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.
Pittance compared to DanielAndrewsMP .
SHutchinsonNews Make no mistake the deficit caused by infrastructure $$$ will not make Sydney more sustainable. Road tunnels which increase fuel import vulnerabilities. Metros which do not replace car traffic. Roads for the 2nd airport which will worsen emissions Matt_KeanMP
Get ready for more 'speed' fines NSW.
We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:
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.
Jefferies doles out bumper bonuses as Wall Street tightens spendingJefferies has paid its Australian staff some of the most generous bonuses in investment banking this year, bucking the trend of most international lenders.
Source: FinancialReview - 🏆 2. / 90 Read more »
Biden delay in downing spy balloon casts cloud over State of the UnionThe US President on Tuesday will talk of his plans to tackle inflation and climate change. But he will be delivering his speech in the shadow of a big, Chinese balloon that many say he took too long to shoot down, writes Annelise Nielsen. Gosh another speech. Bumbling as always. He let China win. Oh who is to say. Will not happen again.
Source: SkyNewsAust - 🏆 7. / 78 Read more »
The history behind US President’s State of the Union AddressThe most powerful people in American politics will gather in congress today to witness President Joe Biden's 'State of the Union' Address. The constitutional task has evolved over hundreds of years from an administrative exercise to a political spectacle. Sky News Washington Correspondent Annelise Nielsen goes back into the history of one of the most important nights in US politics. The United States has fallen. Dear Australia, find another country to rely on. There's a drinking game. Every time he lies, you take a shot. I bet nobody can go 15 minutes without getting shit-faced. If he can last long enough to complete it ..bumbling buffoon 🤡 the US President of Human Trafficking..embarrassing illegitimate criminal stopthebidephiles stophumantrafficking
Source: SkyNewsAust - 🏆 7. / 78 Read more »
‘Hot air’: Marjorie Taylor Greene in State of the Union balloon stuntRepublican extremist appears to reference Chinese surveillance dirigible by parading halls of Congress with white balloon Goes to show how gutter trash Georgia is. MTG should be in prison after Jan 6th
Source: GuardianAus - 🏆 1. / 98 Read more »
Funding for private schools grows faster than for state schoolsGovernment funding for the state’s private and Catholic school students increased at a faster rate than for children enrolled in NSW public schools over the past decade
Source: smh - 🏆 6. / 80 Read more »
‘Boring’: State of the Union Addresses all ‘say the same thing’Former White House chief of staff Mick Mulvaney says most State of the Union Addresses all “say the same thing,” as Joe Biden prepares to deliver his second as US President. “Generally speaking, these speeches are worthless, not worthless, but boring,” Mr Mulvaney told Sky News Australia. Speak off the cuff, make the S of the U fun for the whole world.
Source: SkyNewsAust - 🏆 7. / 78 Read more »