The 2020-21 NSW Budget has been deferred from June until later this year.
NSW Treasurer, Dominic Perrottet announced the delay saying the deferment aligned with the approach of other States and Territories following a recommendation by the National Cabinet of Commonwealth, State and Territory leaders last week.
“Our number one focus at present is to deploy our state’s financial strength to safeguard the health and sustain the livelihoods of our people,” Mr Perrottet said.
“We will seek NSW Parliament’s support to ensure that necessary funds are available to continue the delivery of Government services and projects, until the full Budget is handed down,” he said.
He welcomed an announcement by Australian banks that they would defer loan payments for small businesses and the additional measures announced by the Commonwealth Government to support the operation of aged care facilities.
Mr Perrottet said he would continue to work closely with the community, industry and business leaders and the Commonwealth to identify the best ways to sustain jobs and support the economy.
“We will continue to focus on measures that complement the work of the Commonwealth and industry,” he said.
The Treasurer said the Reserve Bank of Australia’s decision to lower the cash rate, as well as announce an intention to purchase government bonds and provide term funding to Australian banks to help small and medium-sized businesses, complemented stimulus measures already announced by the Commonwealth and State Governments.