The New South Wales government has vowed to invest $2.2bn in housing and infrastructure projects, including new roads and schools, in Labors first state budget in more than a decade.
The government has forecast a $7.8bn deficit this financial year but expects a string of modest surpluses after that, bankrolled by its big twin revenue streams of property and payroll taxes.
The states booming property market will see stamp duty revenue increase as people who delayed buying a home during the pandemic and inflationary period return to the market.
Budget figures revealed NSW was expected to be back in the black next financial year and would focus on paying down debt after finding $13bn to redirect into essential services through an expenditure r…
Read the full article at: https://www.theguardian.com/australia-news/2023/sep/19/nsw-labor-pledges-22bn-for-housing-and-infrastructure-in-first-budget-in-a-decade