Today, NSW Treasurer Dominic Perrottet delivered the NSW Half-Yearly Budget Review – stating the NSW economy and fiscal position remain strong with average annual surpluses of $1.3 billion forecast to 2021-22. The first Australian state to have a net worth of a quarter of a trillion dollars, NSW’s net debt reached a historic low of negative $11.2 billion at June 2018.
“NSW is achieving the holy grail of financial management – solid surpluses and record low net debt while building more schools, hospitals, road and rail than ever before.
“Despite headwinds from the drought and the softening of the housing market, the finances of NSW are rock solid, and we are pleased to deliver another pipeline of surpluses across the next four years,” said Mr Perrottet.
A strong economy means more jobs and better opportunities for the citizens of NSW. Unemployment is at a decade low 4.4 per cent and has remained the lowest of any state since mid-2015, with around 150,000 more people employed in NSW in the last year.
More NSW residents are participating in the workforce than ever before, with the participation rate reaching a record 65.2 per cent, including record female participation of 60.4 per cent and increasing youth participation of 68 per cent. The outlook for employment remains strong, with growth forecast to increase faster than our population, at 3 per cent in 2018–19. In addition, projects underway to build more roads, train lines, schools and hospitals will continue to add many more job opportunities.
For more information about the Half-Yearly Budget Review, please see the NSW Budget website.
Last updated: 18/12/2018