NSW Treasurer Daniel Mookhey is under pressure to rein in spending after new Treasury modelling revealed a gloomy outlook.
The NSW budget deficit is on track to widen to almost $2 billion by 2026-27, according to a Treasury warning handed to the Minns Labor government as it weighs up how to rein in spending in its first budget next month.has said he faces tough spending decisions in preparing the budget, due on September 19, that he blames on soaring costs baked in by the former Perrottet government.
“Current forecasts ... project a $1.5 billion budget result deficit in 2026-27, driven by projected decreases in National Partnership Payment revenues and increases in employee expenses, interest expenses and depreciation expenses,” the note, compiled by Treasury secretary Michael Coutts-Trotter, reads.“[The] aggregates do not yet include forecast interest expenses for borrowings raised in 2026-27, which will worsen the budget result deficit by a further $397 million to $1.9 billion.
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