Latest news with #DanielMookhey
Sky News AU
3 hours ago
- Business
- Sky News AU
NSW Labor picks former Liberal premier Dominic Perrottet for top government position
NSW Labor Treasurer Daniel Mookhey has recruited former Liberal Premier Dominic Perrottet to bolster the government's investment strategies. The Saturday Telegraph revealed Mr Perrottet, a former Treasurer and later Premier would serve as the newest member of the NSW Treasury Corporation board known as T-Corp. The call was made by NSW Treasurer Daniel Mookhey. Mr Perrottet served as the state's 46th Premier from 2021-23 following the resignation of former Premier Gladys Berejiklian. He is currently working in Washington DC for Australian multinational mining and metals corporation BHP as head of corporate and external affairs. TCorp is the financial services partner to the NSW public sector, providing investment management and financial management solutions and advice to the government. With $117bn of assets under its management, TCorp also serves as the NSW government's sovereign investment manager. TCorp further acts as the central borrowing authority for the state with a balance sheet of $198bn. Mr Perrottet is the only former politician on the board, with the majority of members coming from a banking, superannuation and auditing background. It is believed Mr Perrottet will sit on the board while continuing his role at BHP. Mr Mookhey met with the former premier during his trip to Washington DC four months ago, with Mr Perrottet writing on his LinkedIn at the time that the two spoke about matters that were 'critical to both the US and Australia.' 'Yesterday I had the privilege of hosting NSW Treasurer Daniel Mookhey at the BHP Washington DC office for an important and timely discussion about issues that are critical to both the US and Australia,' Mr Perrottet wrote. 'It was a great opportunity for us to bring together business and opinion leaders as well as policymakers at a dynamic time to discuss the trends shaping the US market, the importance of critical minerals in the energy agenda, and the global competition for capital investment. 'The event underscored the importance of international collaboration and strategic engagement in navigating economic challenges and opportunities. It was a valuable platform for exchanging ideas and building partnerships that will benefit both countries.' However, Mr Perrottet is not the only former NSW Liberal figure to take up a post with a Labor government, with ex treasurer and energy minister Matt Kean appointed as chair of the federal Climate Change Authority by Prime Minister Anthony Albanese last year. Mr Kean who passed legislation to cement NSW's net zero emissions reduction targets said the CCA was 'close' to handing down its recommendation to the federal government on the highly anticipated 2035 carbon reduction targets.
News.com.au
2 days ago
- Business
- News.com.au
NSW Liberal leader Mark Speakman slam's Labor 2025-26 ‘Band-Aid' budget
NSW Opposition Leader Mark Speakman has slammed the Labor government's budget as a 'Band-Aid' written in 'red ink' amid soaring cost of living. Treasurer Daniel Mookhey delivered Labor's third budget on Tuesday, with a new housing developer guarantee scheme and funding for vulnerable children. In his budget reply speech, Mr Speakman praised the former Coalition government as the state's 'most successful' and accused Labor of failing to deliver more infrastructure. 'Labor has no plan to replace the pipeline of projects that have underpinned job creation, economic growth, and service delivery across the state,' he said on Thursday. 'Instead, under Labor, there's a whopping cut of public infrastructure investment as a share of the economy.' Mr Speakman described the budget as being 'written in red ink'. 'A budget of debt, not discipline, a budget of vagaries, not vision, a budget that's about papering over the cracks rather than building for the long term. 'A budget putting band aids on the major problems faced by the state, like housing, cost of living, infrastructure and health. 'A budget that will be forgotten, even if the costs, the waste, and the missed opportunities that it presents linger long afterwards. 'Past this parliament and a budget which, after two years in office, shows the mettle of this government. 'A government sleepwalking through its term already out of steam. 'A government more focused on spin and soft congratulations than results, while everyday people see this state go backwards.' Mr Speakman said Labor had failed to deliver any additional cost of living support, and was 'investing less in the future while letting debt spiral'. 'It's ordinary families who are paying the price while the government is building less, it's borrowing more on its own,' he said. He went on to describe Labor's projected 2028 budgetary surplus as a 'fairytale'. He noted there was also no provision in the budget for potential public service wage rises above the government's current offer.
The Age
3 days ago
- Business
- The Age
NSW Labor's biggest Achilles heel? Hubris
When NSW Treasurer Daniel Mookhey heard that his third budget was widely being described as boring, it would have been a relief. Mookhey is known for his colourful frames, eclectic music taste and a penchant for the quirky, but he would take 'boring' over most other descriptors that could be thrown at his budget. No big cash splashes, no reckless spending. Indeed, Mookhey even forecast a slim surplus (yes, just $1 billion) in coming years – a lofty promise that may well not materialise. It's contained in the budget papers, nonetheless. But also in those budget papers is a clear signal that NSW Labor's pious stance in opposition is starting to take a different turn since it found itself in power. Hubris has started to seep into NSW Labor as it settles into government. Here's a good example. In opposition, Labor boasted it would stop a treasurer from spending on a whim. The Coalition government had seen pork-barrelling, in the words of former premier Gladys Berejiklian, as 'not illegal'. It pork-barrelled to curry favour with voters. Labor vowed to do things differently, as a matter of principle. A Labor government would abolish a little-known but long-existing 'Advance to the Treasurer', which allowed for a pot of money to be set aside for whoever held that office to deal with unforseen expenses. 'The Labor Party will promote stronger budgeting and clean up imprudent ad hoc spending,' the ALP boasted in its election costing request to the Parliamentary Budget Office, 'by eliminating the Advance to the Treasurer.' Loading Scrapping that advance, according to the budget office, would save $50 million, although it warned that it would 'reduce the government's capacity to undertake unexpected discretionary expenditures'. Axe it and the government would need to find savings elsewhere in the budget. In the Coalition's final budget, delivered by then-treasurer Matt Kean, $120 million was set aside in the treasurer's advance for state contingencies, although it was not all spent before they were turfed from power. Labor stuck to its word, and there was no advance in its first budget. By its second budget, however, an eerily similar fund emerged in its appropriation bill. Called a ' special appropriation for the treasurer', $322 million was set aside in last year's budget for state contingencies, essential services and 'expenditure related to the government's election commitments'. No specifics but a big pot of money. In this budget, that has ballooned to $868 million, again to be used on such things as election commitments.
Sydney Morning Herald
3 days ago
- Business
- Sydney Morning Herald
NSW Labor's biggest Achilles heel? Hubris
When NSW Treasurer Daniel Mookhey heard that his third budget was widely being described as boring, it would have been a relief. Mookhey is known for his colourful frames, eclectic music taste and a penchant for the quirky, but he would take 'boring' over most other descriptors that could be thrown at his budget. No big cash splashes, no reckless spending. Indeed, Mookhey even forecast a slim surplus (yes, just $1 billion) in coming years – a lofty promise that may well not materialise. It's contained in the budget papers, nonetheless. But also in those budget papers is a clear signal that NSW Labor's pious stance in opposition is starting to take a different turn since it found itself in power. Hubris has started to seep into NSW Labor as it settles into government. Here's a good example. In opposition, Labor boasted it would stop a treasurer from spending on a whim. The Coalition government had seen pork-barrelling, in the words of former premier Gladys Berejiklian, as 'not illegal'. It pork-barrelled to curry favour with voters. Labor vowed to do things differently, as a matter of principle. A Labor government would abolish a little-known but long-existing 'Advance to the Treasurer', which allowed for a pot of money to be set aside for whoever held that office to deal with unforseen expenses. 'The Labor Party will promote stronger budgeting and clean up imprudent ad hoc spending,' the ALP boasted in its election costing request to the Parliamentary Budget Office, 'by eliminating the Advance to the Treasurer.' Loading Scrapping that advance, according to the budget office, would save $50 million, although it warned that it would 'reduce the government's capacity to undertake unexpected discretionary expenditures'. Axe it and the government would need to find savings elsewhere in the budget. In the Coalition's final budget, delivered by then-treasurer Matt Kean, $120 million was set aside in the treasurer's advance for state contingencies, although it was not all spent before they were turfed from power. Labor stuck to its word, and there was no advance in its first budget. By its second budget, however, an eerily similar fund emerged in its appropriation bill. Called a ' special appropriation for the treasurer', $322 million was set aside in last year's budget for state contingencies, essential services and 'expenditure related to the government's election commitments'. No specifics but a big pot of money. In this budget, that has ballooned to $868 million, again to be used on such things as election commitments.
ABC News
3 days ago
- Business
- ABC News
Foster carers don't do it for cash, but NSW budget investment could make real difference
There was little cause for delight among Treasurer Daniel Mookhey's budget revelations. No exciting promises about shiny new metros. No new handouts to ease the pressure on household budgets. No credible path to achieving housing targets in New South Wales, although a $1 billion fund to improve supply will provide a welcome boost. The government is stabilising debt and forecasting a surplus in 2027/28, the first in almost a decade. But that won't exactly thrill voters. Ahead of every budget, treasurers are inundated with worthy funding requests and often those with the loudest voices win. So, it's significant that this time around, the government is helping those who can't speak up for themselves — the state's most vulnerable children. The NSW out-of-home care system is the biggest in the southern hemisphere, according to the government, with 14,000 children in the care of the state. Last year, a landmark report revealed the depths of despair it had sunk to. A chronic shortage of foster carers had pushed more and more children into temporary accommodation like motels and caravan parks, often under the supervision of unaccredited workers from labour hire firms. The Advocate for Children and Young People detailed the squalid conditions some children endured, like cockroach infestations and having no access to shower facilities. One child said they felt like a "doggy in the pound pretty much, moving cage to cage". The record $1.2 billion investment announced on Tuesday aimed to turn the system around. The government has already made solid progress by removing children from motels and will now use some of the new funding to attract more foster carers. Cole and Gina Young, from Rooty Hill, have fostered many children over ten years. They're currently caring for a 6-month-old boy who they welcomed into their home straight from hospital. Mr Young said anyone considering becoming a foster carer shouldn't hesitate. "It'll be the hardest thing you ever do in your life," he said. "We all see on TV kids without a home, without a roof over their head in different countries and we say how horrible that is," he said. "This is Australia and we've got kids like that here." Families and Communities Minister Kate Washington said carers young and old, single or married, could become a carer. "If you have got room in your home and your heart, please consider becoming a foster carer. We will support you," she said. A tax-free allowance will rise by 20 per cent, meaning the carer of a typical 14-year old will receive more than $1,000 per fortnight. As families face their own cost-of-living pressures, it will still be a major challenge to recruit enough carers. People don't foster children for the money, but the new support will certainly help. The funding package includes nearly $50 million for government-owned care homes. There's also more than $190 million to recruit more than 200 new caseworkers and retain existing workers with higher pay. Andrea Cartwright, a child protection worker from Ingleburn, said caseworkers experience chronic burnout and stress, with lack of staff meaning they can't perform the necessary welfare checks on children who might be at risk. "Hopefully now with this new announcement that's all going to change," Ms Cartwright said. "We're no longer the government's dirty little secret." As with foster carers, there are no guarantees the government will succeed in its recruitment drive for caseworkers, but it's sending a clear signal that it values people doing difficult jobs. The funding package is a significant win for Ms Washington who has fought hard within government to repair the crumbling child protection sector. It'll be an even bigger win for the thousands of children who rely on it.
