Scott Farlow
Shadow Treasurer
James Griffin
Shadow Minister for Energy and Climate Change
Treasurer Mookhey’s address to the McKell Institute is the latest instalment in his annual tradition of deflecting blame for Labor’s budget position.
While New South Wales is forecast to see GSP growth of 1% in 2026/27, it is similar to the latest GSP result recorded of 0.9% in 2024/25, which was the lowest in the country.
The Reserve Bank of Australia’s November Statement on Monetary Policy already flagged lower GDP growth and higher inflation forecasts, but the Treasurer’s 25-26 Half-Yearly Review ignored these warnings, choosing instead to revise up GSP forecasts.
“Treasurer Mookhey is treating it as an annual tradition to soften the ground and choose someone else to blame for Labor’s deteriorating budget position and a New South Wales economy that has fallen to the back of the pack under his watch,” Mr Farlow said.
“Families across New South Wales are feeling the pinch with the rising cost of living, increasing interest rates, and a 31 per cent increase in taxes under the Minns Labor Government.”
“The time for excuses is over. People want to see they’re interested in solutions to get our economy moving and ease the burden on households across New South Wales.”
“It’s clear today that the Minns Government’s economic strategy is blowing in the wind, rather than having a strategy to drive economic growth across our State, they’re banking on the development of wind farms and data centres to avoid a technical recession. This isn’t an economic strategy, it’s a hope and a prayer.”
“Last week the Federal Labor Government’s Budget instituted the biggest assault on enterprise and aspiration with their changes to Capital Gains Tax, which were cheered on by the Premier and Treasurer and are a direct attack on economic growth in New South Wales, when last year alone, 6200 businesses were forced to shut their doors.”
“Estimates in the Financial Review today suggest that the Federal Labor Government’s tax changes would be a further $3.2 billion blow to NSW.”
Shadow Minister for Energy and Climate Change, James Griffin, said the boasting from the NSW Treasurer is cold comfort to businesses and households across the state who still pay some of the highest energy costs in Australia.
“The truth is that NSW Energy Roadmap is behind schedule and over budget,” Mr Griffin said.
“Sadly, if the renewable investment was as big as the Treasurer claims, then NSW wouldn’t be coming last in Australia for economic growth.”