NSW welcomes 2022-23 Federal Budget

Treasurer Matt Kean welcomed the Commonwealth Government’s 2022-23 Budget, which delivers $2.6 billion for infrastructure projects across NSW, tax relief and measures to ease cost of living pressures to fuel the COVID-19 economic recovery.

“I congratulate Josh Frydenberg on a Budget that delivers vital infrastructure, tax and cost of living relief, and also important spends on preschools, aged care and domestic violence prevention,” Mr Kean said.

“This budget provides skilled training for in-demand industries, supports first home buyers and will help our state bounce back stronger than ever.

“NSW is helping drive the improvement in the Commonwealth Budget with our current record low unemployment rate of 3.7 per cent.

“This is a strong foundation to build upon as we continue to pursue the NSW Government’s priorities ahead of our State Budget in June.”

Key funding for NSW in tonight’s Federal Budget includes:

  • $2.6 billion in additional funding for infrastructure over the four years to 2024-25. The Budget funds longer-term commitments including $1 billion to create a faster rail link between Sydney and Newcastle, $352 million for the Milton Ulladulla Bypass and $336 million for upgrades to the Pacific Highway at Wyong.
  • More than $1 billion over the four years from 2021-22 for the flood recovery effort.
  • Additional tax relief worth $420 for low-to-middle-income earners and $250 one-off payments for pensioners and welfare recipients.
  • A share of $2.7 billion towards a temporary six-month cut to the fuel excise for immediate relief, saving motorists 22.1 cents per litre.
  • $346.1 million over five years to extend the Paid Parental Leave scheme to 20 week

NSW Treasury is now examining the details of the Commonwealth Budget, which will feed into the NSW 2022-23 State Budget.

“As a state we will continue to partner with the Commonwealth to ensure NSW remains the lifeblood of the national economy, and continues to drive Australia forward through the pandemic,” Mr Kean said.

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