2023-24 NSW State Budget Analysis
NSW Treasurer Daniel Mookhey and the state government have delivered a budget strong on housing, energy, and regional NSW.
Business NSW believes that this budget is fiscally responsible and predicts a much-needed surplus next year.
The NSW Government must be commended for following through on their promise of no new business taxes.
Key business measures announced in 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.
- A reprofile of the Future Economy Fund.
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Business NSW is hosting an exclusive webinar on Wednesday 27th of September, featuring Dr Sherman Chan (Business NSW Chief Economist) and Ben Pike (Executive Manager, Media and Marketing). This webinar is your chance to cut through the noise of the NSW Budget coverage and find out what it actually means for your business, with the ability to also ask questions. Sign up here. Your Business NSW team 
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