MY MONEY

Housing and health: what NSW Budget means for you

By

With major chunks of the NSW Budget having been revealed ahead of time - such as the housing affordability package and a multibillion-dollar increase in public hospital funding - the rest is now out in the open, with a few welcome surprises for residents.

The treasurer, Dominic Perrottet, appears to be highly optimistic, heralding a surplus of $2.7bn in 2017-18 and the lowest net debt since debt records began in 1996-97.

But let's not forget why the largest state is doing so well - namely, the $20bn sell-off of state electricity in 2014.

Key features include:

federal budget 2017 treasurer scott morrison auspol canberra

Health

$7.7bn total for infrastructure

  • $2.8bn for new and upgraded hospitals
  • $632m for Campbelltown hospital
  • $720m for Randwick hospital campus
  • $534.1m for a new Tweed Hospital and integrated ambulatory services redevelopment.

$1bn for health services, taking total expenditure on health to $23.2bn.

This will allow hospitals to cater for around 28,000 more emergency department attendances and 45,900 more acute inpatient admissions.

  • $100m for palliative care services. Community-based care services in Western Sydney Local Health District, 30 specialist nurses, eight rural and regional specialists, and scholarships and training for health staff.
  • $10m commitment for dental services, allowing 17,000 more patients to receive dental care.

Education

$15.7bn expenditure in 2017-18, including funding for 1000 extra teachers

  • $4.2bn for new schools and upgrades. Includes $2.2bn for new capital works projects
  • $411.3m to address maintenance backlog in schools, taking total funding over four years to $740m
  • $217.3m to support Start Strong program to 2020-21, providing every child with the opportunity to access 600 hours of early childhood education in the year before they start school.

Infrastructure

$72.7bn record infrastructure investment

  • $7.2bn for third stage of WestConnex, including M4-M5 link
  • $4.9bn for Sydney Metro and South-West
  • $3.5bn for Pacific Highway upgrade
  • $4bn for Sydney Metro North-West
  • $648m for road upgrades to support new Badgerys Creek Airport
  • $264m to reduce congestion by addressing pinch points and commencing implementation of Smart Motorways program on the M4
  • New Western Sydney Stadium, rejuvenated ANZ Stadium and Allianz Stadium.

Arts

$1.8bn for the arts, natural history and cultural institutions

  • $244.3m for Art Gallery of NSW
  • $190m for Opera House renewal program
  • $186.9m for Walsh Bay Arts Precinct

Housing affordability

  • Stamp duty axed for homes under $650,000
  • Stamp duty reduced for homes between $650,000 and $800,000
  • First home buyer grant of $10,000 available for new homes up to $600,000
  • Insurance duty on lenders mortgage insurance abolished
  • First home buyer grant grant of $10,000 for people who build first home on vacant land where total value of house and land does not exceed $750,000.

Other

  • $207m for active kids rebate. Families eligible to receive up to $100 per child in school each year to meet the cost of getting them involved in community sport
  • Reform of CTP Green Slip scheme to reduce average price on a green slip by more than $100 as well as reduce the time it takes to resolve a claim. To begin December 2017.
  • Emergency Services Levy (ESL) on home and contents insurance policies removed. Will be replaced with a Fire and Emergency Services Levy (FESL), which will be paid alongside council rates from July 1.
    • Previously only insured property owners contributed to the fire and emergency services levy. Now all property owners will contribute.
    • Removal of old ESL from insurance policies will help make insurance more affordable. Estimated savings are more than $40 per year, per insured residential property owner.
    • Revenue will go to state emergency service, rural fire service and rescue NSW.
    • Discounts will be available for pensioners.

Business

  • Insurance tax cuts for small businesses from January 1 to reduce costs and support jobs growth
  • $759m of investment next year in skills development and training programs through TAFE NSW and other providers
  • $96m to support potential businesses through Jobs for NSW
  • $65m for Youth Employment program to assist young people in four pilot regions into employment by connecting them to training, mentoring and work experience
  • $30.5m to support business advisory services and cut red tape, drive innovation and funding for more than 60 advisers through Business Connect program

Social services/welfare

  • Development of the Resolve Program. 530 patients to be affected in Nepean Blue Mountains and Western NSW local health districts. Social impact investment focus on improving mental health outcomes in partnership with Flourish Australia
  • $20m extra for mental health reform. Total annual spending increased to $95m. Total mental health recurrent spending will exceed $1.9bn in 2017-18 ($87m more than in the previous year).
  • $10m to protect NSW ambulance staff and reduce the number of paramedics impacted by workplace injuries
  • $148m for children in out-of-home care
  • $63.2m to improve child protection case work practice and address critical capacity gaps, including additional case workers, case managers and case support workers

RELATED STORIES

TAGS

Steph Nash was a staff writer at Money until 2017.
Post a comment
Link to something GsaZmkSC