since June had a "significant impact" on Sydney's property market, with home value indicators showing an 8 per cent jump in prices between mid-August and early December.
A downturn in the Sydney property market between mid-2017 and mid-2019 weighed on household spending and contributed to slower growth in the state economy. The forecast for economic growth in NSW this financial year was revised down to 1.75 per cent, well below the 2.25 per cent predicted in the June state budget.But the budget review said the stronger than anticipated recovery in house prices would deliver an economy-wide boost.
One factor in the lower surplus is weaker than expected GST, which accounts for around a quarter of the state's revenue. The budget review lifted the state government's planned infrastructure spending over the next four years from $93 billion to $97.3 billion.
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.
'NSW is burning': Thousands protest in SydneyThousands have gathered in Sydney for a climate change rally chanting: 'What do we want climate justice? When do want it? Now. How are we going to get it? Fight for it.' More here: 📷: Christian Gilles
Read more »
Live: NSW Now: Thousands vent fury at Sydney rally, state government fined for pollutionMORNING BRIEFING: A climate change rally in Sydney's CBD swells to more than 20,000 protesters, shutting down streets during afternoon peak hour to protest government inaction.
Read more »
Live: NSW Now: Smoke starts to settle, State Government links bushfires to climate changeMORNING BRIEFING: The Liberal Energy Minister speaks out about climate change, linking it to the state's catastrophic fires, and says there is no time to beat around the bush, while air quality is forecast to improve across NSW.
Read more »
Bushfires, climate change link a 'philosophical debate': NSW Education MinisterNSW Education Minister Sarah Mitchell's comments place her at odds with state Environment Minister Matt Kean, who said 'no one can deny' the link between climate change and bushfires.
Read more »
NSW environment minister breaks ranks, links climate change to bushfires and hazardous smokeNSW Environment Minister Matt Kean says Australia must stop making climate change a matter of religion and instead make it a matter of science as unprecedented bushfires burn across the state.
Read more »
Hospitals in 'critical condition': 3 million flood NSW emergency departmentsUnprecedented numbers of patients are flooding NSW emergency departments and elective surgery waiting lists with no sign of a reprieve, as doctors warn the state's hospitals are in 'critical condition' | Kaubo
Read more »