Since Daniel Mookhey became treasurer last year he’s made a lot of the “severe challenges” facing the state’s finances.
Mookhey can thank the property market for much of the budget windfall; increases in forecast transfer duty and land tax have driven the big revenue upgrade. Despite better than expected revenue, the NSW budget is forecast to be in deficit over the next four years; Mookhey blames this on a federal government’s cut to NSW’s GST share which will cost the budget $11.9 billion over the period, according to Treasury estimates.He claims the state would have “cumulative surpluses” worth nearly $2 billion over four years if not for the latest GST carve up.
Source: News Formal (newsformal.com)
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