NSW Budget: Emphasis on housing, energy and regional NSW

NSW is expected to be back in the black next financial year and will focus on paying down debt bankrolled by twin revenue streams of property and payroll taxes.

The state’s booming property market will see stamp duty revenue increase as people who delayed buying a home during the pandemic and inflationary period return to the market.

The government will spend $1.3 billion over the 2023-24 financial year on rebates and other relief measures for energy bills. In conjunction with the federal government, up to 1.6 million households will be eligible for a $500 rebate automatically applied to bills before July 1, 2024, and about 300,000 small businesses will be eligible for $650 in energy bill relief.

Key business measures from the budget: 

• An additional $800m injection of funds into the Transmission Acceleration Facility to speed up energy transition.
• Creating the $1billion Energy Security Corporation to deliver additional firming support to backup renewables.  
• $112m for a thorough VET review and additional funding to fund the TAFE funding shortfall.   
• $4.9b to build 43 schools and upgrading a further 86, which will be built by NSW businesses.
• $300m in re-invested dividends to enable Landcom to deliver an additional 1409 affordable homes and 3288 market homes to 2039-2040.
• Permanently expanding the number of social housing dwellings by around 1500 through the $610m Commonwealth Social Housing Accelerator. 
• $224m Essential Housing Package to accelerate delivery of social, affordable and private homes, continue to provide housing services for Aboriginal and Torres Strait Islander families, support critical social housing maintenance and provide homelessness support measures.
• $5.6m for a planning system artificial intelligence pilot to deliver efficiencies.   
• The expansion of the 24-Hour Commissioner's role to the Hunter, Central Coast and Illawarra will create a direct economic benefit. 
• $212m Wagga Wagga Hub to create sustainable high value agricultural and food manufacturing industry. 
• $350m in establishment of Regional Development Trust Fund to invest in critical projects to grow regions.
• $390m in regional emergency road repair fund.
• $334m in regional roads fund.
• $3.8b in regional health facilities.
• Incentive payments for healthcare workers moving to regional and remote areas increased from $10,000 to $20,000.

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Date published 19 Sep 2023