Federal Budget a cost of living failure as Labor also strips NSW of promised projects

The Federal budget has failed to address the national energy bill crisis while also robbing NSW residents of promised projects and funding.
 
NSW Treasurer Matt Kean said the Federal Labor Government had failed to help the nation’s consumers who are facing bill shock as global forces lash the National Energy Market.
 
“It’s a national problem that requires a national solution. Consumers have been shortchanged,” Mr Kean said.
 
The Federal Budget only delivered $7.5 billion in cost of living relief across the country, while the 2022-23 NSW Budget delivered $7.2 billion for NSW alone.
 
“We saw the Albanese government campaign on cost of living and a promise to slash electricity bills; tonight they barely delivered, giving people a sense of what a Labor election promise is worth,” Mr Kean said.
 
Billions in promised funding has also been stripped from NSW including $1.7 billion over four years for infrastructure projects including:
 

• $433 million for Dungowan Dam
• $75 million for the Wakehurst Parkway

 
“The Federation has long operated on a trust system of sharing funds between the Commonwealth and the states, making our country successful and stable,” Mr Kean said.
 
“Tonight the Commonwealth broke that trust and that system, doing serious damage to the NSW economy and budget.
 
“This means thousands of jobs won’t be created, and vital services and amenities will be put on hold.”
 
Commonwealth health funding projections for NSW have also been revised downwards since the March budget by $1.1 billion over the four years.
 
There was also no allocation of funds towards raising the Warragamba dam wall, a safety measure designed to protect the people of Western Sydney.
 
However, NSW welcomes the Commonwealth’s commitment to childcare, housing and climate change.
 
Other key funding for NSW in tonight’s Federal Budget includes:

 

• NSW will receive $2.9 billion for infrastructure in 2022-23, excluding pass through payments, which is $1.3 billion less than the March Budget. The Budget funds longer-term capital funding commitments including $500 million for the High Speed Rail Authority in NSW to start corridor acquisition, planning and early works for the Sydney to Newcastle High Speed Rail.
• The Commonwealth has provisioned a further $1.3 billion over the four years for Disaster Recovery Funding Arrangements for NSW, relating to the floods which occurred in the first half of 2022 since the March Budget.
• $4.7 billion over four years from 2022-2023 for cheaper childcare.
• $531.6 million to expand the Paid Parental Leave Scheme, transitioning from a total 20 weeks in July 2023 to 26 weeks leave by July 2026.
• $24.9 billion new climate-related spending measures over 2022-23 to 2029-30 through the Budget, aligning with the NSW Government’s priority of boosting investment in energy, climate change and sustainability.
• $324.6 million over four years from 2022-23 to establish the Help to Buy scheme to assist people on low to moderate incomes to purchase a new or existing home with an equity contribution from the Government.

 

 

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