New South Wales Treasurer and Minister for Industrial Relations, the Hon Andrew Constance MP, has delivered his budget speech, declaring “New South Wales is back in the game".
NSW Treasurer Andrew Constance declared: “We are now in control of the NSW Budget, it is no longer controlling us.”
“After three years of transforming the way we spend and instilling discipline across government, we can now declare we are on a path to rebuilding,” Mr Constance said.
The 2014-15 Budget also delivers a significant improvement in the state’s Net Debt position. At 30 June 2014, Net Debt is estimated to be around $8.6 billion, or about 1.7 per cent of Gross State Product, which is $7.1 billion less than originally estimated.
The Budget has a strong infrastructure focus with projects including:
- $1.3 billion for the rebuilding and repair of our major hospitals
- $863 million for the start of major construction of the North West Rail Link
- $398 million for work on the 33km WestConnex motorway
- $265 million for the start of major construction of the CBD and South East Light Rail project
- $103 million to finalise construction of the South West Rail Link
- $283 million deficit for 2014/15
- $660 million surplus 2015/16
- Net debt $8.6 billion in 2013/14
- $61.5 billion on infrastructure
- $500 million for child protection
- Plans for a new M9 orbital motorway for western Sydney
- $400 million set aside for Parramatta Light Rail
- Five new ambulance stations for metropolitan Sydney
- New hospital for Byron Bay
- Threshold for First Home Owners Grant increases to $750,000
- AAA credit rating maintained
Click here for the Treasurer’s Budget Speech.
Click here for the Budget Overview.