In the 2014 Half-Yearly Review, we are now forecasting four budget surpluses, New South Wales Treasurer, the Hon. Andrew Constance told a CEDA audience in Sydney."
“The Government will be delivering surpluses every year over the next four years, totalling $2.8 billion.
“The Half-Yearly Review forecasts a budget surplus of $272 million in 2014–15. This is a $555 million improvement at the time of the Budget.
“Across the forward estimates, a surplus of $402 million is now forecast in 2015–16, a surplus of over $1 billion in 2016-17 and a surplus of over $1 billion in 2017–18.
“When we came into government…we were ranked eighth out of eight states and territories with:
- An unemployment rate above the national average;
- Below average economic growth;
- Poor consumer and business confidence; and
- Very low housing approvals.
“Since then, we’ve taken steps to save $23.6 billion.
“Net debt has been revised down by $3 billion from $12.3 billion to $9.3 billion.
“Net debt in 2014–15 is estimated to peak at 41 per cent less than originally forecast when we did our first Budget in 2011.
“We now control the budget, it does not control us.
“But a good budget position is worth nothing if you are not investing in the future,” the Treasurer said.
“As a government, we’ve invested through our programs to deliver jobs, housing and public infrastructure.
“Not only are our finances for this financial year ahead of projections announced in the June Budget, but so is our plan to rebuild New South Wales, which will unleash nearly $300 billion worth of economic growth and more than 100,000 new jobs.”
The Treasurer said Rebuilding NSW – a 10-year, $20 billion infrastructure plan – is only possible with the proceeds generated by recycling capital locked up in the electricity networks.
“The NSW Government has confirmed it will proceed with the long-term lease of 49 per cent of the NSW electricity network, introducing private investment into TransGrid, Ausgrid and Endeavour Energy,” he said.
He added that the regional distribution network, Essential Energy, will remain 100 per cent government owned.
“The key message out of this year’s half-yearly result is that our budget position is not just under control, it provides a platform for future prosperity and a better quality of life for all,” he said.
The Treasurer said the update reinforces the fact that the New South Wales economy is number one again, with:
- A 10-year record high investment in residential building approvals;
- The strongest growth in retail sales among all the states;
- Record infrastructure investment;
- Record job creation, with more than 130,000 jobs created in the last three years; and
- Improved business investment.
“In less than four years together we have gone from last to first amongst the states and territories,” he said.