Rating agencies and the RBA among those marking the treasurer’s handiwork which he says is focused on spending restraint
Treasurer Daniel Mookhey delivers the 2024 NSW budget. He says he is ‘not spending callously’ in a way that might encourage the Reserve Bank to leave borrowing rates high .Treasurer Daniel Mookhey delivers the 2024 NSW budget. He says he is ‘not spending callously’ in a way that might encourage the Reserve Bank to leave borrowing rates high .
The Coalition’s final budget, for 2022-23, proposed spending an extra $25bn over four years in a failed pre-election splurge.Mookhey’s restraint, such as it is, might be time-limited. The government does not have to worry about re-election until its 2026-27 budget. Interest charges are already forecast to rise 9.1% each year over the forward estimates, with the treasurer declining to say if that increase factored in any rating cuts.
Coal costs aren’t small either. NSW’s contribution to the commonwealth’s coal price cap will near $900m over the 18 months to the end of this June, with the federal government matching the subsidy to power generators, officials told Guardian Australia.
Mookhey said total headcount in the public service would not change much over these years, with the wage increases funded by lopping a lot of executive bureaucrats.To make the task of discipline even tougher, the budget also forecasts NSW wages after inflation will increase 2.7% in the five years to 2027-28.
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