• Skip to content
  • Skip to navigation

Grant Thornton Australia

Grant Thornton uses cookies to monitor the performance of this website and improve user experience.

If you are happy to accept cookies from this site, please check the box.

To find out more about cookies, what they are and how we use them, please see our privacy notice, which also provides information on how to delete cookies from your hard drive.

How to be COVIDSafe when visiting Grant Thornton offices. Find out how

Global site
  • Global site
  • Algeria
  • Botswana
  • Cameroon
  • Egypt
  • Ethiopia
  • Gabon
  • Guinea
  • Kenya
  • Libya
  • Malawi
  • Mauritius
  • Morocco
  • Nigeria
  • Namibia
  • Senegal
  • South Africa
  • Togo
  • Tunisia
  • Uganda
  • Zambia
  • Zimbabwe
  • Anguilla
  • Antigua
  • Argentina
  • Aruba, Bonaire, Curacao and St. Maarten
  • Bahamas
  • Barbados
  • Bolivia
  • Brazil
  • British Virgin Islands
  • Canada LLP
  • Canada RCGT
  • Cayman Islands
  • Chile
  • Colombia
  • Costa Rica
  • Dominica
  • Ecuador
  • El Salvador
  • Grenada
  • Guatemala
  • Honduras
  • Mexico
  • Montserrat
  • Nicaragua
  • Panama
  • Paraguay
  • Peru
  • Puerto Rico
  • St Kitts
  • St Lucia
  • St Vincent and the Grenadines
  • Trinidad & Tobago
  • United States
  • Uruguay
  • Venezuela
  • Turks & Caicos
  • Afghanistan
  • Australia
  • Bangladesh
  • Cambodia
  • China
  • Hong Kong
  • India
  • Indonesia
  • Japan
  • Korea
  • Malaysia
  • Mongolia
  • Myanmar
  • New Zealand
  • Pakistan
  • Philippines
  • Singapore
  • Taiwan
  • Thailand
  • Vietnam
  • Albania
  • Armenia
  • Austria
  • Azerbaijan
  • Belarus
  • Belgium
  • Bosnia and Herzegovina
  • Bulgaria
  • Channel Islands
  • Croatia
  • Cyprus
  • Czech Republic
  • Denmark
  • Estonia
  • Finland
  • France
  • Georgia
  • Germany
  • Gibraltar
  • Greece
  • Hungary
  • Iceland
  • Ireland
  • Isle of Man
  • Israel
  • Italy - Bernoni
  • Italy - Ria
  • Kazakhstan
  • Kosovo
  • Kyrgyzstan
  • Latvia
  • Liechtenstein
  • Lithuania
  • Luxembourg
  • Macedonia
  • Malta
  • Moldova
  • Monaco
  • Netherlands
  • Northern Ireland
  • Norway
  • Poland
  • Portugal
  • Romania
  • Russia
  • Serbia
  • Slovak Republic
  • Slovenia
  • Spain
  • Sweden
  • Switzerland
  • Tajikistan
  • Turkey
  • Ukraine
  • UK
  • Uzbekistan
  • Bahrain
  • Egypt
  • Jordan
  • Kuwait
  • Oman
  • Qatar
  • Saudi Arabia
  • United Arab Emirates
  • Yemen
  • Lebanon
Grant Thorton Logo

Grant Thornton Logo Grant Thornton Logo

Contact us
  • Insights
  • Services
  • Industries
  • Meet our people
  • Careers
  • News centre
  • Locations
  • About us
  • Audit
  • Tax
  • Private Advisory
  • Financial Advisory
  • Grant Thornton Consulting
  • Asia
Audit Home
  • Audit methodology
  • Audit technology
  • Financial reporting advisory
Tax Home
  • Corporate tax
  • Employee equity reward schemes
  • Fringe benefits tax
  • Global mobility services
  • GST & indirect tax
  • International tax
  • Payroll assurance
  • Research & development
  • Tax compliance
  • Tax governance & risk management
  • Tax in mergers & acquisitions
  • Tax lawyers
  • Transfer pricing
Private Advisory Home
  • Family Business Consulting
  • Family office services
  • Private wealth
  • Superannuation
Financial Advisory Home
  • Corporate finance
  • Debt advisory
  • Forensic consulting
  • Payments advisory
  • Restructuring advisory
Grant Thornton Consulting Home
  • Business risk
  • Human capital
  • Performance improvement
  • Strategy & growth
  • Technology consulting
  • GNC Group Consulting
Asia Home
  • China practice
  • India practice
  • Japan practice
  • Agribusiness, food & beverage
  • Automotive dealers
  • Education
  • Energy & resources
  • Financial services
  • Health & aged care
  • Life sciences
  • Manufacturing
  • Not for Profit
  • Professional services
  • Public sector
  • Real estate & construction
  • Retail & consumer products
  • Technology & media
Agribusiness, food & beverage Home
Bite Size Dealtracker Food, Beverage & Agribusiness industry insights
Key insights for the Australian Food, Beverage & Agribusiness industry.
Financial services Home
  • Banking
  • Fintech
  • Private Health Insurance
  • Superannuation
  • Asset management
  • BEAR FAQs
  • Open banking
Royal Commission wrap up Top 10 things for Financial Services providers
Eleven months on from the first round of hearings for the Royal Commission into Misconduct in the Banking, Superannuation and Financial Services Industry, Commissioner Hayne’s final report has been released.
Health & aged care Home
Aged Care Royal Commission Perspectives on the Future of Ageing
Transitions in ageing are not consistent and systematic as they are described by our ageing systems. Sometimes they are incremental, sometimes accidental, sometimes monumental, and they are always personal. We can create something better.
Life sciences Home
Biotechnology Industry Position survey Australia's biotechnology industry drives economic growth
The 2019 Biotechnology Industry Position survey conducted by Ausbiotech and supported by Grant Thornton has revealed that new technologies across regenerative medicine and medicinal cannabis are disrupting the industry, and Australia's global strength in clinical trials continues to drive contributions to the economic and social fabric of the country.
Manufacturing Home
mid-sized business report Manufacturing is critical to our economy – how can we support the sector?
Although the knock-on effects of the Australian automotive industry exiting our country are yet to be fully understood, the industry is evolving, and manufacturing continues to be a major employer and critical to our overall economy.
Not for Profit Home
NATIONAL OUTCOMES MEASUREMENT PROGRAM A practical framework
Royal Commissions and federal budgets are critical things for Nonprofit human service providers to be thinking about at this point in time.
Real estate & construction Home
mid-sized business report Supporting affordable housing requires planning, certainty – and tax reform
There is a lot of noise around the property sector at the moment – and it’s not all positive. Prices are down – but this shouldn’t be a surprise when some markets (namely Sydney & Melbourne) saw unprecedented hikes in recent years.
Retail & consumer products Home
GNC Group Consulting The Technology Trap: Online innovation in retail
I recently attended the NRF Retail Big Show in New York, an overwhelming smorgasbord of retail technology and new store concepts.
Technology & media Home
  • Telecommunications
Scaling-up for Growth From start-up to scale-up
Navigating the complexities of growth and maintaining previous success is a challenge for all mid-size businesses.
  • Working at Grant Thornton
  • Student opportunities
  • Experienced careers
  • Contact us
Working at Grant Thornton Home
  • Flexibility
  • Your career and development
  • Diversity and inclusion
  • In the community
  • What we offer you
Student opportunities Home
  • Graduates
  • Vacationer Program
  • The application process
  • FAQs
  • Student application tips and tricks
Experienced careers Home
  • Client spotlight
  • Grant Thornton Australia | Audit, Tax and Advisory
  • Client alerts
  • 2018
  • New South Wales State Budget 2018-19

New South Wales State Budget 2018-19

13 Jun 2018
  • New South Wales State Budget 2018-19

Making New South Wales a better place to live by “Building for tomorrow, and delivering for today” was Treasurer Dominic Perrottet’s motto as he handed down his 2018-19 budget speech on 19 June 2018.

Headline items from the Budget are:

  • An expected surplus of $3.9 billion in 2017-18 and surpluses averaging $1.6 billion a year over the forward estimates to 2021-22
  • Introduction of the NSW Generations Fund (NGF) to support the State’s triple-A credit rating over the longer term
  • Spend of $87.2 billion over four years on schools, hospitals and major transport projects
  • 500,000 jobs created since 2011

The Government’s focus with this budget is on improving New South Wales for the entire community and easing the cost of living. Hence, the spending announced, which is not balanced with the introduction of any new taxes or duties for the majority of the business community (in fact, a payroll tax tax-free threshold increase was announced), is likely to be well received by the business.

Summary

For more in-depth information on the New South Wales State Budget 2018-19, read the below summaries:

  • Major announcements
  • State tax changes

Major announcements

Specifically, the Budget delivers the following:

Health

  • The government is investing in health infrastructure with $8 billion over four years, including:
  • Investment of $700 million in the state-wide Mental Health Infrastructure Program.
  • $156.5 million Parents Package for new parents with children.
  • $115 million in 2018-19 for medical and scientific innovations to fight diseases and keep the community healthier including $15 million for cardiovascular disease research capacity development as part of the Government’s $150 million commitment over 10 years.

Infrastructure

  • $4.3 billion in 2018-19 towards delivery of Sydney Metro including $2.4 billion on Sydney Metro Northwest linking North West Sydney with Chatswood, and $1.9 billion on Sydney Metro City and Southwest linking Chatswood with Bankstown.
  • A new $3.0 billion Restart NSW reservation for the Sydney Metro West, the city’s next underground metro railway between the Sydney CBD and Greater Parramatta. This funding, subject to the final business case, will fund completion of project development and commencement of land acquisition, early works and tunnelling. This is in addition to the NSW Government investment of $28.1 million in 2018-19 to fast track the planning and the final business case for this project
  • $1.8 billion in 2018-19 to continue the development and delivery of WestConnex.
  • $1.2 billion in 2018-19 to continue the Pacific Highway upgrade program, including continuing construction between Woolgoolga and Ballina, and planning for the Coffs Harbour bypass.
  • $648.2 million ($1.6 billion over four years) for the More Trains, More Services Program, which will enhance rail infrastructure and fleet to increase and improve rail services, including express services for Western Sydney.
  • $438.9 million in 2018-19 (co-funded by NSW and Commonwealth Governments) for road upgrades to support the new Western Sydney Airport at Badgerys Creek, including continuing construction on the remainder of Bringelly Road as well as the Northern Road between Narellan and Penrith.
  • $282.8 million in 2018-19 ($3 billion over four years) to continue planning or delivery of missing links on motorways and major routes in Sydney, including the new projects such as F6 extension Stage 1, Western Harbour Tunnel and Beaches Link and Sydney Gateway, and continuing NorthConnex.
  • $281.3 million in 2018-19 to reduce congestion on Sydney roads by addressing critical pinch points, and continuing works for the M4 Smart Motorway.
  • $258 million in 2018-19 ($2.1 billion over four years) of new investment in the Parramatta Light Rail Stage 1 to support growth in Western Sydney.
  • $11.6 million in 2018-19 as a new investment to plan upgrades of Heathcote Road, including widening the Woronora River bridge and road widening between Holsworthy and Voyager Point.

Education

$6 billion over four years to deliver over 170 new and upgraded schools.

  • $500 million over 5 years for the installation of reverse cycle air-conditioning in New South Wales schools.
  • $197.8 million over four years to extend universal access to preschool for three-year olds.
  • $160 million for planned maintenance of New South Wales schools.

Social Responsibility

  • Funding for the New South Wales transition to the full National Disability Insurance Scheme (NDIS) on 1 July 2018 with:
    • $3.2 billion in 2018-19 as the NSW Government contribution to support the transition to the NDIS. This consists of an estimated $2.7 billion cash contribution and $477.5 million in kind contribution through services provided by NSW Government agencies.
    • $97.5 million in 2018-19 ($230 million over three years) for operational services until full transition to the NGO sector.
    • $87 million in 2018-19 ($150 million over three years) for residual disability functions.
  • $632.3 million ($2.5 billion over 4 years) for national parks, public parklands and gardens to grow tourism and improve liveability and sustainability. 
  • $250 million to support the NSW Government’s participation in the Commonwealth Redress Scheme for survivors of institutional child sexual abuse in NSW government institutions.
  • $285.2 million to fund 1,000 apprenticeships over six years.
  • $102.1 million (part of a five-year $1.4 billion program) to deliver outcomes that help communities and businesses adapt to a changing climate.

Regions

  • $1.9 billion in 2018-19 on regional capacity enhancements with the continuation of upgrades to the Pacific and Princes Highways, and Central Coast and Hunter Roads, various projects and programs on roads in regional New South Wales and procurement of the Regional Rail Fleet Program.
  • An additional $250 million over four years towards the Farm Innovation Fund, which provides concessional loans of up to $250,000 for investments in on-farm infrastructure to provide greater drought resilience, and $50,000 seven-year interest-free loans to allow farmers to buy feed, more livestock and preserve stock bloodlines.
  • A new reservation of $155 million from Restart NSW for the new Shoalhaven River bridge at Nowra, subject to Restart NSW assurance.
  • $153.4 million over four years (total of $178.4 million over five years from 2017-18) in new investments for the Regional Road Freight Corridor program as part of Restart NSW.
  • $137.3 million over four years for Fixing Country Rail (Restart NSW) projects including $60.4 million towards the Junee to Griffith Line Upgrade, $40 million for the Berry to Bomaderry Rail Line and the OMEGA Tunnels Track Upgrade.
  • $71.8 million new investment over four years towards the forestry sector including $34 million over four years for a loan scheme as part of the Forestry Innovation Fund to support innovation and productivity growth and an equity injection of $24 million to Forestry Corporation to support plantation investment.

Justice System

  • Additional $151.1 million in 2018-19 ($467.3 million over four years) in the Critical Communications Enhancement Program to expand the coverage of the Government radio network and improve critical communications during emergencies.
  • $288.2 million over four years to further support the re-engineering of the NSW Police Force and provide the Police Commissioner with the flexibility to deploy resources according to need, as well as effectively address and respond to crime.

Sports, Arts and Culture

  • $245 million in 2018-19 as part of the Government’s $645 million contribution to build a new Powerhouse museum in Parramatta, undertake master planning for a creative industries precinct in Ultimo, as well as expand and upgrade the Museums Discovery Centre at Castle Hill.
  • Major stadia investment to attract world-class sporting and entertainment events and address the State’s ageing stadium infrastructure, including:
    • $729 million over four years for the construction of a new stadium at Moore Park to replace the Sydney Football Stadium; and
    • $183.7 million in 2018-19 for the construction of the Western Sydney Stadium at Parramatta.
  • $173 million for Destination NSW to support delivery of the Visitor Economy Industry Action Plan. This includes:
    • $82 million for promotion of major events; and
    • $54 million for NSW tourism promotion including the continued delivery of initiatives in regional and rural New South Wales to increase visitor spend, and attract more events and conferences.
  • $100 million over five years, including $25 million in 2018-19 for the Regional Sport Infrastructure Fund to increase the number and quality of regional sporting facilities.

State taxes changes

The budget delivers the following State taxes changes:

  1. The payroll tax threshold will be increased progressively from its current level of $750,000 to $1 million over the next 4 years, starting with an increased $850,000 threshold in 2018-19.
  2. From 1 November 2018, caravan motor vehicle weight tax will be reduced by 40 per cent to align registration fees with other States and Territories. Customers with private-use caravans and purpose-built camper trailers with a gross vehicle mass between 255kg and 4.5 tonnes, whose registration is due from 1 November 2018, will be eligible for the reduction.
  3. Ten of the most common level 2 parking fines, when issued by the NSW Government, will be reduced by 25 per cent. In addition, the Government will also introduce new legislation to set maximum State fine amounts.
  4. From 1 January 2019, the NSW Government will introduce a 10 per cent point of consumption (PoC) tax on wagering to follow other States introduction of similar taxes. A tax-free threshold of $1 million per year will apply for all operators.
  5. The Government has announced a number of revenue measures involving driver testing and speed cameras to essentially fund the State Priority Target of a 30 per cent reduction in road fatalities by 2021 (compared to 2008-2010 levels).

Should you have any queries on how the New South Wales State Budget measures will impact you and your organisation, please contact your usual Grant Thornton advisor or:

Tony Windle
Tony Windle
Partner & National Head of Indirect Tax Brisbane
Email address https://au.linkedin.com/in/tonywindlegt Tony Windle VCard
View full profile
Share this page
  • Share this page on Facebook LinkedIn
  • Share this page on Twitter Twitter
  • Share this page on LinkedIn LinkedIn
  • Share this page on Wechat WeChat
  • Share this page via email Email
  • Follow us on youtube
  • Follow us on linkedin
  • Follow us on twitter
  • Follow us on facebook
Connectclose
  • Contact us
  • Locations
  • Meet our people
  • Subscribe
  • Staff portal
Aboutclose
  • About us
  • Careers
  • News centre
  • Client alerts
  • Grant Thornton Foundation
  • Grant Thornton Affinity
Legalclose
  • Privacy
  • Compliance and ethics
  • Disclaimer
  • Site map

© 2021 Grant Thornton Australia Limited – All rights reserved

    • EN
    • Contact us