“This isn’t just increased spending; forecast revenue is down by $25 billion over five years,” the Treasurer said.
“Net debt is expected to peak at $104 billion at June 2024. But despite the increase in borrowing, the cost of debt has never been lower.”
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Mr Perrottet stressed low interest rates presented a “golden opportunity” to restart the NSW economy, outlining a number of expenditure programs.
“But make no mistake: public spending is not a permanent solution,” he added, noting “stimulus today does not mean stimulus forever” and flagging $12 billion in fiscal-repair measures over the next four years.
He concluded his speech with a recognition that the state had endured an undeniably hard year.
“For many people the end of the year cannot come fast enough. But I believe we will look back on 2020 as the year that forged our resolve to build a better future. This year has shown us what we are capable of.”
This is Mary Ward signing off, but Lucy Cormack will be continuing our coverage.
