NSW Budget 2019-20
The NSW Budget for 2019-20 was handed down by Treasurer Dominic Perrottet on Tuesday 18 June. The budget focused on meeting the Government’s election commitments and continuing the high investment in infrastructure with $93 billion (over four years) spread across health, education and transport projects.
The record infrastructure investment includes $55.6 billion on road and rail, including $6.4 billion for Metro West, continuing the government’s strong record of investment in transformative rail infrastructure. The budget also sees $7.3 billion on education and $10.1 billion on health infrastructure.
A smaller surplus of $802 million in 2019-20 and averaging $1.7 billion in forward years is part of what can be described as a sensible budget but one that is also a product of lower revenue with a further $173 million write down of stamp duty revenue for 2018-19. Though there was little acknowledgement of the downturn in the residential sector, it is a positive sign that there were no new taxes announced given the downturn and reduced stamp duty revenue.
The announcement of a Federal Financial Relations Review led by David Thodey AO is also welcomed and it is hoped that this review will reinvigorate the conversation between states and the Federal Government over current funding arrangements to deliver a roadmap to more sustainable funding arrangement and greater financial autonomy for NSW.
In the Illawarra Shoalhaven, investment has continued for the delivery of key road and hospital upgrades to cater for growth, highlights include:
– $168.5 million to continue developing the Albion Park Bypass
– $1.1 million for ongoing work on the Berry to Bomaderry Highway upgrades
– $29.5 million for the new Nowra Bridge over the Shoalhaven River
– $55.9 million for the Shellharbour Hospital redevelopment
– $9 million for the completion of the Bulli Hospital Aged Care Centre of Excellence.
Funding has also been allocated to continue the delivery of more frequent and reliable rail services on the Illawarra and South Coast train line, we look forward to seeing ongoing funding in future budgets for the roll out of a new intercity fleet and upgrade improvements to the rail line.
Overall, the budget provides investment in the right places so that we can grow well and support new and growing communities – however we mustn’t lose our focus on providing a diversity of homes across our region and taking a long hard look at the cumulative impact of existing fees, taxes and charges across state and local government which are impacting housing affordability.
The Property Council media release on the NSW Budget can be viewed here.