The 2022-23 NSW budget ensures the State’s position as the economic capital of Australia through recovery measures that are environmentally, socially, and economically sustainable. The budget also signals the Government’s preparedness to counter the increasing headwinds in the global and national economies.
The State has continued its strong infrastructure pipeline by reaffirming transformational infrastructure investments in significant growth areas such as Western Sydney and major transport, health, and education industries.
Health infrastructure and services are a core focus for this budget after continued labour shortages and congestion in the healthcare system. Significant funding is allocated to hiring new healthcare staff; however, there is a risk that the measures announced will not adequately address the structural issues that continue to burden the sector.
The 2022-23 budget features the option to transition from stamp duty to land tax for first home buyers. The new property tax proposal will boost first home ownership but does not address the issue of ’empty nesters’ holding onto their properties and therefore may have a limited impact on increasing housing market efficiency.
Major themes of the 2022-23 State budget include:
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- Housing Affordability
- Health infrastructure and supply
- Early childhood education
- Sustainability
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