Perrottet says NSW is leading the way

Budget delivered: NSW Treasurer Dominic Perrottet announced a surplus of $4.5 billion.
Budget delivered: NSW Treasurer Dominic Perrottet announced a surplus of $4.5 billion.

The NSW government has achieved a surplus of $4.5 billion in the 2016-17 financial year and is the envy of the western world, according to Treasurer Dominic Perrottet.

He said this as he handed down his first budget.

The Member for Hawkesbury projected budget surpluses for the next four years, with a surplus of $2.7 billion predicted for the 2017-18 financial year.

The government will spends $7.7 billion building or upgrading hospitals over the next four years, while spending on roads will total an estimated $72.7 billion over four years and $4.2 billion has been allocated for new shcools and upgrades over four years.

Mr Perrottet crowed that the NSW economy was the envy of other states thanks to prudent financial management.

"We have healthy surpluses, now and into the future," he said.

"The key to delivering surpluses is keeping expenses under control. "Asset recycling has been a game changer."

The Treasurer could not resist a dig at Labor during his budget speech, boasting that the Liberal-Coalition government would spend more on health in seven years than the previous administration had in 16 years.

"We are building things Labor never could, with money they would never have, at a pace they could never achieve," he said.

Along with the infrastructure announcements, Mr Perrottet also confirmed a number of already announced measures to help with the cost of living would go ahead.

With power prices set to sky rocket, the government will allocate $257 million for the Family Energy Rebate package, the Low Income Household rebate and other programs.

The recently announced first home buyers package will see the removal of stamp duty for first home buyers on new and existing homes up to a cost of $650,000, while there will also be grants of $10,000 for first home builders.

The scheme will start on July 1. Reforms to compulsory third party green slips will reduce the average price of a green slip by about $100 according to the Treasurer, with the scheme to begin in December.

A smaller package of $207 million was announced to give rebates of $100 to parents whose children participate in sports.


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