1. Budget Position and Economic Forecasts
Government finances are in a strong position with a $4.5bn surplus expected for 2016-17, equal to 0.8 per cent of Gross State Product (GSP), and a surplus of $2.7bn is expected for 2017-18 (0.5 per cent of GSP).
The Budget announces the removal of a number of insurance duties to benefit small businesses with an aggregate turnover of under $2m. By 2018‑19, these changes will help save businesses almost $100m each year.
3. Urban Transport and Infrastructure
The Budget includes $72.7 billion over four years to deliver key infrastructure projects and improvements across NSW, with more than half allocated to transport capital works. Key infrastructure projects in Sydney include:
The Budget provides a number of infrastructure initiatives for regional NSW. This includes confirming the ongoing commitment of 30% of the Restart NSW fund (circa $6 billion) for regional NSW.
New initiatives announced in the Budget include:
5. Jobs, Education and Training
The Budget does not confirm any significant new skills initiatives, although investment in the employment, education and training initiatives announced in last year’s Budget continues:
Building on its announcements to provide a range of stamp duty concessions to first home buyers, the Budget also includes $117.8 million in 2017-18 to help deliver new infrastructure to help drive housing supply as well as to review land use and infrastructure strategies for priority growth areas and implement regional plans.
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