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Sydney Morning Herald
24-06-2025
- Business
- Sydney Morning Herald
NSW budget 2025 LIVE updates: Treasurer Daniel Mookhey announces historic $1.2b child protection package; flags more homes ‘for a state that sorely needs them'
Go to latest Pinned post from 1.27pm What you need to know Good afternoon! If you're joining us, NSW Treasurer Daniel Mookhey has handed down his third state budget in the Legislative Assembly. Here are the main takeaways from this year's offering: In the largest investment in child protection in the state's history, $1.2 billion will be spent to overhaul the troubled system. The government will be the guarantor of up to $1 billion worth of new housing projects in the hope of bringing forward the construction of up to 15,000 extra homes. $452 million will boost commuter services and roll out 50 new buses, with $1 billion set aside to upgrade Fifteenth Avenue between Liverpool and the new airport. $12.4 billion, including funding carried over from past budgets, will go towards building and upgrading health infrastructure, with a total of $3.3 billion spent across 2023-26. Four new schools will be built and several will receive major upgrades as part of a $9 billion spend over four years. The treasurer is hoping to attract to NSW with the new Investment Delivery Authority, which will fast-track private investment projects valued at more than $1 billion. If you want another brief summary, look no further than our budget in five minutes story. Our reporters have been released from lock-up and Mookhey has returned to 'the other place' – er, the Legislative Council. But stick with us this afternoon as we bring you further analysis and reaction. 3.32pm The Herald's view: Sensible and sober, but Mookhey's most interesting Treasurer Daniel Mookhey's third state budget is a sensible, sober and steady-as-she-goes affair. But it also happens to be his most interesting. With his first two economic statements largely focused on implementing Labor's election promises and dealing with an inflation crisis, Mookhey has used this latest budget to give NSW a glimpse of what a 'new normal' might look like as COVID-era spending subsides and the state's infrastructure rollout enters a new phase. This is not – to Mookhey's credit – a big-spending budget. He has resisted any temptation to deliver a new cost-of-living relief package, and has curbed the enthusiasm of ministers who have left cabinet's expenditure review committee over recent months empty-handed. It won't win him friends in Labor or deliver eye-catching headlines, but it is the right course to chart for the time being. 3.22pm Firefighting, natural disaster relief boosts By Caitlin Fitzsimmons This year's budget also includes a boost in funding for firefighting and bushfire prevention efforts. NSW Fire and Rescue has been given an additional $42.2 million to operate a new 24-hour fire station. The NSW Rural Fire Service will gain an additional $34.4 million to secure aircrafts and helicopters to help protect regional communities. The National Parks and Wildlife Service has been given more money for fire management and firefighting. This includes $3.724 million for firefighting management, $8.659 million in additional firefighters and fleet, and $19.969 million for the strategic fire trails network. As we reported this morning, NSW faces unprecedented spending pressures as a result of worsening natural disasters, with a 10-fold increase to relief payments since the Black Summer bushfires six years ago. The NSW government has spent $9.5 billion on disaster recovery across the state in the period following the devastating summer fires of 2019.
Sydney Morning Herald
24-06-2025
- Business
- Sydney Morning Herald
The winners and losers from the 2025 NSW budget
Winners Bus commuters Long-suffering Sydney bus commuters will hopefully get some relief from the long queues and cancelled services. The government will splash $452 million to increase the number of bus services, including the rollout of 500 new bendy buses, and more regular school bus services in the outer suburbs. Movie-makers A $100 million fund will search for a home for Sydney's second film studio, with sites at Redfern and the Central Coast already being considered. The government also promises to reform the regulations around film and gaming production in NSW, which promises to triple the time productions can film on private land. The sector will also benefit from $280 million through the existing Made in NSW fund, which supports film and TV production. Tech companies and start-ups Maybe the biggest winners from the budget are the technology companies the treasurer is hoping to attract to NSW with the new Investment Delivery Authority, which will fast-track private investment projects valued at over $1 billion. Think data centres and renewable energy projects. TechCentral will get a $38.5 million injection, and there is funding to encourage women in tech and housing industry innovation through an $80 million 'Innovation Blueprint'. Housing developers The state government will become guarantor for up to $1 billion of housing projects to encourage new low and mid-rise projects where developers might struggle with securing finance. It means developers that the government deems credible and capable of delivering the homes won't have to rely as much on off-the-plan sales to get projects moving. If the homes remain unsold, the developer can call on the guarantee and the government will purchase them for either build-to-rent, affordable, or social housing. Developers will also benefit from a 50 per cent land tax discount for build-to-rent housing.
Sydney Morning Herald
23-06-2025
- Business
- Sydney Morning Herald
Ten-fold increase in NSW relief spending after horror run of natural disasters
NSW faces unprecedented spending pressures as a result of worsening natural disasters, its budget hit with a 10-fold increase to relief and recovery payments since the deadly Black Summer bushfires ravaged the state six years ago. In partnership with the Commonwealth, the NSW government has spent $9.5 billion on disaster relief and recovery across the state in the period following the devastating summer fires of 2019. This represents a 10-fold increase compared with the previous six years. Before 2019, expenditure averaged $154 million a year. After Black Summer, that has risen to $1.6 billion annually. The significant increase will be outlined in NSW Treasurer Daniel Mookhey's third budget on Tuesday, which despite spending pressures will report a stabilisation of the state's debt, delivering a gross debt improvement of $9.4 billion. The $188.2 billion of gross debt projected in the 2023 pre-election budget update is set to be $178.8 billion by June 2026, cutting the government's interest payments by $400 million in 2025-26. Mookhey will deliver his budget on the back of two years of the state's slowest economic growth in three decades, elevated interest rates and cost-of-living pressures. Mookhey insists he is 'optimistic' about the state's finances and says NSW was able to spend more on improving educational outcomes, as well as investing in hospitals and preventive care to ease the burden on the under-pressure public health system. Housing will be a key feature of the budget, but the government will also announce establishment of a new Investment Delivery Authority, modelled on the Housing Delivery Authority and designed to accelerate approvals for major projects across all industries, including advanced technologies and energy.
The Age
23-06-2025
- Business
- The Age
Ten-fold increase in NSW relief spending after horror run of natural disasters
NSW faces unprecedented spending pressures as a result of worsening natural disasters, its budget hit with a 10-fold increase to relief and recovery payments since the deadly Black Summer bushfires ravaged the state six years ago. In partnership with the Commonwealth, the NSW government has spent $9.5 billion on disaster relief and recovery across the state in the period following the devastating summer fires of 2019. This represents a 10-fold increase compared with the previous six years. Before 2019, expenditure averaged $154 million a year. After Black Summer, that has risen to $1.6 billion annually. The significant increase will be outlined in NSW Treasurer Daniel Mookhey's third budget on Tuesday, which despite spending pressures will report a stabilisation of the state's debt, delivering a gross debt improvement of $9.4 billion. The $188.2 billion of gross debt projected in the 2023 pre-election budget update is set to be $178.8 billion by June 2026, cutting the government's interest payments by $400 million in 2025-26. Mookhey will deliver his budget on the back of two years of the state's slowest economic growth in three decades, elevated interest rates and cost-of-living pressures. Mookhey insists he is 'optimistic' about the state's finances and says NSW was able to spend more on improving educational outcomes, as well as investing in hospitals and preventive care to ease the burden on the under-pressure public health system. Housing will be a key feature of the budget, but the government will also announce establishment of a new Investment Delivery Authority, modelled on the Housing Delivery Authority and designed to accelerate approvals for major projects across all industries, including advanced technologies and energy.
News.com.au
22-06-2025
- Business
- News.com.au
NSW government to launch new authority fast-tracking big business projects
The NSW government is launching a new authority to fast-track major projects and an $80m funding package, as the state gears up for a new wave of investment and innovation. The government will invest $17.7m to establish the Investment Delivery Authority - modelled on the Housing Delivery Authority - to accelerate approvals for major projects and attract investment across sectors such as technology and energy. Businesses have raised concerns about lengthy and complex approval processes, which the government says has hampered productivity and discouraged investment. The new authority is expected to assist around 30 large-scale projects annually and help unlock up to $50bn in investment each year. Premier Chris Minns said major projects from the private sector were 'getting bogged down in red tape', making it harder to do business in NSW. 'Our state is open for business and this change will encourage more people to bring their best ideas to life in NSW, all backed by our government,' Mr Minns said. Treasurer Daniel Mookhey said the authority would streamline processes and clear bottlenecks. 'We have listened to what we are being told, loud and clear: everything in NSW is awesome, except for how long it takes to get major projects done,' Mr Mookhey said. 'We are creating a way to address the blockages, speed up the process and ensure NSW is properly open for business.' The Investment Delivery Authority will accept expressions of interest from domestic and international investment projects valued at more than $1bn. It will be supported by an investment taskforce within Investment NSW under the premier's department. Its leadership team will include senior public servants from the premier's department, treasury, planning, housing and infrastructure, and Infrastructure NSW. The authority will make recommendations to the treasurer, the planning minister and the minister for industry and trade. Planning Minister Paul Scully said the reforms were a key step toward lifting productivity. 'The Investment Delivery Authority, supported by the Investment Taskforce, will identify and clear barriers that businesses may face, while advising on reforms that promote investment, competition and productivity in NSW,' Mr Scully said. In tandem with the new authority, the government is investing nearly $80m in a wide-ranging innovation funding package to support startups, scale-ups and emerging technologies under the newly launched Innovation Blueprint. 'NSW is not just open for business, it's serious about being a global leader in innovation, industry, and investment,' Mr Minns said. The largest slice of the funding is $38.5m to support Tech Central, followed by $20m for commercialising emerging technologies, particularly in housing and energy. The remaining funding has been split across several areas, including $6m to help manufacturers adopt innovative technologies and $4m each for housing construction innovation and supporting female and regional tech founders. Industry and Trade Minister Anoulack Chanthivong said the investment would help nurture the next generation of tech giants. 'With this nearly $80 million of funding, we will ensure we nurture, grow, and support the next Afterpay, Atlassian, and Canva from the early stages through to the most vulnerable periods of a startup's life cycle,' Mr Chanthivong said. Kate Pounder, former Tech Council of Australia Chair, welcomed the commitment to diversity and regional inclusion. 'This significant investment in innovation will cement NSW as a world leader in the tech sector,' Ms Pounder said. 'Most hearteningly, this money will also go where it is needed most, to female founders, and those from diverse cultures and backgrounds, as well as our budding tech giants living and working in Western Sydney and regional NSW.' Business NSW CEO Daniel Hunter described the changes as 'game-changing'. 'With a clear plan to streamline approvals and coordinate government agencies, the new Investment Delivery Authority is exactly what NSW needs to turn ambition into action,' he said.
