Highlights of the 2020-21 NSW Budget released by Treasurer Dominic Perrottet
(See Translation in Arabic section)
The NSW 2020-21 budget was handed down by Treasurer Dominic Perrottet. “2020 has been tumultuous,” he said in his Budget speech.
“This year's budget focuses on spending in a low interest debt environment with a central aim to position NSW for the strongest and quickest bounce back post-COVID-19.
“The budget makes clear that the government is planning for a significant, whole-of-government approach to pave the road towards post-pandemic recovery, with each portfolio making targeted stimulus measures.”
Here are some key highlights.
STAMP DUTY REFORM
Reforms will allow buyers to opt out of stamp duty for a smaller annual property tax.
ENERGY AND ENVIRONMENT
$50 million worth of grants have been allocated to fast track development of NSW hydro projects. It takes about eight years to deliver these large-scale projects, which will support around 3000 megawatts of new energy capacity and help keep the NSW grid more reliable.
National Parks will receive $3.9 billion in funding over the next four years. Of this allocation, $57 million will be dedicated to respond to the NSW bushfire inquiry, including improving Aboriginal cultural fire management.
In the agriculture sector, a record $36.1 million has been spent in biosecurity, to mitigate a recent explosion in weed and pest activity.
As part of the Government’s COVID recovery plan, an extra $900 million will be added to the social housing budget, creating thousands of new homes and up to 3000 jobs.
An historic investment of $2.7 billion will be made in regional public infrastructure, education and recovery efforts. Of this, $900 million will be spent on health capital works, regional hospitals and health facilities.
A record $107 billion infrastructure pipeline will focus on shovel and screwdriver-ready projects to create and support jobs.
Property and infrastructure is a key pillar in the Government’s vision for economic recovery and growth. A further $240 million this financial year, and $570 million over the next four years, is also being pledged towards creating a more timely, certain and transparent planning system.
Budget allocation in the education space is focused on COVID-19 recovery for children, students and families. Free community preschool will be available for 12 months, and $337 million is being spent to provide tutors to every public school and select non-government schools in 2021 to mitigate the disruptions caused by the pandemic.
By 2024, Sydney will have 31 metro railway stations and a 66-kilometre standalone metro railway system. A record $14 billion commitment from the Government in this budget will continue to deliver city-changing developments to transport infrastructure.
$200 million will flow to the 128 councils in NSW for infrastructure, facilities and services.
Record investment in digital services will see the Service NSW app continue to rapidly expand. A further highlight of this sector is $240 million over three years to Cyber Security investments.
A COVID Safe Summer is this sector’s focus, with $1.3 million to support councils with events and ideas to draw people back into retail centres, villages and public spaces, stimulating economic recovery.