The NSW Government has recorded a budget surplus of $1.2 billion for 2018-19, a $400 million improvement from the forecast in this year’s State Budget.
Following the release of the 2018-19 Report on State Finances, the NSW Government announced an additional $300 million of above-forecast tax receipts would be directed into the NSW Generations Fund – a sovereign wealth fund dedicated for debt retirement to benefit the State in the long-term.
A $802 million budget surplus had been forecast in this year’s State Budget in June with the increase in surplus due to a range of factors including higher than forecast tax receipts.
This result follows the recent confirmation of the State’s triple-A credit rating by both Moody’s and S&P Global in September 2019.
NSW is one of only two states in Australia currently assigned a triple-A rating – the highest possible measure of safety for lenders to the State of New South Wales.
The General Government sector recorded a net debt of negative $10.4 billion at 30 June 2019 in the latest results – the fourth consecutive year of negative net debt for NSW
In addition, the State’s net worth was again valued in excess of $250 billion.
The NSW Half Yearly Budget Review will be released in December.
To view the Report on State Finances, please click here.
Last updated: 09/10/2019