Premier Chris Minns claims that "12 years of financial mismanagement" is the reason NSW can't bid to save the Commonwealth Games.
The claim is false. Chris Minns needs to be honest with the people of NSW.
Here are the facts of the former Liberals and Nationals Government's financial management:
- At the end of 2018-19, before the once in a century COVID-19 pandemic and unprecedented natural disasters, the Budget showed a $4.2 billion surplus and net debt was in the black at $11.2 billion.
- Prior to the election, the surplus was forecast to reach $601 million by 2024-25.
- Last November, global ratings agency Fitch reaffirmed NSW's triple-A credit rating with a stable outlook. NSW is the only state in Australia with two triple-A credit ratings, with Moody's also assigning a triple-A rating in September. S&P Global maintained the State's double-A plus rating with a stable outlook.
- The State's net debt is projected to stabilise at about 14 per cent of Gross State Product by June 2026, compared with a projected 26.5 per cent for Victoria at 30 June 2026.
In fact, it is Labor financial mismanagement in Victoria that has led to its humiliating and reputation-trashing decision to cancel its Games bid.
If Chris Minns insists on talking down the NSW economy he must immediately identify what he would have done differently. Would NSW Labor have:
- Not delivered COVID-19 pandemic assistance to businesses and households?
- Not delivered assistance following record bushfires, drought and floods?
- Not delivered the nation's biggest infrastructure program including record investment in hospitals and schools?
- Not delivered record investment in teachers, nurses and doctors?
Chris Minns and his ministers have no problem basking in Coalition Government's achievements, cutting the ribbons of projects our government funded and delivered, but continually talk down our economy and prospects.
The truth is NSW Labor won't even investigate hosting the Commonwealth Games, and are increasingly a do-nothing government cancelling cost of living support and infrastructure, because they lack vision and ambition for this state and have unfunded promises to union bosses and a public sector wage increase blowout.
Labor can't have it both ways. It's time for the Premier to be honest with the people of NSW.
