2018-19 Budget and Half-Yearly Review

The NSW Treasurer released the half-yearly review this morning.

Delivering on every front Budgets are filled with numbers, but behind the figures are the things that matter most to the people of our great state. That’s why responsible financial management is so important. In June, our 2018–19 NSW Budget showed that when governments manage public finances well, we can deliver for citizens on every front.

With the state’s finances in surplus, record low net debt, and a strong economy, our June Budget made record investments in schools, hospitals, transport networks and frontline services, while doing more to help families meet cost of living pressures.

We also launched the NSW Generations Fund – a sovereign wealth fund that will ensure future generations aren’t saddled with an unfair debt burden, while at the same time funding local community projects today through My Community Dividend.

In the six months since the Budget, new economic and fiscal challenges have arisen, so the fundamentals of responsible financial and economic management remain vital. We are doing even more to make NSW a better place to live, work, run a business and raise a family.

Our $500.0 million Emergency Drought Relief Package will help farmers to better withstand drought, while our commitment to 1,500 new police will keep our communities safer. We have delivered dedicated funding to help families meet cost of living pressures, and an additional $6.4 billion to 2027 in schools across the state, as part of the National School Reform Agreement.

Our work to rebuild NSW continues to gather pace, with new investments in roads, public transport and rail bringing our infrastructure program to a record $89.7 billion over four years, a $2.5 billion increase since the Budget.

And we’re stepping up our commitment to give future generations a fair go, with an increase in the balance of NSW Generations Fund from $3.0 billion to $10.0 billion, made possible by the successful WestConnex transaction in August 2018.

These new commitments build on our June Budget’s record investments in the services and infrastructure communities rely on, all while continuing our dedication to responsible financial management, with average surpluses of $1.3 billion across the next four years.

It’s our plan to keep NSW number one, and make our state a better place to live and work for families and communities across NSW.

You can read the half-yearly review here