STRONG BUDGET MANAGEMENT BUILDING FOR TOMORROW, DELIVERING FOR TODAY

The NSW Government is delivering the benefits of its strong financial management to families and individuals across the State, with cost of living relief, unprecedented school investment and record hospital funding among centrepieces of the 2018-19 NSW Budget. A surplus of $3.9 billion is projected for 2017-18, with average surpluses of $1.6 billion over the four years to 2021-22. The value of NSW public net assets – is set to reach a quarter of a trillion dollars by the end of June 2018, a year earlier than forecast. This year’s Budget delivers the benefits of our strong financial management to the people of NSW. We are easing the pressure on families, and building the schools, hospitals and transport connections to support communities into the future. The Budget also focuses on giving young people the best start in life, with more health support for newborns and their mothers, investing $197.8 million to extend support for preschool education to three year olds, and the new optional NSW Baby Bundle, packed with practical items to support new parents when they head home from hospital with their newborn. The Budget also gives apprentices vital support – and makes a significant investment in the skilled workforce of tomorrow – funding 100,000 free apprenticeships in high-demand industries. The Budget does more to make NSW the best place to do business – and continue the boom that has created 500,000 new jobs in NSW since 2011 – with a pathway to progressively lift the payroll tax threshold from $750,000 to $1 million in 2021-22. To lay the foundations for strong, vibrant communities today and into the future, the Budget builds further on last year’s unprecedented infrastructure program, with a new record $87.2 billion pipeline over four years. To support better education outcomes, a $6 billion investment over four years will fund more than 170 new and upgraded schools, and a $500 million commitment over five years to deliver air conditioning so students and teachers can beat the heat.