What the NSW Budget means for you
Here is your point-by-point guide to the state budget handed down on Tuesday by NSW Treasurer Dominic Perrottet:
ECONOMIC OUTLOOK AND FORECASTS
$6.9b deficit this financial year growing to almost $16b next financial year. Deficit shrinks to $460 million by 2023-24 with a small surplus projected in 2024-25
Debt grows from $19b this financial year to $104b in 2023-24
NSW will have a population of 376,000 fewer people by 2023-24 than projected last year
Decline in population growth to cost the state $34 billion
COST OF LIVING
Every adult in the state eligible to claim up to $100 in four vouchers to spend on dining out or recreation
Grants of up to $5,000 to help women return to the workforce
$337m over 2021 school year for more tutoring in public schools
$120m for up to 15 hours of free preschool pre child each week
All businesses in the state to get a cash boost either by payroll tax cuts or vouchers for government fees
Temporary cut to payroll tax rate from 5.45 per cent to 4.85 per cent for two years will save businesses a total of $2.1b in tax
Permanently increasing payroll tax threshold to $1.2 million; backdated to July 2020, saving business $800m
$250 million to lure business from interstate or overseas into NSW, or cut taxes for businesses creating at least 30 new jobs.
$1,500 digital voucher for small-medium sized businesses (who don't pay payroll tax) to used towards state or local government fees and charges costing, giving total savings of $472m
The voucher will be available to use between April next year and 30 June 2022; claimed as a rebate through ServiceNSW.
Program subsidising professional advice for small business extended
Funding to support businesses to tender for government procurement contracts
A $750 million fund to support small business has provided $10,000 grants for immediate relief and $3,000 recovery grants to support safe reopening
$4.3b cut from cutting public sector pay rises from 2.5 per cent to 0.3 per cent this year, and capping increases at 1.5 per cent over the next four years.
$729m in procurement savings
The government will save of $5.1b over four years by changing how public sector superannuation is calculated on its books, but the Treasurer promises no-one will lose any money from the change.
$1.1 billion less in GST revenue "largely" because of reduced "transport service revenues"
Fines revenue to increase by rolling out red light speed cameras and "optimising" mobile speed cameras; the government to get $3.2 billion in fines revenue over four years
$3 billion in accelerated infrastructure spending supporting 20,000 jobs
Total infrastructure spend $107 billion infrastructure pipeline estimated to generate 145,000 direct and indirect jobs each year.
$800 million for more social housing and incentives to get social housing tenants to upskill with new education measures
Elective surgeries fast-tracked, focusing on surgeries delayed by COVID
Redevelopment for the Tweed Hospital and ambulance service
More palliative care including 5,000 more end of life support packages
More money for hospital redevelopments across the state as part of the government's $3b accelerated infrastructure package
$66 million for 180 mental health clinicians to remain on for three years
More red light speed cameras expected to sting motorists breaking the rules, giving the government more money
$14.6 billion in capital and recurrent expenses in 2020-21 to continue delivering transport upgrades
31 Metro railway stations planned by 2024
$1.3b this year to continue WestConnex construction
$312m for a program to help councils fix, maintain and seal roads
$192m for new lifts at seven train stations to increase accessibility, with spending to be offset by an expected $192m boost to revenue from fare sales by 2023-24
18 commuter carparks across greater Sydney will be fully funded
$710m in walking and cycling infrastructure
Funding for 250 extra police
$60m over three years to upgrade Goulburn Police Academy
$175m to be invested over five years in new film and TV projects made in NSW
$104.5m to improve accessibility, sustainability and functionality of cultural assets
$12m upgrade to the State Library
The state government to pursue a changes that would give homebuyers the ability to replace stamp duty with yearly charges
The budget assumes a vaccination starts to be rolled out from mid-2021 with 20 per cent of people vaccinated by the end of the September quarter.
The budget assumes all state borders are removed by the end of the year, and that international borders will reopen in December 2021.
International students and permanent migrants expected to return gradually from "latter part of 2021"
Originally published as What the NSW Budget means for you