NSW State Budget 2010 - Highlights

Kade Anthony 10-Jun-2010

Building a better future for NSW families

The NSW Budget is already back in surplus – two years earlier than forecast
$1.1 billion Budget turnaround in 2009-10
Budget surpluses worth a combined $3.15 billion over the next four years, an average of around $800 million a year
The NSW economy has recorded a massive $11.5 billion turnaround in the past year, with Gross State Product forecasts improving by 3 per cent compared to last year’s Budget.

Building a strong balance sheet for NSW

NSW Budget forecasts:

2009-10 -$101 million SURPLUS

2010-11 -$773 million SURPLUS

2011-12 -$885 million SURPLUS

2012-13 -$863 million SURPLUS

2013-14 -$628 million SURPLUS

Building better services for NSW families

The NSW Government’s investment in services and infrastructure includes:

HEALTH - $16.4 billion

EDUCATION - $14.4 billion

TRANSPORT - $7 billion

ROADS - 4.7 billion

POLICE - $2.8 billion

HUMAN SERVICES - $5.7 billion

EMERGENCY SERVICES - $972 million

Building for the future: NSW Home Builder’s Bonus

Australian-first zero stamp duty for off-the-plan purchases of new homes – saving up to $22,490 for families and investors who buy a house or apartment worth up to $600,000 in the pre-construction stage
25 per cent stamp duty cut on newly-constructed homes, saving up to $5,623
First home buyers receive up to $29,490 in benefits if they buy off-the-plan in the pre-construction stage
Australian-first zero stamp duty for over-65 “empty-nesters” who sell the family home and down-size to a newly-constructed home worth up to $600,000.

Building for NSW business

$180 million in new tax cuts in 2010-11
Abolition of the insurance protection tax from 1 July 2011
$654 million in new tax cuts in the four years to 2013-14
Double cut to payroll tax, contributing to saving NSW businesses $4 billion on payroll tax over the six years to 2013-14
Payroll tax cut due in January 2011 to be brought forward to 1 July 2010
Payroll tax will be cut again on 1 January 2011 to 5.45 per cent
The NSW Government has cut the payroll tax rate four times in two years.

Building NSW infrastructure

The biggest infrastructure building program in NSW history continues with a $62.2 billion infrastructure investment over the next four years, supporting 155,000 jobs a year
$16.6 billion infrastructure building program in 2010-11
$22.3 billion over the next four years for the Metropolitan Transport Plan, including the start of work on the $4.5 billion Western Express, 400 growth buses, and the Dulwich Hill light rail
A defence industry investment package worth up to $75 million supporting up to 1500 new jobs and hi-tech industries
$152.1 million upgrade of the Sydney Opera House – the biggest upgrade in the icon’s history, improving public safety and security at Australia’s No 1 tourist destination
Ongoing construction of the $980.5 million new Royal North Shore Hospital, the largest health infrastructure project in NSW history, and the announcement of a $91.8 million clinical services building also at Royal North Shore Hospital
$166 million to ensure police are equipped with the latest technology and are working in world-class facilities, including delivering seven new police stations this year, expanding the use of cutting-edge DNA technology, delivering a new $10.7 million twin-engine police helicopter, 25 additional mobile police commands and more vehicles with Automatic Number Plate Recognition technology
More than $2 billion to upgrade NSW schools and TAFEs including new halls, gyms, classrooms, toilets and science labs.

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