Sydney's slowly recovering property market helps ensure the Berejiklian Government ends this year with a forecast surplus of $700 million, despite the mounting cost of the drought.
Sydney's slowly recovering property market has helped ensure that the Berejiklian Government ends this year with a forecast surplus of $700 million, despite the mounting cost of the drought.He'll reveal while the Government will remain in the black, the buffer is less than first predicted.
When the budget was handed down in June, a modest surplus for 2019-20 of $1.016 billion dollars was forecast.The Government said it is a result of GST revenue being lower than forecast, at the same time of increased expenditure on the drought."But our responsible approach to the State's finances means we have the ability to help when times are tough."
The Treasurer insists that the increased spending has been partially offset by higher-than-forecast stamp duty revenue. The latest property data from the Australian Bureau of Statistics showed the residential property price index rose by 3.6 per cent in the September quarter. In this budget, the Government had done a further write-down of revenue received from stamp duty of $232 million over the four years to 2021-22, after it had already been written down by more than $10 billion in the previous year's budget.
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