• 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.