The newly-elected State Government is to hand down its first budget in September, informed by a Comprehensive Expenditure Review.
Promising honesty to the people of NSW, Treasurer Daniel Mookhey said the Review would be led by the Minister for Finance, Courtney Houssos, who if needed would give an accurate picture of the state of the NSW Budget.
Mr Mookhey (pictured right) said a Strategic Infrastructure Review of significant capital works would also be conducted, to be led by Ken Kanofski and supported by Infrastructure NSW.
He said Treasury had advised the Government in recent weeks of “difficult to avoid pressures” on the budget, which must be addressed.
“I’m going to be honest with the people of NSW – we are inheriting significant economic challenges and difficult to avoid pressures on the budget, including unfunded government programs,” Mr Mookhey said.
“We have been left with around $7 billion of difficult to avoid pressures over the next four years, including in an unfunded nursing workforce program, out-of-home care and in the office of cyber security,” he said.
“We also know that the former Government has handed over to us the largest debt in our state’s history.
“We have high inflation, higher interest rates, historic debt – and this is about painting a full and honest picture of what is really going on.”
Mr Mookhey said these challenges couldn’t be fixed overnight, “it will take time and there will be tough choices”.
