In 2022-23, the NSW Government handed down a reform Budget that invested in the people of New South Wales to overcome the challenges of today and secure a more prosperous tomorrow.
Since the Budget, New South Wales has again been impacted by storms and floods. The NSW Government has continued to support affected communities, providing an additional $2.6 billion with the Australian Government.
Accordingly, the State’s operating position has deteriorated since the Budget in response to these disasters, as well as additional investments in the State’s transport and healthcare systems. These costs have been partially offset by upward revisions in revenue for coal royalties, payroll tax, casino tax and infrastructure contributions.
The Government remains committed to strong and sustainable financial management. The Half-Yearly Review confirms that the Budget remains on track to return to a surplus in 2024-25 and 2025-26.
The New South Wales economy has continued to rebound strongly, with employment forecast to grow by 5½ per cent in 2022-23, and inflation is expected to have peaked in the December 2022 quarter.
The 2022-23 Half-Yearly Review builds upon the priorities outlined in the Budget. Significant progress has been made on initiatives, including introducing stamp duty reforms for first home buyers, a shared equity scheme and reforms to improve the economic welfare of women.
The Government continues to deliver on its $116.6 billion infrastructure pipeline – the largest in the nation’s history.
The Government also recognises the pressures households and businesses are facing and continues to provide cost-of-living support. Since Budget, it has partnered with the Australian Government to put downward pressure on energy bills through the Energy Bill Price Relief Plan.
Overall, the NSW Government provides more than 70 rebates and voucher schemes available to people across New South Wales to give a boost to their household budgets.
Providing support for cost of living
As the country faces rising energy, housing and other inflationary costs, the Government continues to provide cost-of-living support for New South Wales households who need it most.
In 2022-23, $7.2 billion in targeted support will be provided to households through:
the Toll Relief Rebate Scheme, providing a 40 per cent rebate on toll expenditure for eligible motorists (up to a maximum of $750 a year)
Back to School NSW vouchers, assisting parents to reduce the cost of school supplies by up to $150 per eligible student
Energy Bill Buster Program, supporting eligible households to address energy bills by encouraging the use of solar and high-efficiency appliances
Regional Student and Apprentice Travel Cards to help ease the cost of travel and support access to education and training for eligible apprentices and university students in regional, rural and remote areas of New South Wales.
Customers save an average of $750 from the more than 70 rebates and vouchers schemes available to people across New South Wales through Service NSW.
Support for flood-affected communities
New South Wales communities, businesses and councils have been heavily impacted by floods in recent years.
The NSW and Australian governments have jointly committed an additional $2.6 billion* to 2025-26 to support communities impacted by flooding events and increase future preparedness.
Key commitments include:
$1.1 billion in grant and support funding to communities, business and councils impacted by flood events throughout 2022
$800 million for the Resilient Homes Fund to improve the resilience of homes in high-risk flood areas
$500 million for Regional and Local Roads Repair Program to support local councils to repair flood-impacted roads
$199 million to implement recommendations from the Flood Inquiry including enhancing flood-rescue capability, supporting delivery of key disaster welfare functions and better supporting volunteerism
Establishing the NSW Reconstruction Authority – a dedicated agency to support communities to build greater resilience, and rebuild and recover quicker from disasters.