Winners in the NSW budget include energy and preschool rebates, toll caps and public sector pay rises
Energy bill support, a toll cap and preschool fee relief are among the cost of living measures announced by the state government to help New South Wales households struggling with hip pocket pain.
The Minn government passed its first budget on Tuesday, forecasting the state’s bottom line will return to a modest $844 million surplus in 2024-25, after a $7.8 billion deficit that year fiscal year.
Targeted cost of living support will be provided in the form of energy rebates of up to $350 for eligible households as the relief is extended for another financial year from July 1.
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Family and senior energy rebates will increase to $250, while the low-income household rebate and medical energy rebate will each increase to $350.
It comes on top of $326 million already allocated for energy rebates in 2024-25.
Starting in January, families with up to 64,000 children will receive a preschool fee discount in the form of $500 vouchers for three-year-olds attending eligible locations.
Commuters will also be supported: an estimated 720,000 drivers will contribute $561 million over two years to cap road tolls at $60 a week.
From January 1, drivers will be able to claim back any expenses over $60 per week through a quarterly refund from Service NSW.
As promised ahead of the budget, the biggest spending increases will go to the state’s essential health and education services.
Hospitals and healthcare facilities will receive $13.8 billion in infrastructure spending over the next four years, while an additional $2.5 billion is earmarked for wage increases and additional staffing for the sector.
Almost $10 billion will be allocated over the next four years for new and upgraded schools, TAFEs and public preschools, while the budget will also fund permanent literacy programs, among other things.
Labor said it had found $13 billion in savings and redirected funds, much of which will go toward a 4.5 percent pay rise for more than 400,000 public sector workers.
Potential first home buyers will also get a boost in a tough market with stamp duty waived for purchases up to $800,000 and reduced for purchases between $800,000 and $1 million.
Revenue is expected to rise 5.8 percent to $112.4 billion in 2023/24, thanks to a booming property market that brings with it a plethora of stamp duty and property taxes, while job and wage growth means higher payroll taxes.
In the four years up to 2026/27, sales growth of an average of 3.4 percent is forecast.
– With AAP
