In accordance with section 24 of the Parliamentary Budget Officer Act 2010, the Secretary of the Treasury released the NSW Pre-election Budget Update on 5 March 2019.
The report provides updated information on the current and projected financial position of the New South Wales general government sector. This is the first time New South Wales has released a Pre-election Budget Update.Date: 05 March 2019
The new Finance Resource Hub, housed on the NSW Treasury website has been designed for financial professionals from all sectors in NSW, to enable knowledge sharing and promote best and consistent practice across our industry.
This tool has been created to support capability building, provide a place to go for information, as well as share the new training material relating to the Government Sector Finance Act 2018.Date: 04 February 2019
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.Date: 18 December 2018
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