Premier Mike Baird and Treasurer Gladys Berejiklian said the NSW Government was investing record amounts on schools, hospitals, public transport and roads in the 2016-17 Budget, while almost completely eliminating the State’s debt.
The Government is delivering a surplus of $3.4 billion in 2015-16, rising to $3.7 billion in 2016-17, and forecasts surpluses over the next four years averaging $2 billion each year.
“After five years of fiscal repair, we now have the nation’s strongest Budget and economy,” Mr Baird said. “All economic and financial indicators in this Budget are in an ideal position and we are the envy of the other states.
“This hasn’t happened by accident. Our record infrastructure investment of $73.3 billion over four years is boosting consumer and business confidence – making NSW the number one destination to live, work and do business.”
Ms Berejiklian said the Government was keeping debt low while spending record amounts on infrastructure and services.
“Our fiscal discipline and innovative policies such as asset recycling have allowed us to invest record amounts on infrastructure and services while securing our triple-A credit rating,” Ms Berejiklian said.
“We are continuing to build the infrastructure our State desperately needs while boosting frontline services. This budget funds more teachers, more nurses, more police – while also keeping the back office in check.”
The Budget delivers a record $22 billion investment in health in 2016-17, up $1.2 billion since last year and a record $14.3 billion on education in 2016-17, an increase of $1.1 billion.
The Government is building more classrooms and schools as the State experiences a once in a generation spike in enrolments. Nearly $1 billion extra has been allocated over the next four years, bringing the total schools capital spend to $2.6 billion, up more than 50 per cent from the forward estimates of last year’s budget.
In 2016-17, the Government is allocating $16.9 billion to transport and roads projects and services, helping to cut congestion and allow faster travel times so workers can spend more time with their families.
“This Budget ensures that every single person in NSW, no matter where they live or what their circumstances, has access to high quality services and infrastructure,” Ms Berejiklian said.