Businesses will save about $10 million a year and have their paperwork burden eased under changes to be introduced following the NSW Productivity Commissioner’s review into payroll tax administration.
Business owners will save on average about 16 hours of work a year under the streamlined payroll tax system.
The NSW Government on 21 November 2018 announced that it would be implementing all 12 recommendations handed down by the NSW Productivity Commission’s report.Date: 22 November 2018
The NSW Government has recorded a stronger than expected annual budget surplus for 2017-18, record low net debt and record net worth.
The Total State Sector Accounts (TSSA) show that the State registered a $4.2 billion surplus, up $242 million from forecasted in the NSW Budget in June. The TSSA can be found in section 7 of the 2017-18 NSW Report on State Finances.Date: 28 October 2018
NSW has had its triple-A credit rating reaffirmed by both Moody’s and S&P rating agencies in September 2018.
Moody’s highlighted the State’s strong financial management, noted that “the state's large and diverse economy will continue to perform well” and that the Government’s investment in record levels of infrastructure, funded in part through the asset recycling strategy, and a low unemployment rate relative to the rest of Australia all contributed to the State retaining a triple-A rating.Date: 26 September 2018
The NSW Government announced a 51 per cent stake in Sydney Motorway Corporation (SMC) has been awarded to Sydney Transport Partners.
The $9.26 billion in proceeds from the transaction will fund the final stage of WestConnex, the critical M4-M5 Link which will connect two of Sydney’s busiest motorways.
The State announced its plan in May 2017 to sell a majority share in SMC.
SMC was established by the State to finance WestConnex by incorporating an initial investment by the State alongside Commonwealth and private sector debt supported by toll revenue.Date: 31 August 2018
The NSW Budget 2018-19 extends New South Wales’ track record of spreading the benefits of a resurgent economy across the state, delivering opportunities for families, businesses and those among us who need a helping hand.
The Budget helps households today meet the cost of living and prepares for the future by building critical infrastructure to meet the needs of a growing population.Date: 19 June 2018
On May 14, Peter Achterstraat AM was appointed as the State’s inaugural Productivity Commissioner. Mr Achterstraat, who has had a distinguished public service career at both the federal and state levels, will be responsible for driving microeconomic reform and
targeting regulatory roadblocks.
Mr Achterstraat and the Commission will initially focus on four core themes:Date: 14 May 2018
The NSW Government announced on 2 March 2018 it would transfer its 58 per cent shareholding in Snowy Hydro Limited to the Commonwealth.
The Victorian Government has also agreed to transfer its 29 per cent shareholding to the Commonwealth, taking the Commonwealth’s shareholding from 13 per cent to 100 per cent.
The NSW Government will receive $4.154 billion in proceeds from the transaction.Date: 02 March 2018
In November 2016 public consultation started for the Independent Review of the NSW Regulatory Policy Framework. The Panel in charge of this review delivered a draft report, consultation for which closed in June 2017.
Earlier today the final report was publicly released. The NSW Government has welcomed this release, as well as thanking the independent panel, chaired by the Hon. Nick Greiner AC.Date: 19 February 2018
New South Wales has taken its infrastructure program on the road, sharing its strategy for massive investment in schools, hospitals, roads and other infrastructure with US Government officials, major ratings agencies and some of the world’s largest investment banks.
NSW Treasury Secretary Michael Pratt has accompanied NSW Treasurer Dominic Perrottet and NSW Treasury Corporation (TCorp) Chief Executive David Deverall on a six-day trip to New York, Washington and San Francisco.Date: 05 February 2018
The 2017-18 Half-Yearly Review builds on the State’s strong track record of responsible financial management, successful asset recycling and commitment to vital infrastructure and frontline services for the people of NSW.
A surplus of $3.3 billion and average surpluses of $2.1 billion are forecast over the budget year and the forward estimates. At June 2017, General Government sector net debt was a record low of negative $9.3 billion.Date: 14 December 2017