NSW State Budget Delivered
The NSW State Budget has been delivered today. The key messages are:
Stamp duty reform - Beginning with first home buyers this tax in its current form will slowly be phased out over the next four years.
Payroll tax - This will return to the pre-pandemic rate of 5.45 percent from 1 July 2022. Something for businesses to be prepared for as we start the new financial year.
Building workforce participation for women - Childcare, enhancing skills, business boosts, and educational participation are all covered in a new Women’s Opportunity Statement designed to encourage and support women in a move to boost the economy through a higher level of participation from women in the workforce.
Inflation has risen 4% with unemployment at 3.75% with the state continuing to be in deficit until a forecast return to surplus in the 2024-2025 year.
Health has been given much-needed support with the planned recruiting of 10,000 staff to hospitals and health services across NSW over four years and an additional 2,128 new staff for NSW Ambulance with a plan to open 30 more stations. Energy bill relief is available for eligible households with small businesses missing out.
Overall the key cost of living pressures has been addressed as well as reforms in housing affordability, childcare, and education to assist in workforce participation.